Carbon copy? Pandora takes a shine to lab-made diamonds By Reuters
© Reuters. FILE PHOTO: A normal 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 reasonably priced, sustainable, lab-grown gems, it stated on Tuesday.
“Diamonds aren’t solely endlessly, however for everybody,” Pandora Chief Government Alexander Lacik stated because the Danish firm launched a brand new assortment of artificial stones.
Pandora, which made 85 million items of jewelry final yr and bought 50,000 diamonds, stated it aimed to “rework the marketplace for diamond jewelry with reasonably priced, 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 corporations comparable 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 occasions cheaper than mined diamonds, based on a report by Bain & Firm.
Pandora’s new assortment of lab-grown diamonds shall be launched initially in the UK and shall be obtainable in different key markets subsequent yr, it stated.
Pandora stated it anticipated the diamond market to proceed to develop, with gross sales of lab-grown diamonds outpacing general development.
Pandora’s lab-grown gems shall be made utilizing a know-how through which a hydrocarbon fuel 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, stated it should get its lab-grown stones from suppliers in Europe and North America. Mined diamonds already in Pandora shops would nonetheless be bought, it stated.
Opponents of mined diamonds say their extraction causes environmental harm and so-called blood diamonds assist fund conflicts. A examine commissioned by the pure diamond business in 2019 stated mined diamonds had been much less carbon-intensive.
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