Pandora plans to sell less silver jewellery and shift to platinum instead to shield itself from volatile prices.
The world’s largest jewellery maker, known for its charm bracelets, said it wanted to move away from silver following weeks of volatility in precious metal prices.
Berta de Pablos-Barbier, Pandora’s new chief executive, said around 60pc of the company’s products were currently made of silver but it wanted to reduce that to “maybe 20pc in the end”.
Silver prices have swung wildly in recent weeks after Donald Trump’s unpredictable foreign policy prompted investors to flee into precious metals.
It was worth about £26 an ounce at the start of January before rocketing to a high of £88 an ounce by Jan 29, only to plummet to £58 an ounce in recent days.
This has proved a headache for Pandora because silver is used in the bulk of its products, although the company hedges about 70pc of its exposure to the precious metal.
Platinum has also seen prices rise and fall violently but the company hopes making more jewellery using the metal will help it diversify away from its reliance on silver.
Ms de Pablos-Barbier said Pandora was “a jewellery brand, not a silver trader”.
Pandora on Wednesday warned it could face its first sales drop since the pandemic with the company predicting a small fall in organic sales at worst or just 2pc growth at best.
The company said its platinum jewellery was developed “to outperform silver in everyday wear” and had tested well with consumers.
Switching to platinum is likely to increase Pandora’s price tags significantly, with products sold by rival jewellers suggesting platinum jewellery can be twice as expensive as silver.
On Tiffany & Co, a narrow sterling silver ring is listed for £335 compared to £765 for a simple platinum wedding band.
Tarvier sells sterling silver rings for up to £74 while an equivalent platinum ring can cost up to £1,694.
In commodity markets, platinum trades for about £1,700 an ounce against around £58 an ounce for silver.
Pandora had already put prices up by 5pc in October, which it cited as the main driver behind an increased profitability gain in the last three months of 2025.
But the company warned that volatile gold and silver prices represented a “material headwind” to profit forecasts.
Standard Chartered analysts said precious metal volatility would likely continue “until there is greater certainty on the monetary policy outlook”.