Jeweller Pandora has announced a significant shift in its production materials, opting to switch to platinum from silver for some of its ranges as a response to the dramatic increase in silver prices. The price of silver has more than doubled in the past year, prompting Pandora to reduce its reliance on this metal.

The company's chief executive noted that while not all jewelry will be platinum-plated, silver will be limited to around 25% of their offerings moving forward to lessen exposure to metal market fluctuations. Currently, the majority of Pandora's jewelry is made from silver.

Pandora plans to complete this transition to platinum by 2028, highlighting that platinum offers improved durability for everyday wear compared to silver. Their internal consumer testing has shown a high acceptance rate for this shift towards platinum. Chief executive Berta de Pablos-Barbier expressed frustration that Pandora was perceived primarily as a silver trading company, stating a desire to broaden the brand’s material portfolio beyond just one precious metal.

The recent surge in silver prices not only poses a challenge but has also impacted Pandora's earnings, eroding profits despite a temporary drop in silver prices this January. As a leading global jewelry retailer, this strategic pivot aims to align the brand with consumer preferences while addressing economic realities in the precious metals market.