World's largest jewelry maker no longer using natural diamonds
Pandora, the world's largest jewelry maker, is done with diamonds - at least if they are sourced from the ground.
The company announced Tuesday that it will no longer use mined diamonds, instead only use diamonds grown in labs in their products as part of its sustainability and accessibility efforts.
Eventually, it plans to have diamonds that are completely made with green energy.
The announcement comes in conjunction with the launch of its new collection, Pandora Brilliance, which will use only the lab-grown diamonds as well.
Pandora Brilliance is only available in the UK right now, but is expected to launch globally next year. The collection starts at 250 or $350.
Pandora Brilliance was also certified carbon neutral, with its lab-grown diamonds in the collection having been grown with more than 60% renewable energy on average. It claims that number will be at 100% in 2022.
According to Pandora, the lab-grown diamonds have the same optical, chemical, thermal and physical characteristics of those gems excavated from mines and are also graded by the same standards known as the 4Cs: cut, color, clarity and carat.
They may also appeal to younger buyers who have ethics, environment and a diamond's origins in mind when shopping. Though, where a diamond came from may not always be clear, one appraiser says.
"Any other diamond that you may buy that came via Antwerp, Belgium, India, whatever, Israel, there's no way to actually tell what its origin is. It could be a blood diamond... something in South Africa somewhere, there's no way to know. But a lot of millennials do have that kind of green thing working for them, and they want something that they know does not have all those stigmas attached to it," said Steven Silver with Jewelry Appraisal Services.
Another incentive for some buyers might be the price.
Silver said that you can buy a lab grown diamond for about 75% less than a natural diamond. Pandora's CEO also told the BBC that lab-grown diamonds are also cheaper to make.
"About a third of what it is for something that we've dug up from the ground," CEO Alexander Lacik said in an interview with BBC News.
Last year, Pandora officials said they plan to solely use recycled gold and silver for its products by 2025.
Pandora is headquartered in Copenhagen, Denmark in 1982. The company has said its goal is to be carbon neutral by 2025.
You can read Pandora's announcement on the switch from mined diamonds here.
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