If diamonds are forever, then are lab grown diamonds for-everyone?
Pandora, the world’s largest jeweler, certainly thinks so. The company recently announced plans to drop mined, natural diamonds from its stores.
Instead, it will stock only lab-grown diamonds.
Millennials kill another time-honored tradition
Lab-grown diamonds (LGD) are made in pressurized ovens with the same clarity and brilliance as their earth-made counterparts for ⅓ of the cost.
Perhaps more importantly for industry, LGDs can be produced in weeks instead of the billions of years a natural diamond takes to form.
In recent years, spending habits have shifted away from natural diamonds. Many younger buyers are now opting for lab-grown diamonds, which they say are more affordable, environmentally friendly, and ethical.
Diamond sourcing is notoriously shady…
… Leonardo DiCaprio did a whole film on it.
Though natural diamonds enjoy a $64B retail market, the industry has been lambasted for its practices, which include exploiting workers, children, and local communities.
Competitors like Bulgari, Cartier, Signet Jewelers, and Harry Winston all rank worse.
Pandora is positioning itself as a forward thinker in the jeweler space by opting to remove mining from the equation.
Currently, the lab-grown diamonds are produced using 60% renewable energy; the company hopes to bump that number to 100% by 2025.