Instead, the jewelry house will switch to using stones specially grown in the laboratory. The first such production is planned to be launched in the UK. The move, as Pandora CEO Alexander Lachik pointed out in an interview with the BBC, is part of an initiative to ensure the company’s sustainability.
At the same time, according to the corporation, public concerns about the state of the environment and methods of working in the mining industry have led to a growing demand for alternative methods of diamond mining. “Basically, we can achieve the same quality of diamonds as natural ones, but at a significantly lower price,” Lachik explained. Pandora’s first imitation diamond collection is expected to go on sale in the UK. The cost of products will range from £ 250 ($ 350).
“I believe that natural diamonds and their lab-grown counterparts can coexist very well. There is a clear demand for both natural and artificial stones,” said Olya Linde, a leading specialist at the Bain & Company consulting company.
Better designs and lower prices, she said, are the main reasons customers choose lab-grown diamonds over natural diamonds.
However, as the BBC points out, the main problem with lab-made diamonds is that they require a significant amount of energy to produce them. Currently, more than half of all artificially grown stones come from China. Production of mined diamonds fell from 152 million carats in 2017 to 111 million in 2020, according to a report by the Antwerp World Diamond Center and consultancy Bain & Company. The largest declines in diamond production have been reported in Russia, Canada, Botswana and Australia.