The revolution in the diamond market continues: Pandora launches

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Danish jewelery giant Pandora will launch its Pandora Brilliance collection, based on lab-created diamonds, in the North American market in the US and Canada on August 25, after the UK launch of the collection in a project -pilot, proved a complete success.

The lab-created diamond collection is just one part of the company’s plan to transform the diamond jewelry market from the ground up, making the products increasingly affordable while reducing the manufacturing industry’s carbon footprint. a notable measure, writes the publication Fashion United.

Last spring, Pandora announced that it would abandon mined diamonds in order to market more ethical products – laboratory diamonds. Earlier in 2020, the company announced that it would use 100% recycled metals for gold and silver by 2025.

In fact, the new collection is the company’s first of its kind made entirely of recycled silver and gold.

Pandora CEO Alexander Lacik explained:

“The future of luxury starts today, here. Lab-created diamonds are just as beautiful as mined diamonds, but available to more people and with lower carbon emissions. We are proud to expand into the diamond market and offer innovative jewelry that sets a new standard for how the industry can reduce its impact on the planet.”

The Pandora Brilliance Collection features 33 pieces – rings, bracelets, necklaces and earrings – each featuring a unique, laboratory-created VS+ clarity diamond, hand-set in sterling silver, 14K yellow gold or 14K white gold. The collection will use diamonds produced in the company’s laboratories in the United States, using 100% renewable energy.

According to the company, these diamonds have a carbon footprint of only 8.17 kilograms of CO2 equivalent per carat, which is barely 5% of the carbon footprint of a natural diamond.

Pandora also claims that lab-created diamonds are identical to mined diamonds in terms of optical, chemical, thermal and physical characteristics, being graded according to the same standards known as the 4Cs – cut, colour, clarity and carat (cut, colour, clarity and carat).

The Danish jeweler also states that if all diamonds on the market were produced with the same low carbon footprint as those created by Pandora’s laboratories, more than 6 million tons of CO2 equivalent would be saved annually.

According to data presented by Pandora, the silver ring from the Pandora Brilliance collection – decorated with a 0.15 carat diamond – costs $300, and the greenhouse gas emissions from its production process were only 2.7 kilograms of CO2 equivalent, about as much as the average emissions caused by the production of a T-shirt. At the opposite pole, the collection’s flagship piece—a solid 14-karat gold ring with a one-carat diamond—costs $1,950 and has a carbon footprint of 10.4 kilograms of CO2 equivalent, less than the emissions of the production of a pair of jeans.

Pandora Brilliance marks the first collection in the new Diamonds by Pandora category, and the main target market is the United States, the world’s largest diamond jewelry market.

Currently, the global diamond jewelry market is estimated at $84 billion, with estimates showing an upward trend in the coming period.

Pandora’s innovation could be all the more interesting to market players as one of the main global suppliers – Russia – is increasingly being shunned by manufacturers due to its bad reputation following the invasion of Ukraine in February. In fact, several countries – including the USA and Canada – have decided to stop imports of diamonds from Russia.

Russia produces about 30% of the world’s diamonds, 98% of which are mined and sold by Alrosa, a huge mining monopoly with close ties to the Kremlin.

One third of Alrosa is owned by the federal central government, and another third by the regional governments – the Republic of Yakutia and its administrations.

The company brings significant profits to its government shareholders, reporting sales of $4.16 billion in 2021, with a net profit of 91 billion rubles ($943 million).