Jewelry brand Pandora is launching three new jewelry collections featuring lab-grown diamonds: Pandora Nova, Pandora Era, and Pandora Talisman. The collections will be available in more than 700 stores in the U.S., Canada, the U.K., and Australia, as well as online, starting August 31. Some of the collections will be available in stores in Mexico and Brazil starting in October and will be available in other markets in early 2024.
The company first entered the lab-grown diamond market about a year ago. The company made headlines with the launch of its 33-piece Brilliance collection of lab-grown diamond jewelry, including rings, necklaces, bangles, and earrings. At the same time, they announced that the company would no longer be using mined conventional diamonds.
Currently, Pandora has a new mission to “democratize diamonds,” and in addition to its lab-grown jewelry, the company says it aims to use only recycled silver and recycled gold by 2025. Their lab-grown diamonds are also made with 100% renewable energy.
Three new collections of near colorless lab-grown diamonds, ranging in weight from 0.15 carat to 1 carat, set in 14-carat white gold, 14-carat yellow gold, and sterling silver, will sell starting at $290.
PANDORA CEO Alexander Lacik said in a statement, “Consumers in North America and the U.K. have welcomed our lab-grown diamonds, and we will continue to make them accessible to more people around the world by expanding our collections and distribution,” “We have big ambitions for this category, aligned to our mission of providing high-quality, affordable jewelry at a very high level of craftsmanship.”
Pandora raised its guidance in its Q2 earnings report. Organic growth is expected to be in the 2% to 5% range. Lacik also confirmed that it will continue to expand its diamond product assortment and roll out its new Evoke 2.0 store concept.
Lacik said, “We are pleased with delivering yet another solid quarter against a backdrop of macroeconomic uncertainty” and noted that the company will continue to pursue strategic initiatives for the second half of 2023 and beyond, including expanding its diamond assortment and continuing to roll out its new “Evoke 2.0” store concept. The company updated its guidance based on the solid performance to date and appears to expect another year of positive organic growth.
Each year, the number of companies entering the lab-grown diamond business has increased. Lab-grown diamonds attract many consumers because they have the exact same characteristics as natural diamonds, but are sold at one-third the price of original diamonds. It is also gaining attention from an ethical standpoint, as they do not have the human rights issues often associated with natural diamond mining, nor do they use large amounts of water, as natural diamonds do when mined underground.
In the United States, major diamond jewelry brand De Beers launched its Lightbox Jewelry, a brand specializing in lab-grown diamonds, in 2018. Also in May 2022, jewelry brand Kendra Scott introduced a collection of 11 engagement rings with lab-grown diamonds.
Last June, LVMH Luxury Ventures, an investment fund owned by LVMH, and other backers invested $90 million in Israeli lab-grown manufacturer Lusix. The funds were used to build a second photovoltaic production facility to meet demand.