Pandora, the Danish jewellery maker, has announced its plans to expand its range of lab-made diamonds in response to growing customer demand for more options. The company, which is the world’s largest producer of jewellery, launched its lab-made diamonds collection in August 2022 in the United States, Canada, and the UK. This decision came after Pandora made the choice to discontinue the sale of mined diamonds.

While Pandora currently offers around 1,200 design variations, only 37 of them are lab-created diamonds. However, according to CEO Alexander Lacik, customers have shown significant interest in this concept and find the price reasonable. Many customers have expressed their desire for more design choices, prompting Pandora to plan for a broader assortment and an increase in the size of its lab-made diamonds range. The company aims to make the range ten times its current size over time.

Pandora has further expansion plans for its lab-made diamonds collection in 2023. However, the specific countries targeted for expansion were not disclosed due to commercial sensitivity. Lacik emphasized the importance of strategic moves without revealing information to competitors. While Pandora dominates the charms and bracelet segment of the market, it is a smaller player in the diamond industry.

The global jewellery market is estimated to be valued at around $250 billion, with diamonds contributing approximately $90 billion to that value. Lacik highlighted that many of Pandora’s customers cannot afford traditionally mined diamonds. Therefore, by offering affordable lab-made diamonds, Pandora aims to expand the jewellery market and make it more accessible. This approach aligns with the company’s goal of democratizing the jewellery space.

In its recent financial report, Pandora announced a 7% increase in sales for 2022. However, the company provided a wide forecast for 2023, predicting a potential 3% decline or a 3% increase. Pandora cited uncertain economic growth and its impact on consumer demand as the reason for this uncertainty. Despite this, Pandora’s shares have already experienced a significant rise of 34% since the beginning of the year.

With its plans for expansion and commitment to offering more choices in lab-made diamonds, Pandora is poised to capture a larger market share. The company aims to cater to customers who desire affordable and ethically sourced jewellery options. By tapping into the growing demand for lab-made diamonds, Pandora will continue its mission of providing accessible and stylish jewellery to a wide range of customers.

Useful links:
– [Lab-grown Diamonds: The Way Forward for Sustainable Jewellery](
– [The Rise of Lab-created Diamonds and Their Market Impact](