Pandora’s Plans for Lab Grown Diamonds
Pandora Launches Sustainable Collection
Pandora (PANDY), the world’s largest jewelry maker, is rolling out its first collection featuring diamonds grown in a lab. The collection is called Pandora Brilliance and includes necklaces, earrings, and rings. It is launching in the UK first with a global rollout expected later this year
The company said the diamonds have the same physical characteristics as mined diamonds. They are graded on cut, color, clarity, and carat before being sold. Prices for items in the collection start at $350.
Diamonds and other gems grown in labs are seen as a traceable and ethical alternative to using mined stones. They are appealing to a growing number of consumers interested in purchasing products from sustainable supply chains.
Jewelers Focus on Sustainability
Pandora has been working to make its supply chain more sustainable for some time. Last year the company announced it will only use recycled gold and silver in its jewelry by 2025. The Pandora Brilliance collection was made with more than 60% renewable energy. By the time it launches globally, Pandora expects the diamonds to be produced with 100% renewable energy.
“They are as much a symbol of innovation and progress as they are of enduring beauty and stand as a testament to our ongoing and ambitious sustainability agenda,” Pandora CEO Alexander Lacik said of the collection.
Pandora’s rival, Tiffany & Co. (TIF) is also making it easier for consumers to track the stones they purchase as customers become more aware of ethics and sustainability in the mining industry. The company has launched a program which allows customers to research where stones in their jewelry were mined and set.
Consumers Want Green Gems
Pandora does not currently sell a high volume of diamond jewelry products. Out of the 85 million pieces it sold last year, only 50,000 had diamonds in them.
Still, with its size and mainstream customer base, the company’s move to use lab grown diamonds is significant. Pandora wants to bring diamonds to the mainstream in a sustainable fashion. Younger consumers in the US, China, and India say sustainability is a big part of their decision process when they make purchases. Companies which invest in sustainable supply chains now could benefit in the long term as these younger consumers grow up and purchase more jewelry.
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