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Pandora Releases Three Lab-Grown Diamond Collections August 23, 2023 (0 comments)
Copenhagen, Denmark--Pandora is set to launch three lab-grown diamond jewelry collections named Pandora Nova, Pandora Era, and Pandora Talisman.
[Image via Flickr Commons]
This announcement came with news that these collections will be introduced to over 700 outlets and online platforms in the U.S., Canada, U.K., and Australia by Aug. 31. Collections will later reach stores in Mexico and Brazil in October, with other markets expecting availability in early 2024.
According to a report published in Retail Dive, Pandora presented its 33-item Brilliance collection of lab-grown diamond jewelry last year. This move followed the company's 2021 decision to halt the use of mined diamonds. The company expressed its commitment to exclusively utilizing recycled silver and gold by 2025.
Per the report, these lab-grown diamonds are sustainably crafted with 100% renewable energy. Retailing from $290, these collections feature diamonds ranging from 0.15 to 1-carat, set in 14-karat gold or sterling silver.
The report noted that the global jewelry brand aims to further its commitment to "democratize diamonds". A promotional campaign for these collections, showcasing a yet-to-be-announced ensemble of cultural figures, is slated for August 29.
The report highlighted that lab-grown diamonds, currently available in the U.K., U.S., and Canada, will soon be accessible in all North American stores. Pandora CEO Alexander Lacik emphasized the brand's drive to expand its offerings and accessibility of lab-grown diamonds worldwide. In a recent statement, he highlighted their mission to deliver quality, affordable jewelry without compromising craftsmanship.
Alongside this announcement, Pandora revealed a growth in revenue to 5.89 billion Danish kroner (around $864 million) in its recent quarterly earnings report. The company also adjusted its projected organic growth, which is now anticipated between 2% and 5%.
As Pandora continues to expand its diamond product range, other brands, such as Kendra Scott, have also entered the lab-grown diamond sphere. LVMH Luxury Ventures recently invested in Lusix, a prominent lab-grown diamond manufacturer.
Learn more in the entire Retail Dive report.