Pandora is hoping the move towards lab-grown diamonds will be forever.

Hello, and you're listening to the Marketplace Morning Report live from the BBC World Service.

I'm Leanna Bern.

A very good morning to you.

The lab-grown diamond industry is booming.

The market share for lab-grown diamonds has jumped from 3.5% in 2018 to a forecast at

16.5%.

In 2023, according to the Ziminski Global Roof Diamond Index, it's now a $14 trillion

market.

The diamond prices both lab-grown and mined have been on the decline.

So what does that mean for Pandora?

The world's largest jewelry maker, as it expands its lab-grown diamond range.

It's time for a new kind of diamond.

One that's made, not mined, and is as unique as you and me.

The idea behind a lab-grown diamond is that they're more sustainable and they're cheaper.

Whereas lab-grown diamonds start at $290 for a 0.15 of a carrot, and go up to $4450

for a two-carat diamond.

And the reason is, because making them is a lot less expensive than mining them, such

as Alexander Lassick, chief executive officer of Pandora.

In terms of production cost, if you take the example of a one carrot versus the other carrot,

so roughly is a third of the production cost for a lab-grown versus a mined, which obviously

then ends up in a consumer price.

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