PHILADELPHIA, PA - MAY 21: Interior of PANDORA jewelery store during Grand Opening on May 21, 2016 in Philadelphia, Pennsylvania. (Photo by Lisa Lake/Getty Images for PANDORA)
Roommates, Pandora is making a historic change within the jewelry industry. The company shared that it only plans to sell diamonds made exclusively in laboratories, according to BBC. Pandora is the world’s largest jeweler known in particular for their charm bracelets. They currently sell a small portion of diamonds that are mined.
BBC spoke with Pandora’s chief executive Alexander Lacik about the historic switch to lab-made diamonds. Alexander said the move was the “right thing to do.” Like a true businessman, Alexander also said that switching to lab diamonds would reduce the production cost.
We can essentially create the same outcome as nature has created, but at a very, very different price,” Alexander said.
That price is about a third of what it currently costs the company to get the mined diamonds. So, if the company is saving money, then customers have opportunities to get more for less.
“Pandora jewellery today is much more of an everyday type of jewellery, even though a large proportion of it is gifted,” Alexander said. “The way the diamond industry has kind of been created to a large degree has been very much about gifting, and in particular around when people get engaged or married”.
Alexander said that he expects this price drop will prompt customers to purchase more for themselves.
“We’re trying to open up this playing field and say, you know, with the type of value equation that we offer, you can use this everyday if you want,” he said.
The lab-made diamonds will be sold in the United Kingdom after completing production in Britain. Customer can expect to spend about $350 at starting prices.
Over the years, there’s been growing concerns about two major aspects of collecting diamonds. The first concern is the impact on the environment. The second is the working conditions and practices in the diamond mining industry.
Pandora sells about a 100 million pieces worldwide each year.
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