Pandora, the world’s largest jeweler by volume, rose in morning trading Thursday after the company addressed investor concerns about its reliance on silver.
Copenhagen-listed shares were up as much as 7% after it guided for largely flat organic growth in 2026 alongside its quarterly earnings report, and said it would introduce platinum-plated jewelry after the price of silver had more than doubled over the past year. Shares were last seen trading 5.5% higher.
“If you look at our volatility of silver, one of the things that we have to [do] for the company is to decouple that from the silver trading,” CEO Berta de Pablos-Barbier told CNBC’s “Squawk Box Europe.”
“Varying our basket from new metals is going to help us, because we will not be so dependent on only one metal, which is today silver,” she said, adding that about 60% of Pandora’s business today was silver.
While spot silver was down about 9% early Thursday at around $80 an ounce, it is still up more than 150% from about $30 an ounce a year ago.
The Danish jeweler has been under pressure and analysts have warned that the volatile price of silver was a “pernicious problem” for the company. A more pressured consumer has also impacted sales.
This year, Pandora expects organic growth to land somewhere between negative 1% and 2%, and a profit (earnings before interest and tax) margin of between 21% and 22%.
De Pablos-Barbier, who took up the role as CEO last month, told CNBC that moving to a platinum-plated material and expanding its portfolio would allow the company to keep margins in the 20’s.
The jeweler posted a 6% organic growth for 2025, preannounced in January, down from 13% in the previous year and missing its own guidance of between 7% and 8%.
