Updated / Thursday, 5 Feb 2026 10:11
Jewellery brand Pandora is introducing platinum-plated products to distance itself from the volatile silver market after a historic surge in the price of the precious metal over the past year, the company’s new CEO said today.
Pandora’s share price has been highly sensitive to increasingly sharp moves in the silver market, with a plunge in the precious metal’s price at the end of last week driving a surge in the stock.
“We have to decouple the performance of the company and the share value from the commodity,” Berta de Pablos-Barbier told Reuters in an interview. “We are a jewellery brand, we are not a silver trader.”
The Danish company’s shares gained 5% today after the announcement.
Pandora, the world’s biggest jewellery brand by number of products sold, sells silver charm bracelets starting at $80 and has limited room to raise prices as its target customers are cutting back on non-essentials.
It reported fourth-quarter organic revenue growth of 4% last night, in line with analyst estimates, but warned revenue would grow a maximum of 2% this year, and at worst could decline 1%.
Store traffic, consumer sentiment and credit card spending in the US are still not improving, de Pablos-Barbier said, having already warned last month of weak demand in the US, its biggest market, over the Christmas holiday gifting period.
Pandora’s platinum-plated versions of its best-selling charm bracelets will be less costly to produce, but retain the precious metal allure for consumers, de Pablos-Barbier said.
While platinum, at around $2,000 an ounce, is more expensive than silver, Pandora said the new products will be made using a trademarked metal alloy base.
Eventually the brand plans to reduce its reliance on any one commodity and shift its jewellery portfolio from nearly 60% silver to “maybe 20% in the end”, de Pablos-Barbier, in the role since January 1, said.
Pandora plans to shift at least 50% of its relevant silver assortment to platinum-plated in 2027.
Silver has been on a rollercoaster ride over the past week as speculators piled in and rushed out again.
After hitting a record high of $121.64 last week, spot silver shed more than a quarter of its value a day later. It was trading at $74.94 an ounce today.
Pandora, which also sells lab-grown diamond jewellery made at its own factories in Thailand, is facing pressure from US tariffs and lower-income consumers cutting back on spending.
The company said it expects organic revenue to increase by a maximum of 2% this year, and at worst to decline by 1%.
“The macroeconomic outlook for 2026 and the general consumer environment is associated with elevated uncertainty,” the group said in a statement. It expects an operating margin (EBIT margin) of between 21% and 22% for 2026, down from 23.9% in 2025.
The company said the price of silver, its primary raw material, had more than doubled in 2025.
Pandora said the decline in the operating profit margin would be most visible in the first quarter, with a gradual recovery over the rest of the year.
Pandora reported fourth-quarter organic sales growth of 4%, down from 11% a year earlier, but in line with analyst estimates in a company-provided poll.
