One of the world’s largest jewelery makers is shifting away from mined diamonds in favor of more sustainable lab-grown diamonds.
Pandora CEO Alexander Lasik revealed this week that the company will stop its involvement in selling diamonds because it is “the right thing to do”.
“We can create the same result that nature created, but at a very different price,” he told the BBC, adding that laboratory-grown diamonds could be manufactured for less than “a third of what is intended for something.” That we uncovered from the earth. “
Lasik emphasized that as the price drops, he believes more people will buy the diamonds even though the company’s diamond sales are only a very small fraction of the 100 million pieces the brand sells each year.
The Copenhagen-based company is set to launch its first collection to showcase factory-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 diamonds grown in the laboratory at Diam-Concept’s headquarters.
This photo, taken on September 23, 2019, in Paris, shows diamonds grown in the laboratory at Diam-Concept’s headquarters.
The shift from mined diamonds to laboratory versions reflects a cultural shift as more and more consumers want to know where their products are coming from. Diamond mining has long been recognized as a problematic industry with tortuous supply chains that make it difficult to trace retail diamond assets, often resulting in conflict diamonds entering the market.
In 2019, luxury jewelry retailer Tiffany & Co led charges of transparency in the industry, announcing that it would begin sharing the source of the diamond with consumers.
Called the Diamond Source Initiative, the brand tracks each of the “individually registered diamonds (0.18 carats and larger) with a unique” T & Co “laser-engraved serial number that is invisible to the naked eye, providing consumers with specific geographic information. Of their diamonds. The idea is to make sure that all of their diamonds are “among the most responsible sources in the world”.