Pandora (PANDA) Shifts from Silver to Platinum Amid Precious Metal Volatility

Pandora (PANDA) is reducing silver in its jewellery line and shifting to platinum to mitigate exposure to volatile precious metal prices. About 60% of its products are currently made of silver, with the company aiming to cut that to roughly 20% as CEO Berta de Pablos-Barbier stated. Silver prices surged to £88/ounce by January 29, 2026, then fell to £58/ounce, while platinum is about twice as costly at £1,700/ounce versus £58/ounce for silver. The strategy follows a 5% price hike in October 2025 that contributed to higher Q4 2025 profits, but the company warned that continued volatility in gold and silver remains a “material headwind” to profit guidance. Pandora expects organic sales to decline slightly at worst or grow by about 2% at best in 2026. The move is intended to diversify away from silver and leverage platinum’s resilience in everyday wear, with the company hedging roughly 70% of its silver exposure.