Jeweller Pandora has announced its decision to switch to platinum from silver in select ranges in response to the dramatic rise in silver prices, which have more than doubled in the past year.
The chief executive explained that the goal is not to convert all jewelry to platinum but to reduce silver's footprint to approximately 25% of their offerings, thus minimizing exposure to the price volatility of silver.
Currently, most of Pandora’s jewelry is crafted from silver. The Danish firm aims to finish this transition by 2028. Executives believe that platinum will offer better everyday-wear performance compared to silver and noted that consumer testing has revealed a strong acceptance of the material.
Berta de Pablos-Barbier commented on the frustrating perception of Pandora as merely a silver trading company, emphasizing the desire to diversify away from a single commodity. Silver prices peaked in January before a recent downturn but remain significantly higher than a year ago, impacting the company’s profits in the interim.
The chief executive explained that the goal is not to convert all jewelry to platinum but to reduce silver's footprint to approximately 25% of their offerings, thus minimizing exposure to the price volatility of silver.
Currently, most of Pandora’s jewelry is crafted from silver. The Danish firm aims to finish this transition by 2028. Executives believe that platinum will offer better everyday-wear performance compared to silver and noted that consumer testing has revealed a strong acceptance of the material.
Berta de Pablos-Barbier commented on the frustrating perception of Pandora as merely a silver trading company, emphasizing the desire to diversify away from a single commodity. Silver prices peaked in January before a recent downturn but remain significantly higher than a year ago, impacting the company’s profits in the interim.
