Diam Concept, a company backed by Chanel and known for creating lab-grown diamonds, entered receivership in May, as reported in an official notice filed on June 6. The news initially surfaced on Glitz.Paris.
Founded in 2016 by university professor Alix Gicquel, Diam Concept distinguished itself by producing diamonds using chemical vapor deposition (CVD) technology in France.
In 2020, the company secured 5.2 million euros in funding from notable investors including Chanel, Mirabaud Private Capital (led by Chanel heir David Wertheimer), and French venture capital firms IncubAlliance and the Luxury Tech Fund.
However, according to Glitz, Chanel, which has also invested in another Paris-based lab-grown jeweler Courbet, withdrew its support for Diam Concept following the company’s reported 660,000 euro loss in 2022. Now in receivership, Diam Concept has received two takeover offers. Both potential buyers reportedly plan to discontinue the jewelry aspect of the business and focus on the technological applications of synthetic gems.
When contacted by JCK, Alix Gicquel referred inquiries to the company’s receiver, who had not responded to requests for comment as of the publication deadline. Similarly, Chanel did not provide a comment in response to requests for clarification.
