Pandora, the world’s largest jewellery brand, invests in lab-grown diamonds
When Pandora, whose annual jewellery production totals 86 million pieces, choose to invest in lab-grown diamonds, the decision inevitably has major repercussions for the sector.
By Bettina Bush Mignanego23 décembre 2021
The world of jewellery as been in a state of great turmoil for the past couple of years. On the one hand, many multi-figure investments, such as Louis Vuitton’s acquisition of the world’s second largest diamond, the Sewelo diamond, have been made. On the other hand, new solutions are being developed. One example is Pandora’s launch of its first lab-grown diamonds collection.
The project is innovative, inclusive, embodies the idea of accessible luxury and it is also absolutely sustainable
Mads Twomey-Madsen, Vice President of Corporate Communications & Sustainability at Pandora
Choices that will surely revolutionise the world of jewellery, which will be one of the world’s fastest growing sectors in 2022 according to the Altagamma Consensus study, with an expected growth of +10%. Pandora, the Danish largest jewellery brand in the world, listed on the stock exchange and which should reach a turnover of 3 billion euros in 2021, active in over a hundred countries and employing over 26,000 workers is focusing on sustainability and has decided to invest in lab-grown diamonds. The first collection was introduced in the UK in Spring 2021 and a grand launch will follow in other countries in 2022. It is certainly a bold choice that will change the jewellery market.
Mads Twomey-Madsen, Vice President of Corporate Communications & Sustainability at Pandora, explains the new strategies behind Pandora Brilliance, the first collection of lab-grown diamonds.
Can you tell us how this project came about and how it will revolutionise the diamond market?
We have been following the development of lab-grown diamonds for years, which are also used in other sectors of the industry and we noticed an improvement. It is for this reason that we chose to create new collections with these diamonds, which will target a new consumer market, all those that would never have been able to afford a natural diamond. The project is innovative, inclusive, embodies the idea of accessible luxury and it is also absolutely sustainable. We have long been committed to lowering CO2 emissions, and Pandora Brilliance is in line with that goal. In fact, the impact of a lab-grown diamond is about one-tenth of that of one that comes from a mine. For us, this is an important initiative that will be implemented on a large scale and which we have been working on for a couple of years now.
The new collection has already been launched, but only in one country. Are you satisfied with the first results?
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