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Pandora Picks US for Lab-Grown Launch
Aug 16, 2022 5:15 AM
By Joshua Freedman
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RAPAPORT... Pandora will introduce lab-grown diamonds in North America later this month following a trial in the UK, the jewelry retailer announced Tuesday.
The line will be available from August 25 across 269 of its stores in the US and Canada, as well as online, the company said. Prices will start at $300, with stones ranging from 0.15 carats to 1 carat. It will include 33 pieces comprising rings, bangles, necklaces and earrings featuring a single lab-grown diamond set in sterling silver, solid 14-karat gold or solid 14-carat white gold, Pandora added.
The move is “another important milestone on our mission to democratize the jewelry market,” said Pandora CEO Alexander Lacik.
Pandora initially unveiled its entry into the synthetics market last year, revealing the launch of Pandora Brilliance, which it tested in the UK. It also pledged not to use natural diamonds anymore — though there were not many of these in its jewelry to begin with. The US launch sees it rebrand the collection as Diamonds by Pandora.
While 75% of Pandora’s revenue currently comes from its Moments collection of charms, “Diamonds by Pandora is a unique opportunity to drive incremental revenue growth, and it has the potential to become a new meaningful platform for Pandora over time,” management added.
Pandora’s revenue increased 10% year on year to DKK 5.66 billion ($771 million) in the second quarter, as growth in the US and Europe outweighed weakness in China, the group reported the same day.
Image: Jewelry from the original Pandora Brilliance collection. (Pandora)
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Tags:
Jewelry, Joshua Freedman, lab-grown, lab-grown diamonds, Pandora, retail, Synthetic diamonds, Synthetics, US
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