Pandora, the world’s largest jewelry company by volume, has a mission.
Known for its sterling silver charms, which appear in large numbers on the company’s bracelets, Pandora was in danger of becoming what Karen Giberson, president and executive director of the Accessories Council in New York, called a “one-hit wonder.” called. ” It had to be diversified.
In August, the brand presented Brilliance, its first collection as part of the Diamonds by Pandora initiative, in the United States and Canada. The line of lab-grown diamonds in rings, bracelets, necklaces and earrings was launched in a pilot program in the UK in 2021 and is now available both online and in stores in all of these locations.
“Pandora became known for charms,” wrote Luciano Rodembusch, president of Pandora North America, in an email, “and now we see an opportunity to turn it into a jewelry company that also sells charms.”
In May 2021, Pandora announced it would no longer use mined diamonds in new designs and would switch to lab-grown gemstones. Marketing materials for the Copenhagen-based company state that the lab-grown gemstones have “the same optical, chemical, thermal, and physical properties” as the mined versions.
Sustainability has become a major talking point in the jewelry industry, and while proponents consider lab-grown diamonds a more environmentally-conscious option than quarried stones, others say the massive amount of energy required to create them creates problems of its own. Pandora said its gemstones were supplied by a supplier it declined to name, but its marketing materials said the “lab-created diamonds are grown, cut and polished using 100 percent renewable energy and have a carbon footprint of just 5 percent of that of has mined diamonds.”
Additionally, the Brilliance jewelry is “set in recycled gold and silver, so we’re also bringing additional benefits to consumers and the planet,” Pandora CEO Alexander Lacik wrote in an email. The brand has declared that its recycled metals meet the Responsible Jewelery Council’s Chain of Custody standard.
A. Filippo Ficarelli, one of Pandora’s two creative directors, said that the Brilliance collection “serves to make quality diamond jewelry more affordable and available to more people.”
“It’s for everyone, for all people,” he said.
Prices range from $300 for a sterling silver bracelet with a 0.15-carat diamond to $4,450 for a 2-carat diamond ring in 14k white gold or 14k yellow gold.
“Our mission is to democratize jewelry,” wrote Mr. Lacik, “to bring us into the affordable luxury segment.
“This is taken to the next level with our lab-created diamond jewellery, making what is perceived as a luxury item for a few available to a wider customer base.”
The design of the Brilliance jewelry – the adaptation of the infinity symbol to look like the number 8 lying on its side – also carries a message, Francesco Terzo, the other creative director, wrote in an email. “Diamonds are meaningful and we want to add more to the stone, leading us to a modern take on a timeless infinity motif,” he wrote.
Pandora has previously made efforts to diversify its product line. In 2015, it offered Timeless, a collection of charms and jewelry accented with pavé zirconia or colored crystals. In 2019, the Pandora ME line debuted with chain bracelets, stacking rings and charms, as well as pieces like link earrings and necklaces that could be adorned with charms. And 2021 saw a formal launch of the Signature collection, featuring pendants and bracelets in gold, rose gold and silver, as well as ID bracelets, earrings and rings.
But charms featured in all three collections and are expected to account for 70 percent of the company’s sales this year. “We aim to create a more balanced relationship between our charms and our jewelry offerings,” wrote Mr. Lacik.
Last year, Pandora reported $3.1 billion in revenue from the sale of 102 million pieces of jewelry, the result of more than 670 million visits to its online site and physical stores. It has 6,400 points of sale, including 2,400 concept stores, in more than 100 countries.
The company intends to increase these numbers with the new Brilliance collection and other Diamonds by Pandora offerings, but without changing its basic strategy.
“We serve the mass consumer,” wrote Mr. Lacik. “We don’t play at the low end of the jewelry market, nor do we aspire to play at the high end of the market. Pandora is firmly a brand for the masses. That’s why we’re the largest jewelry company in the world.”