Pandora to launch platinum-plated jewelry as silver prices soar

Danish jewellery maker Pandora will start selling platinum-plated versions of its best-selling bracelets, the company said on Wednesday, as it tries to limit the impact of a historic surge in silver prices that has driven up costs.

“With this innovation, we can navigate the new realities of raw material costs while offering consumers precious metal jewellery that is exceptionally well-suited for everyday wear,” said Pandora CEO Berta de Pablos-Barbier, who started in the job in January.

Pandora, which sells silver charm bracelets starting at $70, as well as lab-grown diamond jewellery made at its own factories in Thailand, is also 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.

Pandora said it would initially use a third party for its platinum-plated products before increasingly using its factories in Thailand and Vietnam.

The platinum plating would coat a metal-alloy “Evershine” base that Pandora already uses for its gold-plated products. A spokesperson declined to say what metals Evershine, a trademarked material, contains.

(By Anna Peverieri, Louise Rasmussen and Helen Reid; Editing by Chris Reese, Alan Barona and Matthew Lewis)