Jewellery manufacturer Pandora has announced plans to transition from silver to platinum-plating across significant portions of its product range, responding to unprecedented volatility in precious metal markets. The Danish retailer, renowned globally for its charm bracelets, aims to reduce silver content to approximately 20 per cent of its merchandise by 2028.
Silver prices have experienced remarkable turbulence over the past twelve months, more than doubling in value before reaching record highs exceeding $100 per ounce in January. Whilst prices have subsequently retreated to approximately $75 per ounce, they remain substantially elevated compared to the previous year. This volatility has created what Pandora describes as a “temporary impact on earnings”.
Chief Executive Berta de Pablos-Barbier confirmed that silver currently accounts for roughly 60 per cent of the company’s product portfolio. The strategic pivot towards platinum-plating represents a deliberate effort to reduce exposure to a single commodity market characterised by increasing instability. In remarks to CNBC, de Pablos-Barbier emphasised the necessity of decoupling the company’s performance from silver trading volatility.
The technical approach involves plating platinum over an alloy base, a manufacturing method that proves more cost-effective than solid platinum construction despite platinum’s higher per-ounce pricing relative to silver. Pandora has stated that retail pricing will remain consistent across both silver and platinum-plated products, with consumers experiencing no price differential.
Jewellery historian Vivienne Becker characterised the move as astute marketing, noting that platinum carries associations with prestige and exclusivity that may appeal to upmarket consumers. Becker observed a broader market shift towards white metals as gold prices have climbed, positioning Pandora’s announcement within wider consumer trends.
The company itself has referenced consumer research indicating that platinum ranks as the second most precious white metal in public perception, trailing only solid white gold. Initial rollout will target 30 stores and online channels across northern Europe, featuring platinum-plated versions of best-selling bracelet designs. Global expansion is scheduled for the latter half of 2026.
Production arrangements will initially utilise third-party plating services before operations transfer to Pandora’s manufacturing facilities in Thailand and Vietnam. The complete transition to platinum-plating is targeted for completion by 2028.
The surge in precious metal valuations reflects broader market dynamics, with investors gravitating towards traditional safe-haven assets amid geopolitical uncertainty and economic instability. Danni Hewson, head of financial analysis at AJ Bell, noted that silver’s industrial applications in electronics manufacturing, medical equipment, solar panels and batteries create demand patterns that fluctuate according to global economic growth rates.
This dual nature of silver as both a precious metal and industrial commodity contributes to its price volatility, distinguishing it from purely investment-focused assets. For Pandora, a manufacturer dependent on commodity inputs for mass-market jewellery production, such volatility presents material operational and financial challenges that the platinum-plating strategy seeks to address.
