Pandora, the world’s largest jewelry brand, abandons mined diamonds

The Copenhagen-based company said it was moving instead towards using lab-created diamonds, which it said have the same “optical, chemical, thermal and physical characteristics.” The collection, called Pandora Brilliance, is rolling out in the UK and is expected to launch worldwide next year.

“They are as much a symbol of innovation and progress as they are of enduring beauty and a testament to our ongoing and ambitious sustainability agenda,” Pandora CEO Alexander Lacik said in a statement. “Diamonds are not only forever, but for everyone.”

Laboratory-grown stones have been touted as the ethical and traceable alternative to mined diamonds. Pandora has stated that they are graded on the same “4Cs” as mined diamonds (ie cut, color, clarity and carat) before they are sold.

The new collection includes necklaces, earrings and rings. Prices start at around $ 350 and can be “collected and layered,” a nod to his previous collection he’s known for.

Pandora’s new collection is also more environmentally friendly, as it is made up on average of over 60% renewable energy. He expects the new diamonds to be made with 100% renewable energy when the collection launches globally.

Increasingly, laboratory-grown stones are of interest to consumers looking to purchase products from sustainable supply chains. Pandora announced last June that it would only use recycled gold and silver in its products by 2025.

Last year, Tiffany and company (TIF). announced a tracing initiative that lets customers know the exact country where stones are cut, polished and set. But Pandora’s latest move marks a bigger change.

The company targets traditional buyers, which means diamond sales were only 50,000 pieces of jewelry sold last year out of a total of 85 million. Yet this is still an important move from a major player.

Pandora (PANDY) tries to stay one step ahead, noting a huge growth in demand for lab-made stones.

“In the United States, and particularly in China and India, young consumers say sustainability is part of their decision-making process and could influence whether they buy diamond jewelry,” Bain & Company pointed out in a report released earlier this year.

– Julia Horowitz of CNN Business contributed to this report.


Comments are closed.