The strategy: Pandora will soon begin selling platinum-plated jewelry, with plans to shift at least half of its silver assortment to platinum next year.

The move is aimed at reducing reliance on a single metal—silver accounts for about 60% of Pandora’s business—and protecting the world’s largest jeweler by volume’s profitability at a time when precious metal prices are unusually volatile, which has made long-term planning increasingly difficult. Silver prices have swung sharply, from $32.22 per ounce a year ago to a high of $116.61 on January 28, before falling back to $74.59 on February 5.

The context: Pandora is far from alone in rethinking how to balance cost, value, and consumer demand, per The Business of Fashion. While rising precious-metal prices have squeezed margins, consumers increasingly view gold’s surge as proof of its lasting value, which has helped sustain demand for jewelry even as prices have pushed higher.

But brands like Pandora can only push prices so high if they want to remain accessible. That’s why many have adopted more flexible strategies. Some jewelers are taking a “choose-your-own-adventure” approach, offering the same designs in multiple materials—from solid gold to lower karats, silver, plating, and lab-grown stones—while others are incorporating nontraditional elements like glass or leather.

The implications for Pandora and other brands: Commodity volatility is unlikely to fade, which means brands need to rethink how they plan assortments so they aren’t overly dependent on a single material. Diversifying raw materials has become a practical way to protect margins in the near term, while also giving brands more flexibility to manage pricing and stay accessible over time.

By expanding beyond silver, Pandora is putting itself in a stronger position to absorb commodity swings without resorting to abrupt price hikes or sacrificing demand. That’s an increasingly important advantage in a category where volatility has become the norm.

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