Pandora ring

Pandora trades mined diamonds for cheaper lab-grown stones

  • Pandora has stated that she will no longer use mined diamonds in her jewelry.
  • The company hopes to attract new customers with cheaper, lab-grown and more durable stones.
  • The production of lab-grown diamonds has increased over the past two years, while the production of rough diamonds has fallen.

Pandora is the first major jewelry brand to promise to stop using mined diamonds in any of its products as it seeks to appeal to sustainability-conscious millennial buyers.

Pandora, one of the world’s largest jewelry companies, also announced on Tuesday that it is launching a new collection of lab-grown diamond jewelry, which will start at £ 250 ($ 350).

The collection will launch in the UK on Thursday but will be available globally from 2022. In a Press release, Pandora, best known for its collectible charms, is committed to only using these diamonds in the future.

The mining of rough diamonds deep below the earth’s surface is controversial on environmental and ethical grounds – critics say it is both destructive to the earth and a factor in human rights violations, through forced labor or child labor.

In an interview with the BBC on Tuesday morning, CEO Alexander Lacik said artificial diamonds are produced for a third of the price of mined diamonds. He said he hoped the cheaper options would attract new customers.

“We are trying to open up this playing field,” Lacik told the BBC.

Read more: Jewelry startup that counts Meghan Markle among its fans just launched lab-grown diamond engagement rings

The manufacture of lab-grown diamonds dates back to 1954, but has grown in popularity over the past two decades. According to research by Bain & Company earlier this year, recent technological advancements have led to “double-digit growth” in lab-grown diamond production in 2019 and 2020.

Meanwhile, rough diamond production has continued to decline since the peak in 2017, analysts at Bain said.

Lab-grown stones have become popular with millennial buyers who are drawn to the lower prices – these diamonds can cost 30-40% less than mined diamonds – and the idea of ​​being more socially aware in the process. their purchasing choices.

The stones are made from a tiny fragment of a diamond and have the same physical structure and chemical composition as mined diamonds, which means customers are buying a stone with a similar appearance.

Experts expect more people to buy these stones as technology improves and prices drop.