The world’s largest jewelry brand is ditching mined diamonds

The Copenhagen-based firm mentioned it is as a substitute shifting towards using diamonds created in labs, which it emphasised have the identical “optical, chemical, thermal and physical characteristics.” The assortment, known as Pandora Brilliance, is rolling out within the United Kingdom and anticipated to launch globally subsequent 12 months.

“They are as much a symbol of innovation and progress as they are of enduring beauty and stand as a testament to our ongoing and ambitious sustainability agenda,” mentioned Pandora CEO Alexander Lacik mentioned in an announcement. “Diamonds are not only forever, but for everyone.”

Lab-grown stones have been billed as the moral, traceable different to mined diamonds. Pandora mentioned they’re graded on the identical “4Cs” as mined diamonds (a.okay.a. reduce, colour, readability and carat) earlier than they’re offered.

The new assortment contains necklaces, earrings and rings. Prices begin at about $350 and might be “collected and layered together,” a nod to its earlier assortment that it is recognized for.

Pandora’s new assortment is additionally extra environmentally pleasant, as a result of they’re made with greater than 60% renewable vitality on common. It expects that the brand new diamonds might be made with 100% renewable vitality when the gathering launches globally.

Lab-grown stones have rising enchantment amongst shoppers seeking to purchase merchandise from sustainable provide chains. Pandora introduced final June that it’s going to solely use recycled gold and silver in its merchandise by 2025.

Last 12 months, Tiffany & Co (TIF). introduced a tracing initiative that permits prospects to seek out out the precise nation the place stones are reduce, polished and set. But the newest transfer from Pandora marks an even bigger shift.

The firm targets mainstream consumers, which implies diamond gross sales accounted for simply 50,000 items of jewelry offered final 12 months out of a complete of 85 million. Yet it is nonetheless a big transfer from a serious participant.

Pandora (PANDY) is making an attempt to remain forward of the curve, noting large progress in demand for lab-made stones.

“In the US, and especially in China and India, younger consumers say sustainability is part of their decision-making process and could influence whether they buy diamond jewelry,” Bain & Company identified in a report printed earlier this 12 months.

— CNN Business’ Julia Horowitz contributed to this report.

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