Going Lab Grown
“It’s the right thing to do.”
This week, the world’s biggest jeweler Pandora announced it will cease to sell all mined diamonds, and switch exclusively to selling lab-made diamonds, as the BBC reports.
Mining diamonds is an incredibly environmentally taxing practice that also has a track record of greatly contributing to war and human rights abuses across the African continent.
Pandora CEO Alexander Lacik told the BBC that ditching mined diamonds is “the right thing to do.”
It’s also conveniently far more economical. “We can essentially create the same outcome as nature has created, but at a very, very different price,” he added, pointing out costs are only about a third compared to mined diamonds.
Diamond Demand
The production of mined diamonds fell last year after peaking in 2017. According to the BBC, the pandemic had catastrophic effects on the diamond market, causing production to fall some 18 percent.
Pandora’s lab diamonds start at $350 and are being produced in the UK. The company is hoping to expand its market beyond engagements and weddings thanks to the lowered price.
“We’re trying to open up this playing field and say, you know, with the type of value equation that we offer, you can use this everyday if you want,” Lacik told the BBC.
Reducing the burden mining diamonds has had on humanity and our environment, it only makes sense for companies to move away from the practice. The lower costs are just the cherry on top.
Futurism byVictor Tangermann
