Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

By James Davey

LONDON (Reuters) – Danish jewellery maker Pandora plans to expand its lab-made diamonds product range after customers said they liked the concept but wanted more choice, its boss said on Thursday.

Pandora, the world’s largest jewellery maker by production capacity, launched its lab-made diamonds collection in August across 269 stores in the United States and Canada as well as online after a smaller pilot launch in Britain in 2021.

The move followed its decision to stop selling mined diamonds.

Chief Executive Alexander Lacik said the group currently offers a total of about 1,200 design variations (DVs), of which just 37 are lab-created diamond products.

We have plenty of customers coming in and saying:‘I’m interested in the concept, I think the price is OK but I don’t like that particular design’,” he told Reuters.

“So the next step from here is going to be to provide a broader assortment,” he said in an interview, pointing to a range that over time would be ten times its current size.

Further geographical roll-out of the lab-made diamonds collection is planned for 2023, though Lacik declined to say which countries were next due to commercial sensitivity.

“When we play the charms and bracelet segment, I’m the 800-pound gorilla, I decide the rules…When I stick my head into diamonds, I’m the gold fish in the pool of sharks, so I’m not going to give them any heads-up on when I turn up,” he said.

Lacik said the global jewellery market has a stated worth of about $250 billion, of which diamonds account for about $90 billion.

Many of the customers that come to Pandora today, they are not part of that $90 billion because they simply cannot afford a mined diamond proposition,” he said.

The real big gain here is actually to expand the jewellery market by democratising the jewellery space.

Pandora on Wednesday reported a 7% rise in 2022 sales but forecast a broad range between a drop of 3% and an increase of 3% for this year, amid uncertainty over economic growth and its impact on consumer demand.

The company’s shares have risen 34% so far this year.

 

(Reporting by James Davey; Editing by Kirsten Donovan)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts