Pandora’s endorsement of lab-grown stones will not devalue natural diamonds – Zimnisky

Jewellery retailer Pandora recently announced that it will no longer purchase natural diamonds as it had switched to lab-grown diamonds. However, diamond market analyst Paul Zimnisky told Rough&Polished’s Mathew Nyaungwa in an exclusive interview that...

07 june 2021

“The volume of Forevermark diamonds that we drive through Indian partners is much higher than in other parts of the world,” says Sachin Jain

Sachin Jain has been a part of the Indian arm of De Beers that dates back to 2010 when he came on board as Head of Retail. In year 2014 he took over as President of Forevermark and today he is the Managing Director of De Beers, India. His single-minded...

31 may 2021

GSI's new Jaipur office to specialize in colored gemstones

Gemological Science International (GSI) has opened a new laboratory in Jaipur, India. Since this state is the capital of colored gemstones, the laboratory will have a dedicated division specializing in colored gemstone geographical origin and...

24 may 2021

“We welcome the mandatory hallmarking in the interest of consumers, but it is also essential to have proper and evenly spread infrastructure across India,” asserts Ashish Pethe, Chairman, GJC

Ashish Pethe, Chairman of All India Gem and Jewellery Domestic Council (GJC), formerly known as All India Gems & Jewellery Trade Federation (GJF) is based in Mumbai. As the third-generation heir of M/s Waman Hari Pethe Jewellers established...

17 may 2021

ALMAR is a case in point that will serve to develop the process of funding junior companies and geological exploration in general

Arkticheskaya Gornaya Kompaniya (AGK, Arctic Mining Company) develops the diamond deposits in the Lena-Anabar diamondiferous sub-province of Yakutia under the ALMAR (Diamonds of the Arctic) brand. This company attracts investments for...

10 may 2021

Pandora Brilliance: Ethics or Profit?

17 may 2021

In early May, Pandora, one of the world's top jewelry makers, while introducing Pandora Brilliance, its new lab-grown diamond jewelry collection, announced that it would no longer use natural diamonds. The move and the company's statement in which lab-grown diamonds were positioned as an ethical choice versus natural diamonds, generated a wide response in the professional community, as well as in the mass media. Calling Pandora’s narrative false and misleading, several natural diamond industry organizations asked the jeweler to correct its statement. Meanwhile, the media carried a whole gamut of comments on the subject. For its part, Rough&Polished invites readers to get acquainted with the opinions expressed by experts Sergey Goryainov and Richard Chetwode.

Pandora’s Box

“Why did Pandora take such a radical step?” says Sergey Goryinov. “Let’s set aside the arguments about the environmental friendliness and ethics of the synthetic diamonds - this is actually not a reason but a tool to create an information “umbrella” that allows knocking out a “natural diamond” competitor from the market. And the real reason was quite frankly explained by Alexander Lacik, CEO of Pandora, in his interview with Bloomberg, “Pandora also emphasized price as a consideration behind its decision. Lab-made stones cost about a third of mined ones and the switch will make diamond jewelry accessible to more consumers”.

Pandora’s Box of Worms?

“Pandora has announced a move from natural to lab-grown diamonds in their jewellery,” says Richard Chetwode. “Possibly the biggest winners will be the shareholders in their US and European lab-grown suppliers. But, even though they happily used to sell natural diamonds, they now insinuate that there is something wrong with them. The biggest losers? Tens of thousands of people in the developed world who rely on the natural diamond industry. Really?! Someone needs to alert the Generation Z consumer!”