Danish jewelry maker Pandora has said it will switch to using platinum instead of silver in some of its ranges, after silver prices have more than doubled over the past year, reports BBC News.
Pandora’s chief executive Berta de Pablos-Barbier said the aim was not to make all jewelry platinum-plated, but silver will be reduced to around 20% of its goods to lessen its exposure to the surge in prices.
The Danish firm, which is one of the world’s biggest jewelry retailers and well-known for its charm bracelets, currently makes the majority of its products from silver.
The BBC says that although platinum is more expensive than silver per ounce, Pandora said it will plate platinum over an alloy, which would make it cheaper to use. It added that the end product would not cost the consumer any more or less than its silver pieces.
It added in the short-term it would use third parties to plate its platinum jewelry, before moving to its sites in Thailand and Vietnam, and wants the pivot to platinum plating to be completed by 2028.