Pandora A/S’s chief executive officer expects it will take less than 10 years before consumers buy more lab-grown diamonds than mined stones because they increasingly weigh up costs and climate impact when buying jewelry.
August 13, 2024 at 6:46AM EDT --
The Copenhagen-based jeweler last year deployed a new strategy to move the brand away from being only associated with charms, and instead recognized as a full jewelry brand. Bringing cheaper diamonds to the middle class is a key part of that strategy, Lacik said, estimating that production costs of lab-grown stones are about one-quarter to one-third of mined diamonds.
“It’s selling at a surprisingly high level in that one store” in Copenhagen, Lacik said. “We are the first ones to start marketing lab-grown diamonds in Denmark, but the reception so far has been very positive.”
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