The Pandora retailer in Midtown is embellished for the vacations on December 21, 2020 in New York City.
Noam Galai | Getty Images
Pandora, the jewellery maker finest know for its silver allure bracelets, will cease promoting mined diamonds and deal with extra inexpensive, sustainable, lab-grown gems, it mentioned on Tuesday.
“Diamonds are not only forever, but for everyone,” Pandora Chief Executive Alexander Lacik mentioned because the Danish firm launched a brand new assortment of artificial stones.
Pandora, which made 85 million items of jewellery final yr and bought 50,000 diamonds, mentioned it aimed to “transform the market for diamond jewelry with affordable, sustainably created products”.
The rising acceptance of artificial diamonds by millennials interested in cheaper stones assured to not have come from battle zones has spurred corporations akin to De Beers to finish its decades-old coverage of shunning artificial gems in its jewellery.
Prices of lab-grown diamonds have fallen over the previous two years following the U-turn by De Beers in 2018 and at the moment are as much as 10 instances cheaper than mined diamonds, in line with a report by Bain & Company.
Pandora’s new assortment of lab-grown diamonds can be launched initially within the United Kingdom and can be out there in different key markets subsequent yr, it mentioned.
Pandora mentioned it anticipated the diamond market to proceed to develop, with gross sales of lab-grown diamonds outpacing general development.
Pandora’s lab-grown gems can be made utilizing a expertise wherein a hydrocarbon gasoline combination is heated to 800 Celsius (1,472 Fahrenheit), spurring carbon atoms to be deposited on a small seed diamond, rising right into a crystal layer by layer.
Pandora, which has till now sourced mined diamonds from KGK Diamonds, mentioned it is going to get its lab-grown stones from suppliers in Europe and North America.
Mined diamonds already in Pandora shops would nonetheless be bought, it mentioned.
Opponents of mined diamonds say their extraction causes environmental injury and so-called blood diamonds assist fund conflicts. A research commissioned by the pure diamond trade in 2019 mentioned mined diamonds have been much less carbon-intensive.