Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Carbon copy? Pandora takes a shine to lab-made diamonds

Stock MarketsMay 04, 2021 03:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A general view of the Pandora shop in Riga,

By Tim Barsoe

COPENHAGEN (Reuters) - Pandora (OTC:PANDY), the jewellery maker best know for its silver charm bracelets, will stop selling mined diamonds and focus on more affordable, sustainable, lab-grown gems, it said on Tuesday.

"Diamonds are not only forever, but for everyone," Pandora Chief Executive Alexander Lacik said as the Danish company launched a new collection of man-made stones.

Pandora, which made 85 million pieces of jewellery last year and sold 50,000 diamonds, said it aimed to "transform the market for diamond jewellery with affordable, sustainably created products".

The growing acceptance of man-made diamonds by millennials attracted to cheaper stones guaranteed not to have come from conflict zones has spurred firms such as De Beers to end its decades-old policy of shunning synthetic gems in its jewellery.

Prices of lab-grown diamonds have fallen over the past two years following the U-turn by De Beers in 2018 and are now up to 10 times cheaper than mined diamonds, according to a report by Bain & Company.

Pandora's new collection of lab-grown diamonds will be launched initially in the United Kingdom and will be available in other key markets next year, it said.

Pandora said it expected the diamond market to continue to grow, with sales of lab-grown diamonds outpacing overall growth.

Pandora's lab-grown gems will be made using a technology in which a hydrocarbon gas mixture is heated to 800 Celsius (1,472 Fahrenheit), spurring carbon atoms to be deposited on a small seed diamond, growing into a crystal layer by layer.

Pandora, which has until now sourced mined diamonds from KGK Diamonds, said it will get its lab-grown stones from suppliers in Europe and North America. Mined diamonds already in Pandora stores would still be sold, it said.

Opponents of mined diamonds say their extraction causes environmental damage and so-called blood diamonds help fund conflicts. A study commissioned by the natural diamond industry in 2019 said mined diamonds were less carbon-intensive.

Carbon copy? Pandora takes a shine to lab-made diamonds
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Kaveh Sun
Kaveh Sun May 04, 2021 1:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fake diamonds dont last period. It is still years away.
Benoit Avril
Benoit Avril May 04, 2021 1:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Nice move
Kaveh Sun
Kaveh Sun May 04, 2021 1:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Investment wise it is d/u/mp. U cant resell lab grown diamonds which mean u loose 100% of ur investment.
Benoit Avril
Benoit Avril May 04, 2021 1:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Kaveh Sun  It might be changing, if there is a demand for first hand, there will be for second hand, and since they are cheaper and will continue to be cheaper, it will no longer be an asset...so what, those were just ordonned carbon atoms.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email