Pandora, World's No. 1 Jewelry Maker, to Drop Mined Diamonds
Pandora A/S, which makes more pieces of jewelry than any other company in the world, will stop using mined diamonds as part of a broader strategy to drop raw materials associated with unethical production methods.
Despite decades of reform, the global jewelry market remains tainted by reports of human rights abuses at mines and factories. To address such concerns, Tiffany & Co. last year started providing customers with details of newly sourced, individually registered diamonds that trace a stone’s path all the way back to the mine.
Pandora, which is based in Copenhagen, said on Tuesday it will now only use diamonds manufactured in laboratories. The company is set to release its first collection using lab-made stones in the U.K., and will turn to other markets in 2022.
While diamonds represent a small fraction of Pandora’s sales, the move reflects greater demand for sustainability in the broader market and comes as jewelry faces stiff competition from other luxury goods, such as travel and iPhones, especially with younger consumers. A host of lab-grown-diamond makers and retailers have sprung up in recent …
More on: www.bloomberg.com