Pandora, the world’s largest jeweler, is pushing ahead with its strategy of replacing some sterling-silver jewelry with platinum-plated alternatives, despite falling silver prices. The company has hedged 90-100% of its 2027 silver at around $65 per ounce, having peaked at over $120 per ounce in January. Pandora reported second-quarter operating profit of 1.46 billion Danish crowns ($226 million) with a 20.3% margin. The company raised its full-year 2026 guidance to organic growth of 0-3% and expects a profit margin of 22-23% for the full year. Pandora stock has rebounded 55% over the past three months following a weak 2025.
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