Pandora is pressing ahead with plans to shift some sterling-silver jewelry to platinum-plated alternatives, even after silver prices retreated from their peaks, CEO Berta de Pablos-Barbier told CNBC on Thursday.
Speaking on CNBC’s “Squawk Box Europe,” de Pablos-Barbier framed the strategy as part of a long-term effort to make the Danish jeweler more resilient to swings in precious-metal prices. “We are diversifying our portfolio of materials, and this is about making a Pandora that is going to be more flexible and offering diverse materials for our consumer,” she said.
The comments come as silver has fallen sharply from the multi-year high of more than $120 an ounce it hit in January. Spot silver was trading at just under $65 an ounce on Thursday — a level that actually aligns with the company’s hedging strategy, which covers 90% to 100% of 2027 silver at around $65.
Pandora first announced its move to platinum-plated jewelry in February, when silver was trading near $80 an ounce. At the time, de Pablos-Barbier said the shift would help protect profit margins.
The company’s stock has staged a strong recovery, rebounding 55% over the past three months following a weak 2025. Citi analysts attributed that comeback largely to the recent decline in silver prices.
On Thursday, shares were up 4% in morning trading in Copenhagen after Pandora posted better-than-expected second-quarter profit, helped by a one-off U.S. tariff refund.
Guidance raised
Pandora also lifted its full-year 2026 outlook. The company now expects organic growth of between 0% and 3%, up from its previous range of between negative 1% and 2%.
For the full year, Pandora guided to a profit margin of between 22% and 23%, an improvement from the earlier forecast of between 21% and 22%.
In the second quarter, operating profit came in at 1.46 billion Danish crowns ($226 million), corresponding to a margin of 20.3%. Organic growth in the quarter was 3%, while like-for-like growth — which excludes contributions from newly opened or closed stores — rose 1%.
Jefferies analysts said the results “met an already-elevated buyside bar,” with the like-for-like beat and guidance hike broadly in line with investor expectations.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/13/pandora-platinum-plated-jewelry-silver-prices.html
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