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Pandora will ditch mined diamonds

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They say diamonds are forever, but not for Pandora.

The world’s biggest jeweller Pandora will no longer sell mined diamonds, citing increasing demand for ethical and sustainable products.

Increasing demand for sustainable and ethically sourced diamonds

Pandora will switch to laboratory-made diamonds amid growing environmental and ethical concerns.

“It’s the right thing to do,” Pandora’s chief executive Alexander Lacik told the BBC.

“We want to become a low-carbon business… I’m leaving this earth one day, I hope I can leave it in a better shape.”

Pandora chief executive Alexander Lacik

Pandora also committed to pull back from using newly mined gold and silver by 2025. This is also the same year they expect to achieve carbon neutrality and switch to recycled metals.

The company recently updated their responsible sourcing policy, which includes their commitment to have a zero tolerance policy on:

  • Forced labour including child labour
  • Using falsified records to dodge audits
  • Corruption and bribery
  • Environmental threats
  • Threats to worker’s health
pandora lab grown diamonds
Pandora will also transition to recycled metals by 2025.

Man-made diamonds take a fraction of the cost and time to produce, says Pandora

Pandora says its lab-created diamonds have the same chemical and physical characteristics as mined diamonds.

The lab-grown diamonds will still be graded by cut, color, clarity and carat.

The diamonds only take weeks to produce, as opposed to natural diamonds which take centuries.

Stephen Morisseau is a spokesman for the Gemological Institute of America, a nonprofit that developed the international diamond-grading system.

“Natural and laboratory-grown diamonds are both diamonds. While they are not identical, they have essentially the same physical, optical chemical properties.”

Stephen Morisseau, Gemological Institute of America

Pandora’s plans for global growth

This follows Pandora’s push for global growth and an increasing desire to cater to young buyers.

Young buyers are more likely to factor in environmental and human rights concerns when choosing products, including diamonds.

Pandora says they also plan to branch out into watches and bags. They’ve reported a strong first-quarter operating profit, thanks to online sales.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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Money

How will Disney’s AI strategy boost shares?

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Activist investor Blackwells has called upon Disney to implement a robust artificial intelligence strategy aimed at bolstering the company’s shares.

“Disney must produce an artificial intelligence strategy, and share elements of that strategy with its shareholders.”, said Blackwells in a recent presentation.

New groove

Blackwells, known for pushing corporations to adopt innovative approaches, contends that a well-crafted AI strategy could drive shareholder value and position Disney for sustained success in the entertainment landscape.

The activist investor emphasises that harnessing the power of AI could optimise content creation, enhance customer experiences, and streamline operational efficiency within Disney.

Disney’s response

The company opposed the suggestion to replace board members with activists’ nominees, emphasising the potential disruption to ongoing progress.

Additionally, Disney disagreed with Blackwells’ proposal to spin off land and hotels into a real estate investment trust, arguing it reflected a misunderstanding of the synergies within its businesses.

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Money

Boeing woes will lead to higher airfares: Ryanair

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Ryanair, one of Europe’s leading low-cost airlines, is grappling with the possibility of scaling back its summer flight schedule due to ongoing delays in the delivery of Boeing aircraft.

The airline had initially anticipated a boost in its fleet with the arrival of new Boeing planes, enabling an expansion of routes and increased passenger capacity.

However, prolonged delays in the manufacturing and delivery process have cast a shadow over these plans.

Growing pains

The airline industry, already navigating challenges posed by the global pandemic, now confronts the additional hurdle of supply chain disruptions impacting major aircraft manufacturers.

Ryanair’s dependence on Boeing for its fleet expansion has made it particularly vulnerable to these delays.

As the summer travel season approaches, the airline faces the tough decision of either operating with a reduced fleet or adjusting its schedule, potentially impacting travel plans for passengers.

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Money

Gender pay gap – Calls grow for accountability

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The unveiling of gender pay gaps within large Australian organisations marks a significant milestone for gender equality, but experts emphasise the urgent need for greater accountability and action from employers, asserts a University of South Australia researcher.

Professor Carol Kulik, an authority in workplace diversity, underscores the importance of the Workplace Gender Equality Agency’s release of gender pay gap data for large Australian employers as a pivotal step forward.

However, she stresses that the true impact of this revelation will hinge on the proactive measures taken by organizations to address and narrow the existing disparity.

The WGEA’s disclosure will shed light on gender pay gaps among private sector employers with 100 or more employees for the first time.

This move comes amid ongoing efforts to promote and enhance workplace gender equality.

Pay gap

According to the WGEA’s 2023 report, the average gender pay gap in Australia stands at 21.7%, translating to women earning an average of $26,393 less per year than their male counterparts.

Professor Kulik, a member of the SA Gender Pay Gap Taskforce, underscores the importance of further actions to ensure that organizations are held accountable for addressing pay gaps.

“We now must be asking employers important questions,” Professor Kulik asserts.

“In what roles and levels of employment are pay gaps most prevalent? How are employers supporting employees’ caring responsibilities? What measures are being implemented to facilitate women’s advancement into higher-paying roles? How soon can employers commit to closing their pay gaps?”

Tend to escalate

Highlighting the trajectory of pay gaps over time, Professor Kulik notes that initial disparities between men and women at the outset of their careers tend to escalate as pay rises are often calculated as a percentage of an employee’s current salary.

Career breaks and caregiving responsibilities further exacerbate these discrepancies, resulting in women retiring with significantly lower superannuation than men.

Drawing parallels from regulatory interventions in other countries, Professor Kulik underscores the unintended consequences that may arise.

For instance, while legislative mandates in Denmark narrowed the gender pay gap, they also prompted employers to compress salary distributions, impacting both male and female employees.

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