Serial entrepreneur Kymberly Gold-Lubell, co-founder of True Religion Apparel Inc. who divorced the other co-founder, has embarked on another adventure in the fashion world.

She left the Los Angeles-based premium denim company in March and has launched a new upscale jewelry venture, Babakul. The name is derived from a French term for “hippie” and the line includes silver and gold rings, necklaces, and bracelets for women at prices ranging from $110 to more than $4,500 retail.

Gold-Lubell, along with her business partners, D. Joseph Bortoli, who worked with True Religion on a line of accessories, and Nubar Boyadjian, a jewelry industry veteran, launched the company in May and have started shipping to high-end retailers in major U.S. cities.

Gold-Lubell is financing Babakul with her own money, putting $400,000 into the venture so far.

“I made a choice to leave True Religion so I could step up to a new venture,” said Gold-Lubell. “This is a new challenge for me.”

Helena Krodel, spokesperson for New York-based Jewelry Information Center, a non-profit trade organization, said Gold-Lubell will be taking her shot in a challenging environment.

“The market is getting saturated and you really have to differentiate yourself to be successful,” Krodel said.

Gold-Lubell left True Religion after separating from her husband, Jeffrey Lubell, the company’s chairman and chief executive. He sold 2.3 million company shares to fulfill obligations under his divorce agreement in June, according to a Reuters report.

Gold-Lubell received a severance payment of $675,000 when she left True Religion as vice president of women’s design and second largest shareholder. She will also receive about $30,000 per month as a consultant to the jean company for the next two years, according to an SEC filing.

Gold-Lubell has also become a partner in Bortoli’s L.A.-based men’s jewelry and accessory company, Nagual, which he founded in 1995. Gold-Lubell and Bortoli, whom she’s known since their teens when Bortoli was dating one of her sisters (she is one of a set of triplets), agreed that Babakul jewelry reflects their personal bohemian style, with lots of stars, moons, peace signs, and flowers.

“We are from the end of the Baby Boomer generation so we grew up in the ’70s and ’80s,” said Bortoli, who closed his Nagual store in Venice to focus on Babakul. The new products will be distributed and sold at retail locations and online. “The icons in Babakul everyone knows, so the jewelry has a broader market appeal.”

Boyadjian, the third principal and designer, owns a factory in Burbank where all of Babakul’s products will be hand made, said Bortoli.

The products have started to appear in such stores as Beauty Bar in L.A. A larger roll out of the products is planned for fall when they will be shipped to such stores as Barney’s and Neiman Marcus. In October, Babakul will start shipping to Japan and Canada as well.

A lifelong entrepreneur, Gold-Lubell started her first company at 20, running swap meets. (Another ex-husband, Mark Burnett, a TV producer famous for “Survivor” and other shows, was involved in that venture.)

She got a business degree and a real estate license but eventually chose to go into fashion, working for Laundry, Rampage, and L.E.I. and starting denim brands Bella Dahl and Hippie Jeans with Lubell before getting involved in True Religion in 2002.