In May 2021, Danish jewellery giant Pandora made headlines and stirred controversy by announcing it would no longer use mined diamonds in any of its products, opting instead for lab-grown alternatives. This bold move was rooted in a belief that lab-grown diamonds were not only ethically superior but also aligned with evolving consumer values. Now, three years later, Pandora’s CEO Alexander Lacik has doubled down on that vision, predicting that lab-grown diamonds will significantly outsell their natural counterparts within the next decade.
In a recent interview with Bloomberg TV, Lacik emphasized the transformative potential of lab-grown diamonds, stating, "Ten years on, my prediction is the vast majority of diamonds being sold are going to be lab-grown. So I think we're in front of a big, big transformation here, based on a technological revolution that's happened."
Lacik’s remarks underscore the rapid advancements in technology that have made lab-grown diamonds more accessible and appealing to consumers. With innovations driving down costs and improving quality, the once niche market for lab-grown diamonds is poised to become mainstream, potentially redefining the entire diamond industry.
Despite the ethical advantages often cited for lab-grown diamonds—such as reducing the environmental and social impact associated with traditional mining—Lacik acknowledges that price remains a key factor in their rising popularity. He has previously remarked that consumers are not necessarily choosing lab-grown diamonds because they are "sustainable" but because they are more affordable.
In his Bloomberg interview, Lacik elaborated on the primary drivers behind consumer choices in the diamond market: "There are two drivers of purchase in this category when it comes to product choice. So when you walk into a jewellery store you will be looking at is there a design that appeals to me, and does this fit my wallet. Those are the two main criteria."
This pragmatic view highlights a broader shift in consumer behaviour, where affordability and design appeal are paramount, even in the traditionally luxury-oriented diamond market. As lab-grown diamonds continue to evolve in both quality and desirability, they are well-positioned to capture a significant share of the market, potentially leaving natural diamonds as a luxury niche rather than the default choice.
Pandora’s strategy of embracing lab-grown diamonds aligns with a broader trend in the jewellery industry, where sustainability, affordability, and innovation are becoming increasingly intertwined. As Lacik’s prediction suggests, the next decade could witness a seismic shift in the diamond market, with lab-grown stones leading the charge in redefining what it means to own a diamond.
Thus the prediction by Pandora’s CEO is not just a forecast but a reflection of a deeper transformation already underway. As lab-grown diamonds gain ground, they are not only changing consumer preferences but also challenging the very foundations of the diamond industry. Whether this transformation will be as sweeping as Lacik envisions remains to be seen, but the trajectory is clear: lab-grown diamonds are no longer just an alternative—they are the future.
