Pandora, which is one of the largest jewelry suppliers, has made the announcement that it will no longer sell mined diamonds as it moves to sell only sustainable, lab-made diamonds. This could have huge implications for the jewelry industry in the future.
Pandora CEO Alexander Lacik told the BBC that this is part of an initiative that aims to make the company more sustainable. Lacik shared that this move: “marks a new milestone for Pandora as it will no longer be using mined diamonds. Going forward, mined diamonds will no longer be used in Pandora’s products.”
The best part? Lab-made diamonds are actually less expensive than their mined counterparts and they looks absolutely the same. They are also graded by the standards used to grade mined diamonds: cut, color, clarity, and carat.
Mined diamonds come with a few issues, both humanitarian and environmental. Since diamonds are finite that can take even billions of years to form, their production tend to become problematic as they are often found in countries that lack the infrastructure to ensure conflict-free diamonds.
A 2020-2021 Brain report showed that: “Sustainability, transparency, and social welfare are priority issues for consumers, investors, and the value chain,” has now became a main component of the industry, retail, and consumer-decision making process.
Lab-created diamonds come with all the beauty of a real diamond at a fraction of the cost and without the concern of the how and where the diamond was sourced from. Many younger customers prefer this, the report says.
Additionally, a 2020 Human Rights Watch report showed that there is still progress to be made to ensure diamonds are mined in a responsible manner. According to the report: “Major jewelry companies are improving their sourcing of gold and diamonds, but most cannot assure consumers that their jewelry is untainted by human rights abuses.”
Pandora has shared that their lab-made diamond range has been given carbon-neutral certification including for its packaging and transportation marking progress in their goal in becoming a more sustainable company. The diamonds in this collection are produced with 60% renewable energy and the company aims to get to 100% in 2022.
Lacik shared: “We want to become a low-carbon business. I have four children, I’m leaving this earth one day, I hope I can leave it in a better shape than maybe what we’ve kind of created in the last 50 years or so.”