Pandora, the world’s largest jeweler, said on April 4 that it will stop selling natural diamonds altogether and focus on more affordable and environmentally friendly lab-created diamonds.
Pandora expects the diamond market to continue to grow, but sales of man-made diamonds are expected to outpace the overall market growth.
Pandora CEO Alexander Lacik said, “Diamonds don’t just last forever, they belong to everyone.” Pandora says its goal is to “transform the diamond market with affordable and environmentally friendly products”; Pandora made 85 million pieces of jewelry last year and sold 50,000 diamonds.
As affordable diamonds from conflict-free regions gain popularity among millennials, the growing acceptance of synthetic diamonds has prompted De Beers, the world’s largest diamond player, to break decades of stereotypes and use synthetic diamonds for the first time in 2018. According to Bain Strategic Advisors, lab-produced diamonds are now ten times cheaper than natural diamonds.
Pandora said it will obtain synthetic diamonds from suppliers in Europe and North America.
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