Jeweller Pandora has announced it will switch to platinum from silver for some of its ranges due to a dramatic increase in silver prices. Over the past year, the price of silver has more than doubled, prompting the Danish firm, one of the world’s largest jewelry retailers, to alter its offerings significantly.
Pandora's chief executive explained that while the company is not planning to convert all its jewelry to platinum, it aims to reduce silver products to about 25% of its collection. This strategic move is an attempt to minimize exposure to the metal amid recent price volatility.
Currently, most of Pandora's jewelry is made from silver. The company desires to complete the transition to platinum by 2028, highlighting that platinum offers improved performance for everyday wear compared to silver. Consumer testing indicated a high acceptance of platinum among potential buyers.
CEO Berta de Pablos-Barbier expressed her frustration over Pandora being perceived solely as a silver trading company, emphasizing the brand's intention to diversify away from one commodity. Despite some fluctuations in the price of silver, which has hit record highs before falling back, it still remains elevated compared to last year, impacting the company's earnings. This decision signals Pandora's ambition to strengthen its market position and secure a more stable future.
Pandora's chief executive explained that while the company is not planning to convert all its jewelry to platinum, it aims to reduce silver products to about 25% of its collection. This strategic move is an attempt to minimize exposure to the metal amid recent price volatility.
Currently, most of Pandora's jewelry is made from silver. The company desires to complete the transition to platinum by 2028, highlighting that platinum offers improved performance for everyday wear compared to silver. Consumer testing indicated a high acceptance of platinum among potential buyers.
CEO Berta de Pablos-Barbier expressed her frustration over Pandora being perceived solely as a silver trading company, emphasizing the brand's intention to diversify away from one commodity. Despite some fluctuations in the price of silver, which has hit record highs before falling back, it still remains elevated compared to last year, impacting the company's earnings. This decision signals Pandora's ambition to strengthen its market position and secure a more stable future.
