Modest Growth, and a Lab Grown Dip, for Pandora

(IDEX Online) - Pandora delivered a modest second quarter, with overall like-for-like sales up 1%, while sales of its lab-grown diamonds fell 20%.

Overall revenue rose 2% year over year at reported exchange rates to DKK 7.22 billion, or approximately US$1.10 billion, and increased 3% on an organic basis, the Danish company said in its second-quarter 2026 interim results, published August 12.

Pandora said growth was supported by new designs, network expansion and strong performances in Latin America and Asia-Pacific. Profitability was also boosted by a one-time US tariff refund.

Pandora, which publicly stopped using mined diamonds in 2021, reported a steep decline in lab-grown diamond sales.

The company acknowledged that customers had shown less interest in higher-carat, higher-priced lab-grown pieces ($1,000 to $1,500).

It said it would shift its focus toward more accessible lab-grown jewelry ($250 to $500). Diamonds represent no more than 1% of Pandora's earnings.

The company reported operating profit of DKK 1.46 billion ($225 million), compared with DKK 1.29 billion a year earlier.

It said the underlying EBIT margin - without the one-off US tariff refund - was broadly flat year over year despite continued pressure from commodities, foreign exchange and tariffs.

Management nevertheless presented the quarter as evidence that its broader growth strategy was beginning to gain traction.

Berta de Pablos-Barbier, Pandora's president and CEO, said: "We are making progress in re-energizing Pandora's growth engine. Q2 delivered 1% LFL growth, with encouraging early signs from the actions we are taking.

"There is more work ahead, but we are moving in the right direction and raising our 2026 guidance for both growth and profitability."

Net profit rose to DKK 875 million ($135 million), from DKK 803 million.

Pandora raised its 2026 guidance for organic growth to 0% to 3%, from its previous range of negative 1% to 2%. 

Pic shows Pandora lab grown jewelry.