Pandora Has Big Plans For Lab-Grown Diamonds As Sales Increase
While the sales of some jewelry categories may have slightly declined compared to the last year, this is certainly not the case with lab-grown diamonds. As more and more big brands introduce their collections with man-made stones, Pandora, which was one of the trendsetters of going fully lab-grown during the pandemic, is building up their presence in that part of the diamond industry.
Second quarter was successful for the jewelry industry goliath. Gross margin increased a couple of percents from the Q1 figures, boosted by a few successful viral campaigns. The company was pleased with the lab-grown diamond figures in particular. The collection with man-made gems brought in steady $4.7 million in revenue. Following this success in the United States, Canada, and the United Kingdom, Pandora announced the expansion and rebranding of their lab-created diamond jewelry line.
The “Brilliance” collection consisting of 36 designs will now be divided into three separate jewelry lines featuring 57 styles in total. “Pandora Nova” and “Pandora Era” will represent the classic jewelry pieces, while “Pandora Talisman” will include the company's distinct charms with man-made diamonds. The collections are also coming to the new markets, including Australia, Mexico, and Brazil.
‘We will continue to push ahead with our strategic initiatives for the second half of 2023 and beyond, including the expansion of our assortment in lab-grown diamonds’ - company’s CEO Alexander Lacik commented. Alongside the new announcements, Pandora also introduced an up-and-coming Hollywood star Ashley Park as their new ambassador. The actress will focus on promoting the brand’s lab-grown diamond jewelry.
It’s not a surprise that the company continues to put their faith in lab-created stones. With stable sales and increasing popularity, Pandora is counting on expanding their business. Lab-grown gemstones allow them to better target their audience. And as the competition rises due to more and more jewelers, both big brands and local stores, accepting lab diamonds, the best opportunity to do so is now.
