Pandora is continuing its shift toward platinum-plated jewelry even after silver prices pulled back from January highs, with Chief Executive Berta de Pablos-Barbier saying the strategy is meant to diversify materials and make the company more flexible. The move is part of a broader effort to reduce long-term exposure to volatile precious-metal prices and support margins. The company said it had hedged 90%-100% of its 2027 silver needs at around $65 an ounce. The strategy update came as Pandora reported better-than-expected second-quarter profit, helped by a one-off U.S. tariff refund. Operating profit was 1.46 billion Danish crowns ($226 million), equal to a 20.3% EBIT margin, while organic growth was 3% and like-for-like growth was 1%. The jeweler lifted its full-year 2026 outlook to organic growth of 0% to 3%, from negative 1% to 2% previously, and raised its EBIT margin guidance to 22% to 23% from 21% to 22%. The platinum-plated pilot launched in the Netherlands in July after more than a year of development and consumer testing, with a broader test across selected markets planned for the fourth quarter and a scaled rollout in 2027. Silver had climbed above $120 an ounce in January before falling to around $80 in February, when Pandora first announced the platinum-plated push, and to just under $65 this week. Pandora shares rose 4% in morning trading in Copenhagen after the results, extending a rebound that has taken the stock up 55% over the past three months following a weak 2025. Citi analysts had linked that recovery to the recent decline in silver prices, while Jefferies analysts said the quarter met an already elevated buyside bar.