Editor’s Note
**Editor’s Note:** Pandora pivots to platinum-plated bracelets as surging silver prices and tariff pressures reshape costs. The move balances affordability with daily-wear luxury amid shifting market realities.
Danish jewelry manufacturer Pandora will begin selling platinum-plated versions of its best-selling bracelets, the company announced on Wednesday, in an effort to limit the impact of the historic surge in silver prices, which has driven up costs.
Pandora, which sells silver charm bracelets starting at $70, as well as lab-grown diamond jewelry produced in its own factories in Thailand, is also facing pressure from U.S. tariffs and reduced spending by lower-income consumers.
The company stated it expects organic revenue growth of up to 2% this year, with a worst-case scenario of a 1% decline.
It expects an operating margin (EBIT margin) between 21% and 22% for 2026, down from 23.9% in 2025.
The company said the price of silver, its primary raw material, had more than doubled in 2025.
Pandora stated that the decline in operating profit margin would be most visible in the first quarter, with a gradual recovery over the rest of the year.
It reported 4% organic sales growth in the fourth quarter, down from 11% in the previous year, but in line with analyst estimates in a company-provided survey.
It indicated that it would initially rely on a third party for its platinum-plated products, before increasingly shifting production to its factories in Thailand and Vietnam.
The platinum plating will cover an “Evershine” metal alloy base, which Pandora already uses for its gold-plated products. A spokesperson declined to reveal which metals Evershine, a registered material, contains.
With information from Reuters