Pandora, the jewelry brand, has announced that it will stop using mined diamonds in its products.
The Danish company said in a press release that it will start using laboratory-created stones that will be identical to the stones extracted.
The heads said: “They have the same optical, chemical, thermal, and physical properties and are graded according to the same criteria known as the four elements – cut, color, clarity and carat.”
The move is part of a sustainability push by Pandora and the company said 60 per cent of the energy used to create its new UK “Brilliance” collection, which includes synthetic diamonds, came from renewable sources.
When the production line is released outside Britain in 2022, that number will jump to 100 per cent, she claims.
In an interview with the BBC, Pandora’s CEO said it is cheaper to produce diamonds in a lab than mining and “the right thing to do”.
Alexander Lasik added: “We can basically create the same result that nature created, but at a very different price.”
The cost of making a diamond, Lasik said, can only be a third of mining a gemstone.
According to an industry report published in February, the amount of diamonds being pulled from the Earth has declined over the past few years, reaching 111 million carats in 2020 after peaking at 152 million carats in 2017.
Meanwhile, production of lab diamonds has increased dramatically, according to the Antwerp Global Diamond Center and Bain & Company. The prices of these stones have also decreased as large retail groups add them to their catalogs.
Analysts added that consumers are starting to take environmental impacts into account in their jewelry-buying decisions.