Pandora Climbs on Silver’s Price Plunge

Shares in Danish jewellery maker Pandora rose as much as 10 percent to top the pan-European STOXX 600 index on Monday, driven higher by a historic slump in silver prices.

Pandora’s shares are on track for their best day since May 2025, extending Friday’s gains. By 2:03 p.m. the shares were up 9.4 percent at 556.60 Danish crowns ($88.13).

Gold and silver prices remained in freefall on Monday, extending last week’s collapse in metals prices on fears stemming from Kevin Warsh’s nomination as the next head of the US Federal Reserve and a subsequent increase in margin requirements by CME Group.

Some analysts view Warsh as being more hawkish, which would signal that interest rates would stay higher for longer, supporting the dollar and raising the opportunity cost of gold and silver, dimming their appeal.

Lower Silver Prices Deliver Boost

Recycled silver accounts for about 67 percent of the raw materials used by Pandora, the company’s 2024 annual report shows.

Spot silver tumbled by 12 percent on Monday after plunging 27 percent Friday for its biggest fall on record. It has shed about 40 percent since touching a record peak last week.

“The sharp increase in the silver price has been a key concern in the market over the last couple of months,” Jyske Bank analyst Janne Vincent Kjaer said in an emailed comment referring to potential margin pressure for Pandora in 2027.

Pandora has locked in much of its silver costs for 2026, it said in its earnings report for the third quarter.

Its stock sank 50 percent last year as US tariffs on imports and the surging price of silver added to its costs while shoppers were more cautious with discretionary spending.

New CEO Berta de Pablos-Barbier has said the company would focus on developing new product lines and materials to reduce its commodity exposure.

Pandora is due to publish fourth-quarter earnings on February 5, when it will also present strategic priorities for 2026, including an update on plans to lower commodities exposure to protect margins.

By Stine Jacobsen, Elviira Luoma

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