Money
Pandora will ditch mined diamonds
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
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.
Money
Chalmers optimistic about economy despite negative assessments
Chalmers sees hope in Australia’s economy despite grim national accounts, citing rising wages and tax cuts as positive indicators.
Treasurer Jim Chalmers responded to EY chief economist Cherelle Murphy’s negative view of Australia’s economy, which she described as a “sad economy without much hope.”
Chalmers expressed disagreement with this bleak assessment during an interview on ABC Radio.
He acknowledged the pressure many Australians are facing but noted some positive aspects in the recently released national accounts figures.
Chalmers highlighted that wages are rising, inflation is decreasing, and tax cuts are positively impacting the economy.
He mentioned that these factors contributed to a slight improvement in living standards.
Public spending
However, data from the Australian Bureau of Statistics indicated that without public spending and immigration, Australia would be in recession.
The economy grew by only 0.3 percent in the September quarter, which was below expectations.
Annual growth decreased to 0.8 percent, representing the worst performance outside the COVID-19 pandemic recession since 1990-91.
In per capita terms, the economy contracted by 0.3 percent for the seventh consecutive quarter.
This decline has resulted in a 2.2 percent drop in net national income per person over the past year, equating to a loss of $1,660.
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