French jeweler Courbet placed in compulsory liquidation
French jeweler Courbet, known for its lab-grown diamonds and recycled gold, was placed in judicial liquidation on May 20 by the commercial court, marking the end of its operations. The company had been in receivership since November 2024. Founded in 2018 by Manuel Mallen and Marie-Ann Wachtmeister, Courbet had received backing from Chanel and attracted interest from three potential buyers.
Headquartered in Place Vendôme, Courbet positioned itself as a pioneer in jewelry crafted with laboratory-grown diamonds. In 2020, the brand secured 8 million euros in funding from Raise Ventures and Hylink, China's largest digital communications agency. The investment aimed to support the brand's domestic and international expansion, fund research initiatives, and develop French diamond production.
However, industry observers believe that Courbet's push into the Chinese market and the resulting costs contributed to its financial challenges.
Three parties submitted takeover offers: Qatari businessman Mohamed Jaidah, an existing shareholder in Courbet; Fenix Diamonds Belgium, the European subsidiary of Indian group Fenix Diamonds; and Tya Finance, led by French entrepreneur Stéphane Collaert, who acquired Lyon-based jewelry retailer Cégéor Créations in 2023.
In 2021, Courbet reported sales of 5 million euros, with 80% of revenue generated in Europe. By 2023, however, sales had declined to below 4 million euros.
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