Pandora, the world’s largest jeweler, has made a groundbreaking announcement that it will exclusively sell lab-grown diamonds in the future, a move that could revolutionize the jewelry industry. The company is set to introduce its Brilliance range, which will feature lab-grown diamonds, starting with the UK market. The collection will include earrings, necklaces, and rings, with prices starting at £250.
The decision to switch to lab-grown diamonds is motivated by several factors. Firstly, Pandora aims to reduce the cost of diamonds and eliminate its dependence on environmentally damaging diamond miners. By using lab-grown diamonds, the company seeks to address concerns regarding the poor working conditions in the diamond mining industry. Furthermore, Pandora is capitalizing on the increasing trend towards sustainability, which has significantly influenced consumer behavior in recent years. The COVID-19 pandemic has further accelerated this trend, prompting people to reevaluate their purchasing choices.
All of the lab-grown diamonds featured in Pandora’s new collection were produced in the UK using 60% renewable energy. CEO Alexander Lacik highlights that the company can replicate the natural formation of diamonds at a fraction of the cost of mined diamonds, making them more affordable for consumers. Additionally, Pandora has committed to using only recycled gold and silver by 2025, underscoring its strong focus on sustainability.
Although the lab-grown diamond range initially represents a small portion of Pandora’s overall sales, the company’s global presence and recognition make this move significant. Moreover, the demand for lab-grown diamonds is rapidly increasing compared to traditional diamonds. The lower price point of lab-grown diamonds could also drive sales growth.
However, it is worth noting that traditional diamonds still dominate the market. In 2020, mined diamond production amounted to 111 million carats, down from its peak of 152 million carats in 2017, according to the World Diamond Centre (AWDC) and consultancy Bain. In contrast, lab-grown diamond production reached between 6 million and 7 million carats last year.
Pandora’s exclusive focus on lab-grown diamonds marks a substantial shift in the jewelry industry. By embracing sustainability and offering affordable alternatives, Pandora is positioned to shape the future of diamond consumption. This strategic move not only addresses environmental concerns but also aligns with evolving consumer preferences. Moreover, Pandora’s commitment to becoming a low-carbon business demonstrates its dedication to leaving a positive impact on the planet for future generations.
Useful links related to the article:
1. Pandora Official Website
2. Kimberley Process Certification Scheme
