Pandora

Pandora designs, manufactures, promotes and sells jewelry, including hand-trimmed jewelry.

Pandora was founded in 1982 and is headquartered in Copenhagen, Denmark. Its global workforce includes more than 27,300 people, of whom approximately 13,200 operate at three major manufacturing sites in Thailand, where the company produces all of its jewelry.

Pandora jewelry is sold in more than 100 countries worldwide on six continents, at approximately 7,800 points of sale, including the company's 2,400 concept stores.

History

2022: Withdrawal from the Russian market due to losses

Jewelry market participants in July 2022 predict the final departure from the Russian Federation of the Danish jewelry company Pandora due to the lack of new supplies, a strong drop in sales and large losses. A difficult situation has developed against the background of sanctions imposed against Russia by the United States and their satellite countries after the outbreak of the conflict in Ukraine.

As a result, the company was forced to leave the Russian market. Its distributor, the structure of Sberbank "PanClub," continued its activities, selling, among other things, Pandora products.

2021: Abandoning natural diamonds

On May 4, 2021, Pandora announced that the company was completely abandoning natural diamonds. Instead, it is planned to use only those products that were grown in laboratory conditions.

Commenting in an interview with the BBC on Pandora's decision to abandon natural diamonds in the production of jewelry, the head of the company, Alexander Lachik, called this step correct, given the reduction of harmful emissions and environmental protection. In addition, he said, artificial diamonds serve "not only as a symbol of innovation and progress, but also of enduring beauty."

The company emphasizes that in terms of their optical, chemical and physical characteristics, artificial stones are not inferior to natural counterparts. The collection will be sold in the UK, it will arrive in other countries after 2022.

Pandora ditches natural diamonds entirely

Pandora notes that the cost of artificial diamonds is a third of the amount spent on the extraction of natural diamonds. The BBC reports that in the world, the production of artificial diamonds is growing, and in 2020 its volume increased to 6-7 million carats, while the production of natural diamonds fell to 111 million carats from the peak 152 million carats in 2017.

I believe natural diamonds and their lab-grown counterparts can coexist beautifully. There is a clear demand for both natural and artificial stones, "said Olya Linde, a leading specialist at the Bain & Company consulting company. Better design and lower prices, she said, are the main reasons customers choose lab diamonds over their natural counterparts.

Earlier, Pandora abandoned the mined silver and gold. The company has promised to use only recycled metals from 2025 to reduce harmful emissions by 65-99%.^[1]

Notes