Jeweller Pandora has said it will switch from using silver in some of its ranges to platinum-plating following a dramatic increase in prices.
Silver has seen its price more than double over the past year, with other precious metal prices also surging.
Pandora's chief executive said its aim was not to make all jewellery platinum-plated, but silver will be reduced to around 25% of its offerings as it seeks to reduce its exposure to the metal given the recent price volatility.
The Danish firm, one of the world's biggest jewellery retailers, currently makes the majority of its jewellery from silver.
Although platinum is more expensive than silver per ounce, Pandora says it will create an alloy, which would make it cheaper to use.
It said over time, parts of its silver ranges will shift to becoming platinum-plated, using its own metal alloy called Evershine, which it is already currently using for its gold-plated products.
Pandora said that it would introduce the new platinum-plated range in 2026 before rolling it out more broadly.
It added in the short term it would use third parties to plate its platinum jewellery, before moving to its sites in Thailand and Vietnam 'with the aim of reducing silver exposure and commodity sensitivity over time'.
Pandora said in its financial results it wanted the pivot to platinum to be completed by 2028.
It said platinum would 'deliver improved everyday-wear performance compared to silver' and its own consumer testing showed people had 'high acceptance' of the hardy metal.
Chief executive Berta de Pablos-Barbier told the FT as a highly desirable jewellery brand it was highly frustrating the firm was considered a silver trading company, saying she wanted Pandora to move away from being so linked to one commodity.
The price of silver, Pandora's main raw material, hit record highs in January before falling back down, but remains higher than it was a year ago.
The firm said that the surging price had a temporary impact on earnings by eating into its profits.
The firm is well known for its charm bracelets and has a presence in upmarket malls across the world.
Precious metals like gold and silver have rallied recently as investors seek a safe haven asset amidst geopolitical uncertainty across the world, although there are more factors that affect silver's price than other metals.
Silver is tied to global economic health. It's used in the manufacture of electronics and medical equipment, solar panels and batteries which means demand for the metal from industry ebbs and flows according to how fast the world's economy is growing, says Danni Hewson, head of financial analysis at AJ Bell.
Designated a critical mineral by the US at the end of last year, the price jumped in January after China tightened its export controls leading investors to ponder the impact on already stretched global supplies, she adds.
