The world's largest jeweler is doubling down on its platinum-plated jewelry push, even as silver prices continue to slide. Pandora has secured hedges covering 90% to 100% of its silver needs for 2027, with costs locked in at around $65 per ounce.

Thanks to a one-time refund from U.S. tariffs, the company posted better-than-expected quarterly profits and raised its 2026 guidance. Pandora's CEO confirmed the firm will not slow its transition toward platinum-plated pieces, even after silver's recent drop from its highs.

This Danish jewelry giant aims to reduce its long-term exposure to volatile precious metal prices by shifting away from pure silver. CEO Berta de Pablos-Barbier stated Thursday that the strategy remains on track, despite silver's decline. "We are diversifying our raw material base to make Pandora more resilient and offer consumers more choices," she said on *European Financial Morning*.

Silver hit a multi-year peak above $120 per ounce in January, but has since fallen steadily. On Thursday, spot silver traded below $65 per ounce. Pandora first announced its platinum-plated jewelry line in February, when silver was around $80 per ounce. De Pablos-Barbier noted the transition will help the company sustain healthier margins.

After a sluggish 2025, Pandora's stock has surged 55% over the past three months. Citi analysts attribute the rebound to the recent drop in silver prices. The company's shares jumped 4% in Copenhagen early Thursday after it reported better-than-expected second-quarter profits, supported by a one-time U.S. tariff refund.

Pandora revealed it has hedged 90% to 100% of its 2027 silver procurement needs at an average cost of approximately $65 per ounce. The company lifted its 2026 full-year organic revenue growth forecast to 0%–3%, up from the previous -1% to 2% range. Second-quarter operating profit reached 1.46 billion Danish kroner ($226 million), with an operating margin of 20.3%. The company also raised its full-year margin outlook to 22%–23%, compared to the prior 21%–22%.

Organic revenue grew 3% in the quarter, while same-store sales—excluding new and closed stores—rose 1%. Jefferies analysts noted that the quarter "met the high expectations of institutional investors," with same-store sales exceeding estimates and the upgraded guidance broadly in line with market consensus.