Pandora plans to launch platinum-plated jewellery as silver prices soar

Pandora, which sells silver charm bracelets starting at $70, as well as lab-grown diamond jewellery made at its own factories in Thailand, is also facing pressure from U.S. tariffs and lower-income consumers cutting back on spending. The company said it expects organic revenue to increase by a maximum of 2% this year, and at worst to decline by 1%. The price of silver, its primary raw material, had more than doubled in 2025.

Pandora said the decline in the operating profit margin would be most visible in the first quarter, with a gradual recovery over the rest of the year. Pandora reported fourth-quarter organic sales growth of 4%, down from 11% a year earlier, but in line with analyst estimates in a company-provided poll. Pandora will use a third party for its platinum-plated products before increasingly using its factories in Thailand and Vietnam. The platinum plating would coat a metal-alloy “Evershine” base that Pandora already uses for its gold-plated products.