Pandora has filed its 2023 financial statements in the UK, revealing record-breaking sales and a significant rise in pre-tax profits. The world’s largest jewelry brand also announced that it has completed its global transition to using 100% recycled silver and gold in its products.
The company’s UK turnover increased to £448 million in 2023, up from £438.3 million in the previous year. The growth is attributed to strategic network changes, increased marketing efforts, and further investments in digital capabilities. Pandora also expanded its retail presence by acquiring nine stores from franchise partners and opening 12 new locations.
Pre-tax profits surged from £49.9 million in 2022 to £61.1 million in 2023, reflecting the company’s robust performance in the UK market.
Pandora’s shift to 100% recycled silver and gold is a landmark achievement for the company. The two metals, which can be recycled indefinitely without losing quality, play a crucial role in reducing the brand’s carbon footprint. By switching to recycled metals, Pandora estimates it will prevent 58,000 tons of CO2 emissions annually.
CEO Alexander Lacik emphasized the importance of this shift, stating that silver and gold are Pandora’s most valuable raw materials. The move to fully recycled metals, he said, significantly reduces the company’s climate impact while maintaining the high quality of its products. Lacik called the initiative “unparalleled in the industry” and a step toward a more circular business model.
To celebrate the transition, Pandora’s store on Lexington Avenue in New York will be refurbished during Climate Week to showcase the brand’s commitment to sustainability. The store will feature a range of silver jewelry, including charms, bracelets, rings, earrings, and necklaces, all made from 100% recycled silver. Customers will also have the opportunity to purchase pieces from Pandora’s lab-grown diamond collection, which has been using 100% recycled silver and gold for two years.
Pandora ceased sourcing newly mined silver and gold in December 2022 and has since focused on depleting its remaining inventory of non-recycled metals. The first products made entirely from recycled metals are expected to hit stores by early next year.
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