Denmark's famous jewelry brand Pandora announced on Tuesday it would no longer make pieces using mined diamonds and will be creating more ethically sourced products. 

The popular brand also announced it will be launching its first collection of jewelry using diamonds created in a lab. The company said these have all the characteristics of naturally formed diamonds, but with the added benefit of being much cheaper. 

"Diamonds are not only forever, but for everyone," said Pandora CEO Alexander Lacik in a statement. The collection will launch first in the UK before going global next year. 

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Diamonds only make up a small part of Pandora's offering, but the choice is part of growing concern among consumers and jewellers alike about human rights and the environmental impacts of products. 

Lacik told CGTN Europe: "When we develop this concept, we are trying to stay true to some of the core values of our brand, one of which is affordability. So our audience is one which is concerned with that. The value equation is right." 

He also said that mined diamonds were barely used in Pandora products, partly because of their high cost.

"Blood diamonds" is a term coined to highlight the negative consequences of the diamond trade. Lab-diamonds in large part stay clear of this criticism but the manufacturing process, which requires high temperatures, is energy-intensive. 

However, Pandora said its collection of lab-grown diamonds has been produced with an average of 60 percent renewable energy, a figure expected to reach 100 percent next year.

So does gifting that special someone a lab-grown diamond take some of the romance away? According to Lacik, the answer is no and he believes the gems maintain their allure. 

"Technological advancements happen in many fields in this world. This is just another one."

"The approach we're taking, and maybe it's a bit of a departure from where our company has been to a degree in the past, was to focus maybe a little bit less on the product communication and rather more on the idea and the concept behind the products," he added.

"We believe that the allure is still going to be there because we're focusing very much on the story here."

Founded in 1982 in Copenhagen, Pandora has grown into a multinational company with more than 27,000 employees, about half of them in Thailand, where production is based. 

The company sells around 250,000 pieces of jewelry each day. Pandora is best known for its customizable charm bracelets, designer rings, necklaces and watches, all with an affordable price tag.

Diamonds are the biggest category in jewelry but despite dominating the market in other areas, Pandora has all but no presence in this area. The move into lab-created diamonds will open doors for the company to find a unique selling point, giving a global push to the concept of ethically sourced necklaces and earrings.