"Vast Majority" of Diamond Sales will be Lab Grown - Pandora CEO
August 21, 24
(IDEX Online) - Lab growns will be significantly outselling natural diamonds within a decade, says Pandora CEO Alexander Lacik.
The Danish jeweler provoked an outcry in May 2021 when it said lab growns were ethically preferable and that it would no longer use mined diamonds in any of its products.
In an interview with Bloomberg TV last week, Lacik said: "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 has been quotes previously as saying consumers don't buy lab growns because they're "sustainable". They buy them because they're cheap.
In the Bloomberg interview he said: "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."
Screengrab of Alexander Lacik, courtesy Bloomberg.