Pandora said the price of silver and gold has 'skyrocketed,' and it's betting on another precious metal

"Pandora, which is known for its iconic silver bracelets, is betting on a different precious metal in 2026 - platinum. The Danish jewelry brand will introduce platinum-plated versions of some of its best-selling bracelets this year to reduce its exposure to price-volatile silver, it said in a Wednesday press release. The platinum-plated range will extend to its charm selection in the second half of the year, it added."

"The company said in the press release that this decision was made after "the price of silver and gold has skyrocketed over the past year." "By introducing platinum-plated products, Pandora will reduce its reliance on sterling silver while continuing to offer consumers high‑quality, desirable jewellery at accessible price points," the press release said. Pandora, which was founded in Copenhagen in 1982, now has about 2,400 stores in more than 100 countries, according to its website."

"Pandora's move "showcases a business undergoing a significant recalibration of its product offer, customer proposition, and supply chain," Jefferies analysts wrote on Wednesday. The shift also underscores how jewelry makers are being forced to rethink materials and pricing as precious-metal markets turn increasingly volatile, after a year of historic gains. Pandora is not the only luxury jewelry brand moving away from silver."

Pandora will introduce platinum-plated bracelets in 2026 and expand the range to charms later in the year. The move aims to reduce exposure to price-volatile sterling silver as silver and gold prices rose sharply. The company plans to keep products at accessible price points while shifting materials. Pandora operates roughly 2,400 stores across more than 100 countries and has seen its stock fall about 63% over the past year. Analysts say the change reflects a recalibration of product offerings, customer proposition, and supply chain. Other luxury brands, including Tiffany & Co. under LVMH direction, are also reducing reliance on silver.

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