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Pandora wants to dazzle consumers beyond the bracelets and charms it’s best known for as it expands into more affordable lab-created wares, its president of North America, Luciano Rodembusch, tells Axios.

Why it matters: The company is hoping to capitalize on a post-COVID rebound in the personal luxury and diamond jewelry markets, driven by wedding demand and affluent consumers, by broadening its offerings.  

What’s happening: The Copenhagen, Denmark company is launching a lab-made diamond jewelry line in the U.S. and Canada, aimed at bringing the gem to the masses.

Lab-created diamonds are identical to their mined counterparts when it comes to their optical, chemical, thermal and physical properties, the company says, but are produced with 100% renewable energy and a reduced carbon footprint.

The collection also uses completely recycled silver and gold.

State of play: The move underscores the strategy set by Pandora CEO Alexander Lacik, who joined the company in April 2019.

To grow in core markets of the U.S. and China, as well as bring in new clients, the company needed to expand its assortment, Rodembusch says.

The global diamond jewelry market is estimated to be $84 billion, according to Bain & Co.

Pandora offers a full set of jewelry, in gold, in silver, beyond charms outside of the wrist.

Last year, one-third of sales were from new clients, Rodembusch says.

What they’re saying: “We believe that this will make diamonds at the moment, more affordable, more desirable because more people will have access to it,” Rodembusch says. 

“Affordability and collectability is at the core of what we do.”

Context: Many major jewelry retailers have expanded their assortments to speak to consumers’ calls for more sustainable jewelry and stones.

Retailers like Tiffany & Co, as well as recent merger partners Signet and Blue Nile, have released lines made of recycled or reclaimed gold and repurposed diamonds. 

What’s next: Pandora could expand its portfolio into new areas as well,  Rodembusch says — though he declined to give specifics.

“If you look at the breadth of our portfolio — rings, necklaces, different shapes and forms — it’s natural that we're going to put that more into some of those collections," he says. 

Pandora could set its eyes on the fashion market in the future as well, he adds. 

The company will also continue expanding its collaborations after seeing successes with Disney and its Marvel and Winnie the Pooh anniversary lines.

Yes, and: The company launched Pandora ME last year, which was a collection focused on the Gen Z consumer.

The product line is more colorful, customizable and “a little bit more edgy,” he says.

Meanwhile, Pandora is testing a new omnichannel approach to its stores where the customer can buy products online, get them at home or pick items up in the store. 

The stores will enable customers to interact more with the products inside.

He said the company has rolled out the model in three stores — two in the New York area and one in Christiana Mall in Delaware.

Pandora expands into the lab

Pandora hopes to tap into a post-COVID rebound in the personal jewelry market.

Photo illustration of Luciano Rodembusch with diamonds and abstract shapes.

Photo illustration: Gabriella Turrisi/Axios. Photo: Pandora

Retail

Pandora wants to dazzle consumers beyond the bracelets and charms it’s best known for as it expands into more affordable lab-created wares, its president of North America, Luciano Rodembusch, tells Axios.Why it matters: The company is hoping to capitalize on a post-COVID rebound in the personal luxury and diamond jewelry markets, driven by wedding demand and affluent consumers, by broadening its offerings.

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Pandora expands into the lab

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