Pandora Replaces Silver with Platinum-Plated Jewellery, Raises 2026 Organic Growth Guidance to 0%-3%

Pandora continues to advance its plan to replace some pure silver products with platinum-plated jewellery, even as silver prices have retreated from historical highs. Chief Executive Betà de Pablos-Barbier said Thursday the initiative aims to broaden the company’s materials mix and permanently reduce its dependence on precious metal price fluctuations. Silver reached a multi-year peak above $120 per ounce in January, then fell steadily; when Pandora first announced this shift in February, spot silver was around $80 per ounce. It has now dropped to approximately $65 per ounce.

Financially, the company reported second-quarter operating profit of 1.46 billion Danish kroner (about $226 million), corresponding to a margin of 20.3%. Pandora has hedged 90% to 100% of its silver price exposure for 2027, at an average price of roughly $65 per ounce. Organic growth in the quarter was 3%, with comparable-store sales rising 1%. Following the results, the company’s shares rose 4% in early trading on the Copenhagen stock exchange. The stock has rebounded 55% over the past three months, after a weak performance in 2025.