Pandora (PANDA) To Introduce Platinum-Plated Jewelry Amid Silver Surge

Pandora (PANDA) announced on February 5, 2026, it will introduce platinum-plated jewelry this year to diversify precious metal exposure and reduce reliance on silver, whose prices have surged over the past year. Silver, straddling a line between precious and industrial, has faced extreme volatility. Spot silver was down about 13% to $77.50/oz, and gold fell 2% to about $4,880/oz amid a weeklong sell-off. Silver is up roughly 140% and gold about 70% year-to-date. For Pandora, silver accounts for nearly one-third of its COGS, its largest production cost. While hedging is expected to protect at least 90% of purchases, commodity price swings could shave up to 2.5 percentage points from its profit margin. Platinum, the new focus, is also sharply higher at about $2,070/oz.