IPA: //ˈstætʃuˌɛt//
KK: /ˈstætʃuˌɛt/
A small figure or sculpture, often made of metal, wood, or ceramic, that represents a person or an object.
The artist created a beautiful statuette of a dancer.
Statuette is formed from "status" (from Latin, meaning state or condition) and the diminutive suffix "-ette" (from French, meaning small). The word refers to a small statue, representing a figure or condition in a miniature form.
Think of a 'small' ('-ette') 'state' or 'condition' ('status') — that's why a statuette is a small statue.