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 2,800 stores in more than 100 countries, according to its website. Its stock price is down about 63% in the past year.
A representative for Pandora told Business Insider that its platinum-plated bracelets will be priced similarly to its silver counterparts.
Pandora’s pivot
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. LVMH executives said in a January earnings call that it is directing Tiffany & Co. to reduce its reliance on silver and move toward gold and fine jewelry.
Silver has been on a blistering rally, with prices surging as much as 70% in January following a roughly 170% jump last year, driven by a combination of tight supply, heavy investment demand, strong industrial use, and speculation.
Spot prices hit a record high above $121 troy ounce last week before crashing as much as 36% on Friday in the white metal’s worst single-day drop since 1980.
Prices have since clawed back some losses, but analysts continue to warn that volatility is likely to remain elevated.
Spot silver was trading around $77 per troy ounce at 9:49 p.m. ET on Wednesday, still up about 25% year to date. Spot gold, meanwhile, is around $4,862 per ounce.
Platinum prices have also climbed sharply alongside silver and gold. The metal rose about 165% last year and is up roughly 8.4% so far this year, reinforcing the cost pressures that jewelry makers face.
February 6, 5:15 a.m. ET — This story was updated with comments from a Pandora spokesperson.
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