Could have, would have, supply chain.

Silver has long been regarded as the democratic precious metal: valuable enough for special occasions, but affordable enough for everyday wear. And above all: predictable. This is exactly what the Danish jewelry manufacturer Pandora has based its billion-dollar model on. Charm bracelets for the many, not the few.

However, this predictability has been lost. The price of silver has only gone in one direction recently - upwards - and even the recent price slide has not significantly changed the long-term trend. For Pandora, whose business model is more dependent on the silver price than that of many of its competitors, this is not a marginal issue, but a strategic imposition. When the most important raw material becomes a risk factor, suddenly not only the margin but the entire business model is at stake. The answer from Copenhagen is diversification. Less dependence on silver, more openness to other metals - even platinum. A material that is at home in the luxury segment, but means one thing above all for Pandora: predictability. Because in the end, it's not so much the shine in the shop window that counts as the stability of the calculation.

Can it succeed? Pandora has never defined its brand through the material, but through meaning: personal moments, individual stories, a luxury that remains attainable. This is why looking at alternative metals is more than just an operational measure. Because even if brands don't talk about raw materials, they are part of the silent promise. They shape how a product feels, how valuable it is perceived and where it is positioned in terms of price. If you touch them, you touch expectations. The fact that Pandora is taking this step anyway shows how much external constraints determine brand decisions today. Commodity markets, once a background noise, now have a direct impact on the product range, pricing logic and brand perception. This doesn't just affect jewelry. Many brands, just think of chocolate, are faced with the same question: how flexible can you be when costs, supply chains and markets tilt - without gambling away the trust on which the brand is built?

Or what do you think?

Here is the link to the article: https://www.handelsblatt.com/unternehmen/handel-konsumgueter/schmuckhersteller-pandora-fluechtet-vor-hohem-silberpreis-in-platin/100197785.html