Jeweller Pandora has said it will switch to platinum from silver in some of its ranges in response to the dramatic increase in silver prices. Silver has seen its price more than double over the past year, with other precious metal prices also surging. Pandora's chief executive stated that while they don’t aim to make all jewelry platinum-plated, the company will reduce silver to around 25% of its offerings to mitigate their exposure given the recent price volatility. The Danish firm currently manufactures the majority of its jewelry from silver. In their financial results, Pandora indicated that they plan to complete this shift to platinum by 2028. They believe platinum will deliver better performance for everyday wear than silver, and consumer tests revealed high acceptance of this more durable metal. Chief executive Berta de Pablos-Barbier voiced frustration at the company's perception as a silver trading company and aims for Pandora to move away from being so closely linked to one material. Despite the recent record highs and subsequent decline of silver prices, the firm noted that the surging price has had a temporary impact on earnings.
Pandora to Transition from Silver to Platinum Amid Price Surge
Pandora to Transition from Silver to Platinum Amid Price Surge
In response to skyrocketing silver prices, Pandora is shifting its jewelry line to feature more platinum instead of silver, aiming to reduce the price impact and enhance product durability.
Pandora, one of the world's leading jewelry brands, announced a strategic shift from silver to platinum in some of its collections due to the dramatic increase in silver prices, which have more than doubled in the past year. The company's CEO expressed the intent to keep silver offerings to about 25%, while emphasizing platinum's superior durability and consumer acceptance. This transition, expected to complete by 2028, is part of Pandora's broader strategy to diversify away from its heavy reliance on silver and improve its market stability.
