Is Pandora a luxury jewelry?

Is Pandora indeed classified as a luxury jewelry brand? On one hand, they offer beautifully crafted pieces that incorporate various gemstones and metals, and their designs often have a high level of detail and craftsmanship. However, the prices of Pandora jewelry are often significantly lower than those of established luxury brands, such as Cartier or Tiffany & Co. So, is the term "luxury" merely subjective, or are there objective criteria that Pandora must meet to be considered as such? I'm curious to hear your thoughts on this topic.