While called many things - lab-grown diamonds, man-made diamonds, and lab-created diamonds, among others - upon seeing manufactured diamonds, there's no way to differentiate them from their natural counterparts. The fact these these diamonds were not made in nature, also doesn't mean they aren't real.

Thanks to the use of new technology, several jewellers are increasingly able to replicate the natural process to create their own line of diamonds, taking the base element that generates the precious stone, referred to as a "seed", and subjecting it to the same conditions it undergoes in nature. While diamonds sourced in mines were created hundreds of thousands of years ago, formed from carbon atoms exposed to extreme conditions, such a process can now be mirrored in a laboratory, reducing the time of creation from thousands of years to a matter of months. The result are lab-grown diamonds that are real both chemically and physically speaking.

While speed and costs are important factors, it is largely sustainability that is driving more jewellery brands to opt for creating these diamonds. Thus, despite much needed progress on the consumer side, the growth of this relatively new industry is on the rise. According to Statista, the lab-grown diamond industry has grown steadily over the last decade as more companies get on the bandwagon alongside advancements in technology. By 2030, the volume in the global market for this type of diamond is expected to reach around 19.2 million carats. Statista also shared that in 2021, the value of the market was over 20 billion dollars, with it projected to reach around 52 billion dollars by 2030.

As the industry continues to grow, major jewellery players, such as Pandora, are betting heavily on this type of gem which they see as representative of a more sustainable type of jewellery, responsible not only for the environment but also in social matters. So much so that since August 2022, all pieces in the Diamonds by Pandora collections are made with diamonds grown, cut, and polished with 100 percent renewable energy and set in jewellery made with fully recycled silver or gold.

To learn more, and following on the heels of a launch for the diamonds in Mexico, FashionUnited spoke with Martín Pereyra, Pandora's senior vice president for LATAM and Asia, who discussed the importance of prioritising this type of gem in the industry.

We have naturally mined diamonds and lab-grown diamonds from an anatomical point of view. A natural diamond and a lab-grown diamond are the same thing. The difference is that in nature it takes thousands, if not hundreds of thousands of years under pressure to be generated. A lab-grown diamond, meanwhile, is achieved in a matter of months. Atomically, it is the same. We're moving the same element. They also have a certificate of authenticity and origin, like any other diamond.

The difference is about sustainability. This is partly why Pandora, being the largest jeweller in the world, hadn't entered the diamond market before. We think about sustainable business practices for the future, we want to continue being the best jeweller in the future, and we want to continue growing sustainably. The lab-grown diamond is not a random choice. Further proof that we are committed to sustainability is that this year, we already created our jewellery with 100 percent recycled gold and silver, because gold and silver are precious metals, therefore, they can be infinitely recyclable.

That is achieved in the cut. Romantically, diamonds are called 'pieces of light' because essentially what they do is reflect light in as many facets as possible. Once perfect quality is achieved, the diamond is passed on to what is the cut and that is where the design comes in. Our designers are the ones who decide the cut, how many facets, with what type of metal, etc.

95 percent less environmental impact than a natural diamond

If we directly compare this to a natural diamond, it is not only the social impact, but also the environmental impact. For example, it is the use of catalysts, or any other chemical, for the extraction and purification of these elements. And not to mention the transport issue.

When we talk about lab-grown diamonds, we know that they are made through registered companies, already established and under certain registration and responsibility standards for their employees and for those with whom they work. In these companies, a much smaller footprint is left from an environmental impact point of view. We are talking about 95 percent less environmental impact than a natural diamond. It also ensures traceability from a social point of view, as we know all the certifications of the companies, as well as who works in those companies, and how the workforce is treated.

Mexico is one of the most important markets for Pandora worldwide, and it is the one that is growing the most and has the most potential. In addition, the Mexican jewellery market has been developing and growing in recent years. There has been an acceleration in the consumption of precious metals and gemstones in Mexico, which is why we believe it is a market that will continue to grow and that will also most likely take the lead in the use of new types of jewellery or new stones, such as lab-grown diamonds. We have Pandora diamonds in five markets in the world today, which are the US, Australia, England, Mexico, and Brazil.

We are interested in Mexico not only because of its size and the importance it has for Pandora, but because we learn a lot from how the Mexican consumer uses jewellery. We always like to initially launch in markets like Mexico, which is a very creative, more expressive, and very passionate market. We learn a lot and that also inspires our designers. In many cases, it is the beginning of trends.

All these markets are very large and, although lab-grown diamonds take much less time [to make than mined diamonds], it is still a timely process. It's not that lab-grown diamonds exist in abundance, as it takes time to reach the level of quality and the level of cut. We want to ensure that in the markets where we launch we can continue to supply our consumers. We don't want to launch the line and then have to go back because we ran out of product.

Despite the fact that lab-grown diamonds are a relatively new category, we need to get the level of curiosity in the Mexican consumer to grow. However, in the stores where we have diamonds available in Mexico, sales are exceeding expectations. We are very happy to enter this new market - the market of the future.

According to projections - not only ours, but also from other analysts such as Statista - the lab-grown diamond market is going to grow. This is not only at Pandora, but for many brands. Compared to other businesses we have, it is relatively small, but it will come at a sweeping speed from the moment the public embraces it. And we are happy to be among the first to enter this.

Currently, we have collections like Infinity and Talisman. The iconic collection of Pandora diamonds is Infinity, which has that design that looks like an infinity sign. For this, the stones are generally set in the rings, earrings, necklaces, and bracelets. Talisman is a spectacular, more classic collection. You can find solitaire rings with the stone much more on display. We will also continue to launch collections.