Top jeweller to swap silver for platinum

Pandora tries to cut exposure to volatility

- ESHE NELSON

Pandora, the world’s largest jewellery brand by volume, buys more than 300 tonnes of silver every year. But in a sign of how extraordinarily pricey it has become, the jeweller said it plans to hold down costs by making more of its charm bracelets with platinum, a precious metal not exactly known for being cheap.

The price of silver has been on a roller-coaster ride in recent months, setting a series of record highs before veering up and down sharply over the past few frenzied trading sessions. At $80 (2,500 baht) per ounce, silver remains more than twice as expensive as it was a year ago. Gold prices have also jumped, but less steeply than silver, driven in part by investors seeking safe places to park their money during geopolitical turmoil.

For Pandora, which prides itself on offering “affordable luxury,” the rapid run-up in the price of silver, its primary material, has bedevilled its business model.