Carbon copy? Pandora takes a shine to lab-made diamonds By Reuters
© Reuters. FILE PHOTO: A common view of the Pandora store in Riga,
By Tim Barsoe
COPENHAGEN (Reuters) – Pandora (OTC:), the jewelry maker greatest 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 should not solely without end, however for everybody,” Pandora Chief Government Alexander Lacik mentioned because the Danish firm launched a brand new assortment of artificial stones.
Pandora, which made 85 million items of jewelry final 12 months and offered 50,000 diamonds, mentioned it aimed to “remodel the marketplace for diamond jewelry with inexpensive, sustainably created merchandise”.
The rising acceptance of artificial diamonds by millennials interested in cheaper stones assured to not have come from battle zones has spurred companies corresponding to De Beers to finish its decades-old coverage of shunning artificial gems in its jewelry.
Costs 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 response to a report by Bain & Firm.
Pandora’s new assortment of lab-grown diamonds might be launched initially in the UK and might be accessible in different key markets subsequent 12 months, it mentioned.
Pandora mentioned it anticipated the diamond market to proceed to develop, with gross sales of lab-grown diamonds outpacing total development.
Pandora’s lab-grown gems might be made utilizing a expertise during which 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 would get its lab-grown stones from suppliers in Europe and North America. Mined diamonds already in Pandora shops would nonetheless be offered, 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 business in 2019 mentioned mined diamonds had been much less carbon-intensive.
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