One of the world’s largest Jeweller companies is switching from mined diamonds to more environmentally friendly lab-grown diamonds. This week, Pandora CEO Alexander Lacik announced that the company would stop selling mined diamonds because it was “the right thing to do.” Even though diamond sales account for a small portion of the company’s annual sales of 100 million items, Lacik claims that with the lower price point, more people will purchase diamonds.
He told BBC, “We can essentially create the same outcome as nature has created, but at a very, very different price.” The Copenhagen-based company plans to launch its first range of lab-created stones in the United Kingdom first, before expanding to other markets in 2022. The change from mined to lab-grown diamonds represents a cultural shift in which customers increasingly want to know where their goods are made.
The Diamond Source Initiative traces each of its “individually registered diamonds (0.18 carats and larger) by a unique ‘T&Co’ serial number engraved by laser and invisible to the naked eye, and provides customers with geographic sourcing details related to their diamond,” according to the company. The aim is to make sure that all of their diamonds are “among the world’s most responsibly sourced.”