Popular jewellery brand, Pandora, announced that it would stop selling mined diamonds on Tuesday, May 4. The company will now focus on sustainable, lab-grown gems, it said on Tuesday.
"Diamonds are not only forever, but for everyone," said the Pandora Chief Executive Alexander Lacik. The company will now focus on its new collection of artificial stones, reported The Economic Times.
The Danish company is known for its silver charm bracelets. With 85 million pieces of jewellery made last year and 50,000 diamonds sold, Pandora has now decided to "transform the market for diamond jewellery with affordable, sustainably created products".
Lately, there has been a growing acceptance of artificial diamonds by millennials all over the world. It has also led leading firms like 'De Beers' to end the decade-old policy of synthetic-gem making. In addition to this, the price of lab-grown diamonds has fallen over the past two years. They are also 10 times cheaper than mined diamonds, according to Bain & Company.
To produce gems, Pandora will use a technology wherein a hydrocarbon gas mixture will be heated up to 800 degrees, which would result in carbon atoms being deposited on a small seed diamond. This would then grow into a crystal, layer by layer.
Pandora has also mentioned that it will be getting its lab-grown stones from suppliers in Europe and North America. In addition to this, several diamond companies, who were against the practice of 'mining diamonds', said that their extraction would lead to environmental damage. In 2019 a study had revealed that mined diamonds were less carbon-intensive.
The company has already decided that it will only use recycled gold and silver from the year 2025. The new human-made stones collection by Pandora will be launched in the United Kingdom first and will then be available in other key markets the following year.