Pandora Pivots to Platinum Amidst Soaring Silver Costs

Pandora, the renowned Danish jewelry manufacturer, announced on February 4, 2026, its strategic shift to selling platinum-plated versions of its popular bracelets. This innovative approach is designed to address the economic challenges posed by a substantial increase in silver prices, which have more than doubled in 2025, impacting production costs.

CEO Berta de Pablos-Barbier stated that this move allows the company to adapt to "new realities of raw material costs" while providing consumers with accessible precious metal jewelry suitable for daily use. Pandora, which also offers lab-grown diamond pieces, is additionally contending with U.S. tariffs and reduced consumer spending.

The company projects a modest organic revenue increase of up to 2% for 2026, with a potential decline of 1%. Pandora anticipates its operating margin (EBIT margin) will be between 21% and 22% in 2026, a decrease from the 23.9% recorded in 2025. The most pronounced impact on profitability is expected in the first quarter, with a gradual recovery anticipated throughout the remainder of the year.

Initially, Pandora will outsource the production of its platinum-plated items to a third party, with plans to gradually integrate this manufacturing into its facilities in Thailand and Vietnam. The platinum plating will be applied to an "Evershine" metal-alloy base, a material already in use for the company's gold-plated products.