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Pandora reduces silver use in jewellery due to price surge
Danish jeweller Pandora will replace silver with platinum-plating in parts of its collection after silver prices more than doubled over the past year, the company announced on Friday.
Why the switch to platinum?
Silver prices have reached record highs, peaking above $100 per ounce in January before settling near $75-still far above last year's levels. The volatility has prompted Pandora to reduce its reliance on the metal, which currently accounts for about 60% of its production.
Pandora CEO Berta de Pablos-Barbier said the move aims to lower exposure to silver's price swings rather than eliminate it entirely. By 2028, silver is expected to make up just 20% of the company's products.
How platinum-plating works
While platinum is more expensive per ounce than silver, Pandora will use a thin platinum layer over an alloy base, keeping production costs in check. The company assured customers that the final price of platinum-plated pieces would remain comparable to silver versions.
"Platinum carries an elite image, so consumers will still perceive it as precious," said jewellery historian Vivienne Becker. She noted the shift aligns with growing demand for white metals amid high gold prices.
Vivienne Becker, Jewellery Historian
Rollout plans and consumer appeal
Pandora will launch a "curated selection" of its best-selling platinum-plated bracelets in 30 stores and online across northern Europe in early 2026, with a global expansion planned for later that year. Initially, plating will be outsourced, but the company aims to transition production to its facilities in Thailand and Vietnam by 2028.
The company cited consumer insights showing platinum is viewed as the second-most precious white metal after solid white gold, making it an attractive alternative.
Market factors behind silver's rally
Precious metals like silver and gold have surged as investors seek safe-haven assets amid geopolitical tensions and economic uncertainty. Silver's industrial uses-including electronics, solar panels, and medical equipment-also tie its demand to global economic health, according to Danni Hewson, head of financial analysis at AJ Bell.
Pandora acknowledged that silver's price volatility had a "temporary impact on earnings" but framed the shift to platinum as a strategic move to stabilize costs.
