World’s largest jeweler bets on platinum despite falling silver prices, CEO tells CNBC

Pandora is pushing ahead with plans to replace some sterling-silver jewelry with platinum-plated alternatives even after silver prices retreated from their highs, the CEO told CNBC.

It comes as the Danish jeweler seeks to permanently reduce its exposure to volatile precious-metal prices.

But CEO Berta de Pablos-Barbier said on Thursday that it was continuing with this push, despite the fact price has since fallen.

"We are diversifying our portfolio of materials, and this is about making a Pandora that is going to be more flexible and offering diverse materials for our consumer," she told CNBC's "Squawk Box Europe."

Silver prices have fallen since a multi-year peak of more than $120 an ounce in January. Spot silver was trading at just under $65 an ounce on Thursday.

The metal was trading at around $80 an ounce in February, when Pandora first announced that it would move to platinum-plated jewelry. Pablos-Barbier said the move would help the company keep profit margins high.

Pandora stock has rebounded 55% over the past three months, following a weak 2025, which Citi analysts attributed to the recent decline in silver prices.

Shares were up 4% in morning trading in Copenhagen, after it posted better-than-expected second-quarter profit due to a one-off U.S. tariff refund before the bell.

The company said that it had hedged 90-100% of 2027 silver at around $65.

It hiked its full-year 2026 guidance to organic growth of between 0% and 3%, versus between negative 1% and 2% previously. 

Operating profit came in at 1.46 billion Danish crowns ($226 million), corresponding to a margin of 20.3%. Pandora also guided for a profit margin of between 22% and 23% for the full year, up from between 21% and 22% previously.

Organic growth in the quarter came in at 3% while like-for-like growth, which excludes contributions from newly opened or closed stores, rose 1%.

The quarter "met an already-elevated buyside bar," with the like-for-like beat and guidance hike broadly in line with investor expectations, Jefferies analysts said.