Pandora, the world’s biggest jeweler by volume, said on Tuesday that it will no longer use mined diamonds for any new designs, and is switching to man-made stones produced in laboratories instead.
The Copenhagen-based company said it would release its first collection to use synthetic stones in Britain this year before turning to other markets in 2022. The range of rings, bangles and earrings will feature stones from 0.15 to 1 carat in size. Pandora’s chief executive, Alexander Lacik, said in a statement Tuesday that diamonds should be affordable as well as sustainable.
Lab-grown diamonds are physically, chemically and optically identical to mined diamonds, and proponents say that their production results in less environmental damage than traditional mining practices, and also doesn’t have the same associations with human rights abuses. Prices of man-made diamonds have fallen over the past two years after the miner De Beers started offering synthetic stones in 2018, and they are now up to 10 times cheaper than mined diamonds, according to a report by Bain & Company.
While mined diamonds went into about 50,000 Pandora pieces of jewelry out of a total of 85 million items made last year, meaning the shift required within the company supply chain will be negligible, the announcement by Pandora is the latest by a major industry player looking to address growing ethical concerns held by consumers about the jewelry business. The jeweler has already said it will only use recycled gold and silver beginning 2025.