Jeweller Pandora has announced that it will transition from using silver in some of its collections to platinum plating, prompted by a significant increase in silver prices which have more than doubled over the past year. The move comes as other precious metal prices continue to surge.
Pandora's chief executive indicated that while the intention is not to switch all jewellery to platinum plating, the firm's offerings of silver will be minimized to around 25% as they aim to mitigate exposure to the volatile metal market. Currently, a large part of Pandora's jewellery is crafted from silver.
Although platinum is typically more expensive than silver, Pandora plans to create a metal alloy to reduce costs associated with its use. Over time, parts of the existing silver lines will be converted to platinum plating with a proprietary alloy known as Evershine, which is already used for gold-plated items.
The company is set to launch the new platinum-plated range in 2026, transitioning production to its facilities in Thailand and Vietnam in the following years. This strategic choice is designed to decrease reliance on silver and address market volatility.
Pandora aims to complete the pivot to platinum by 2028, reinforcing its status as a high-end jewellery brand while responding to customer preferences for materials with enhanced durability.
The price of silver has experienced fluctuations hitting record highs in January before retreating; however, it remains elevated compared to last year. This volatility has had a temporary effect on the firm's earnings, impacting profits as they navigate materials' costs in an increasingly uncertain economic climate.
Pandora's chief executive indicated that while the intention is not to switch all jewellery to platinum plating, the firm's offerings of silver will be minimized to around 25% as they aim to mitigate exposure to the volatile metal market. Currently, a large part of Pandora's jewellery is crafted from silver.
Although platinum is typically more expensive than silver, Pandora plans to create a metal alloy to reduce costs associated with its use. Over time, parts of the existing silver lines will be converted to platinum plating with a proprietary alloy known as Evershine, which is already used for gold-plated items.
The company is set to launch the new platinum-plated range in 2026, transitioning production to its facilities in Thailand and Vietnam in the following years. This strategic choice is designed to decrease reliance on silver and address market volatility.
Pandora aims to complete the pivot to platinum by 2028, reinforcing its status as a high-end jewellery brand while responding to customer preferences for materials with enhanced durability.
The price of silver has experienced fluctuations hitting record highs in January before retreating; however, it remains elevated compared to last year. This volatility has had a temporary effect on the firm's earnings, impacting profits as they navigate materials' costs in an increasingly uncertain economic climate.
