Pandora reported third quarter revenue of DKK 6.694 billion, approximately $1.01 billion, up 7% year over year at actual exchange rates, according to Pandora’s Q3 2026 results announcement. Organic growth was 6%, while like-for-like sales increased 4%.
A weaker quarter for lab-grown
The stronger headline result came alongside a weaker performance in Pandora’s lab-grown diamond jewelry category. Sales in that category fell 14% like-for-like in Q3 and 17% during the first nine months of the year. Pandora said the category represents approximately 1% of total sales.
Design, marketing and a wider assortment
Pandora is emphasizing more design-led collections, new marketing platforms and a broader jewelry assortment beyond its traditional association with charms, as National Jeweler reported in its Q3 coverage.
A platinum-plated jewelry pilot that began in the Netherlands is expanding to the United States, United Kingdom and Australia. Pandora described the pilot as encouraging. Reuters reported that Pandora nudged up its 2026 outlook, helped by demand for new products.
What the numbers do not explain
The results do not establish why lab-grown diamond sales declined. Pandora’s figures show the direction of the category, not the reason behind it.
The open market question is whether Pandora can make lab-grown diamond jewelry feel meaningfully valuable while maintaining the accessible positioning that built its business.
