Pandora Shifts to Platinum-Plated Jewelry to Hedge Silver Costs

Pandora is proceeding with plans to replace a portion of its sterling-silver jewelry with platinum-plated alternatives. The strategy aims to reduce the company's exposure to volatile precious-metal prices and maintain high profit margins, even as silver prices have dropped from a January peak of over $120 an ounce to just under $65 an ounce.

CEO Berta de Pablos-Barbier confirmed the shift is intended to make the company more flexible by diversifying its portfolio of materials. This operational change coincides with strong financial performance, as the jeweler reported second-quarter profits that exceeded expectations, supported by a one-off tariff refund in the United States.

Looking forward, the company has hedged 90-100% of its silver requirements for 2027 at approximately $65 per ounce. Pandora has raised its full-year 2026 organic growth guidance to between 0% and 3% and increased its full-year profit margin guidance to a range of 22% to 23%.