One of the world’s largest jewelry makers is moving away from mined diamonds in favor of more durable lab-grown diamonds.
Pandora CEO Alexander Lacik revealed this week that the company will stop participating in the sale of mined diamonds because “it’s the right thing to do.”
“We can essentially create the same result that nature created, but at a very, very different price,” he told the BBC, adding that lab-grown diamonds can be made for as little as “a third. of what it is for something. that we dug up from the ground.
Lacik pointed out that with the lowest price, he believes more people will buy diamonds even though the company’s diamond sales are only a very small portion of the 100 million pieces the brand sells each year.
The Copenhagen-based company is expected to launch its first collection of lab-made stones in the UK first and enter other markets in 2022.
LIONEL BONAVENTURE via Getty Images This photo taken on September 23, 2019 in Paris shows laboratory diamonds at the headquarters of the Diam-Concept company.
This photo taken on September 23, 2019 in Paris shows laboratory diamonds at the headquarters of the Diam-Concept company.
The shift from mined diamonds to lab versions reflects a cultural shift as more and more consumers want to know where their products are coming from. Diamond mining has long been known to be a problematic industry with winding supply chains that make it difficult, if not impossible, to trace the origin of retail diamonds, often resulting in conflict diamonds entering the world. the market.
In 2019, luxury jewelry retailer Tiffany & Co. led the charge for transparency in the industry, announcing that it would start sharing with consumers where its diamonds come from.
Calling it the Diamond Source Initiative, the brand traces each of its’ individually registered diamonds (0.18 carat and above) with a unique ‘T & Co’ serial number laser-etched and invisible to the naked eye, and providing consumers with geographic sourcing information specific to their diamond. ”The idea is to ensure that all of their diamonds are“ among the most durable in the world ”.