Pandora, the world’s largest jewelry retailer, is moving forward with its transition to platinum-plated products despite recent declines in silver prices. The Danish company’s leadership confirmed the strategic shift during a Thursday interview, emphasizing that the initiative aims to create more flexibility in material options for consumers while reducing exposure to precious metal price volatility.
Silver prices have fallen significantly from their January peak of over $120 per ounce, currently trading near $65. However, company executives remain committed to the platinum-plating strategy initially announced in February when silver was around $80 per ounce. CEO Berta de Pablos-Barbier stated that diversifying materials would help maintain healthy profit margins across the company’s product range.
The jewelry maker’s financial performance exceeded expectations in the second quarter, supported partly by a one-time U.S. tariff refund. Operating profit reached 1.46 billion Danish crowns with a 20.3% margin. Pandora has secured hedges covering 90-100% of its 2027 silver needs at approximately $65 per ounce, providing stability for future planning.
Following a challenging 2025, Pandora’s stock has rebounded 55% over the past three months. The company raised its 2026 guidance to project organic growth between zero and 3%, while targeting a profit margin of 22-23% for the full year, both increases from previous forecasts.
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