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Last week I wrote about Diamond Foundry ramping up its production of lab-grown diamonds. And I mentioned new research highlighting increased consumer awareness of lab-growns. I thought that was enough on lab-growns for the time being and set.
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Pandora s PR Master Stroke May 06, 21 by John Jeffay
Last week I wrote about Diamond Foundry ramping up its production of lab-grown diamonds. A
nd I mentioned new research highlighting increased consumer awareness of lab-growns. I thought that was enough on lab-growns for the time being a
nd set my sights elsewhere for this week s Memo. And then came the Pandora announcement. One of the world s biggest jewelers (26,000 employees, 7,000 outlets, Q1 2021 revenue $726m) said it was ditching mined diamonds and would only use lab-growns. This was big news, far beyond the diamond community. It was the second item on the BBC radio news, with CEO Alexander Lacik making low-carbon promises. It was headlines in every newspaper. It was as though McDonald s had announced it would no longer sell burgers, Apple had decided there was no longer sufficient demand for iPhones, and Coca-Cola had called time on the soft drinks market.
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The world’s biggest jeweler, Pandora, said that laboratory-made diamonds would last forever. It also said of eliminating the use and selling of mined diamonds from its platform.
Mined diamonds have been used for centuries to make jewelry that brings grace to the ladies. It has proved to be a status symbol and a source of attraction. But no more, with the world’s largest jeweler adapting to alternatives to create diamonds in laboratories, mined diamonds seem to stand less of a chance now.
Growing demand for alternatives to mined diamonds is sourced from the concerns about the environment and working practices in the mining industry. Alexander Lacik, Pandora’s chief executive said that the change was part of a broader sustainability drive. He added that the firm is pursuing it because it is the right thing to do.
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