Global jewellery brand Pandora has continued its global rollout of lab-grown diamonds into the Australian market.
Australia will join Mexico and Brazil in the new initiative, with lab-grown diamonds already available in Pandora’s UK, US and Canadian markets, with a further rollout into all stores in North America.
The full rollout is expected to be completed in the first quarter of 2024, and will be available in 700 stores globally, including Australia, by August 31.
Pandora has been crafting lab-grown diamonds since August 2022.
“Consumers in North America and the UK have welcomed our lab-grown diamonds and we will continue to make them accessible to more people around the world by expanding our collections and distribution,” Pandora CEO Alexander Lacik said.
“We have big ambitions for this category, aligned to our mission of providing high-quality, affordable jewellery at a very high level of craftmanship.”
The move comes as Pandora expands its lab-grown diamonds assortment with three new collections, including original designs and the brand’s take on classic jewellery styles.
The new collections include Pandora Nova - which features various cut stones and will introduce a proprietary four-prong setting that reveals more of the diamond, alongside Pandora Era and Pandora Talisman.
All collections feature near colourless, VS+ clarity lab-grown diamonds available in 0.15 to 1-carat weights and set in 14k white gold, 14k yellow gold, or sterling silver.
The three new collections will be unveiled to consumers via a campaign revealed on August 29.
“The new collections and accompanying campaign bring our unique point-of-view on diamonds to life,” Pandora CMO Mary Carmen Gasco-Buisson said. “Our diamond jewellery is not only for special occasions, but something you can wear to add joyful sparkle every day and everywhere.
“This commitment to democratizing diamonds and the wonderful meaning they carry make lab-grown diamonds a perfect fit for Pandora.”
Meanwhile, Pandora's Australian market recorded a negative 5% like-for-like sales in the second quarter of 2023 compared to Q2 2022. Pandora noted this was driven by a continued weak consumer sentiment in the country.
Pandora noted its owned and operated concept stores in Australia are outperforming the wholesale channel, at 0% and negative 10% LFL respectively in Q2 2023, partly driven by tourism as well as high conversion rates in Pandora-owned and operated stores.