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Soaring silver prices have forced the world’s biggest jewellery retailer to rethink how it designs and prices its products. Pandora, the Denmark-based global jewellery giant known for its charm bracelets and silver collections, has announced a major shift in its manufacturing strategy. To manage rising costs and protect its margins, the company plans to significantly reduce the use of silver in its jewellery and introduce platinum-plated designs made with alternative metal bases.

Over the past year, silver prices have surged sharply, more than doubling in some markets. This dramatic rise has increased production costs for jewellery brands that rely heavily on silver. At the same time, gold prices have also remained elevated, leaving limited room for traditional precious metals to absorb cost pressures. In response, Pandora is exploring innovative material solutions to keep its jewellery affordable while maintaining its premium brand image.

Pandora’s Chief Executive Officer, Berta de Pablos-Barbier, explained in a recent interview that the company does not plan to replace silver entirely. However, due to extreme price volatility, Pandora aims to reduce silver’s share in its total product portfolio by up to 20 percent. Currently, nearly 60 percent of Pandora’s business depends on silver jewellery, making the company highly vulnerable to fluctuations in silver prices.

With small price movements having a direct impact on costs and profitability, reducing dependence on silver has become a strategic necessity rather than a choice.

While platinum is far more expensive than silver—nearly 28 times costlier per ounce—Pandora is not switching to solid platinum jewellery. Instead, the company will use platinum plating over durable metal alloys such as copper or steel. This approach allows Pandora to achieve the appearance and prestige of platinum without bearing the heavy cost of using the metal in large quantities.

According to the company, this change will not result in higher prices for customers. Platinum-plated products will be priced similarly to existing silver jewellery, ensuring that affordability remains unchanged while production costs become more stable.

Unlike silver, platinum prices have shown relatively greater stability in recent months. In addition, platinum is widely regarded as one of the most premium white metals, second only to gold in consumer perception. Even when used as a thin coating, platinum enhances the perceived value of jewellery, helping brands position their products as more luxurious.

Jewellery historians and market experts believe that platinum’s elite image can work in Pandora’s favor, especially as consumers increasingly prefer white metals over gold due to rising gold prices.

Pandora’s research suggests that customers associate platinum with exclusivity and long-term value. By introducing platinum-plated collections, the brand hopes to attract more premium buyers without alienating its core audience. Importantly, the company insists that customers will not notice any price difference, only an upgrade in design and finish.

Pandora will initially roll out platinum-plated versions of its best-selling bracelets across 30 stores in Northern Europe, along with its online platforms. A global expansion is planned for the second half of 2026. In the short term, third-party vendors will handle the plating process, with production gradually shifting to Pandora’s facilities in Thailand and Vietnam. The company aims to fully implement this transition by 2028.

This strategic move reflects how global brands are adapting to volatile commodity markets while balancing cost control, innovation, and customer expectations.