FinancialsFeb 08, 2023
Pandora to Open More Stores, Expand Lab-Grown Diamond LineMajorsMar 07, 2023
Pandora Puts Money Where Its Mouth Is Via Sustainability Bonds
The performance-based bond terms would give investors a bigger payout if Pandora’s stated sustainability goals are not met in time.
Pandora is offering a sustainability-linked bond, designed to motivate the jewelry company to reach its stated sustainability goals.
Copenhagen, Denmark—Pandora is offering investors a sustainability-linked bond, risking a bigger payout if it fails to meet its stated “eco-friendly” goals.
The company is selling a €500 million ($531 million) senior unsecured sustainability-linked bond with a five-year maturity.
This performance-based bond is designed to motivate Pandora to reach its stated sustainability goals within that time frame.
When the bond matures in 2028, Pandora will have to pay more to its investors if the goals have not been met.
The first two goals focus on specific emission reductions, both its own emissions and those in its value chain, with deadlines in 2025 and 2030.
As for its own emissions, Pandora said it plans to implement energy-saving measures and expand its use of renewable energy, in part by installing more solar panels at all of its facilities, including retail stores.
Sourcing renewable electricity will be the driving force behind reaching its target, said Pandora.
The third goal is to reach 100 percent use of recycled gold and silver by 2025.
In 2022, Pandora reported using 61 percent recycled gold and silver when crafting its jewelry, up from 54 percent in 2021.
The topic of recycled metals, and where they fit in terms of responsible sourcing, has been a point of discussion for jewelers in recent years.
Sustainable jewelry consultant Christina T. Miller recently held a webinar on recycled gold, delving into areas like its place in responsible sourcing practices and how it’s marketed.
“Because gold is a financial asset and often interchangeable with currency, the demand for newly mined gold is not impacted by the increased use of recycled gold,” said Miller on her website.
Related stories will be right here …
The company is selling a €500 million ($531 million) senior unsecured sustainability-linked bond with a five-year maturity.
This performance-based bond is designed to motivate Pandora to reach its stated sustainability goals within that time frame.
When the bond matures in 2028, Pandora will have to pay more to its investors if the goals have not been met.
The first two goals focus on specific emission reductions, both its own emissions and those in its value chain, with deadlines in 2025 and 2030.
As for its own emissions, Pandora said it plans to implement energy-saving measures and expand its use of renewable energy, in part by installing more solar panels at all of its facilities, including retail stores.
Sourcing renewable electricity will be the driving force behind reaching its target, said Pandora.
The third goal is to reach 100 percent use of recycled gold and silver by 2025.
In 2022, Pandora reported using 61 percent recycled gold and silver when crafting its jewelry, up from 54 percent in 2021.
The topic of recycled metals, and where they fit in terms of responsible sourcing, has been a point of discussion for jewelers in recent years.
Sustainable jewelry consultant Christina T. Miller recently held a webinar on recycled gold, delving into areas like its place in responsible sourcing practices and how it’s marketed.
“Because gold is a financial asset and often interchangeable with currency, the demand for newly mined gold is not impacted by the increased use of recycled gold,” said Miller on her website.
The notes will be issued March 10 with a price of 99.46 percent each and a fixed coupon (interest rate payments) of 4.5 percent per year. They will be listed on Euronext Dublin.
The net proceeds from the sale will go toward general corporate purposes and Pandora’s planned refinancing.
The majority of the funds will be used to repay its existing bank loan, said a Pandora spokesperson, leaving its net debt level unchanged.
In its recent full-year results, the company outlined its plans to open a total of 140 to 190 new stores between last year and this year, and expand its lab-grown diamond jewelry line, Diamonds by Pandora.
Pandora said investor demand for the bonds reached heights of €2 billion after a two-day marketing exercise.
“The successful issuance of our first ever Eurobond underpins our strong financial characteristics and marks an important milestone in our journey, allowing us to further diversify our funding structure,” said Pandora Chief Financial Officer and Executive Vice President Anders Boyer.
Two major credit agencies gave the bonds somewhat favorable ratings, Pandora said.
Moody’s gave the bonds a Baa2 rating, which it considers to be “a moderate credit risk,” while Standard & Poor’s rated the bonds at BBB, which it describes as “adequate capacity to meet financial commitments, but more subject to adverse economic conditions.”
Both of these ratings are in line with the issuers’ ratings of Pandora, said the company.
Danske Bank and Nordea served as the joint global coordinators while BNP Paribas, Danske Bank, Morgan Stanley and Nordea were the joint active bookrunners on the transaction. Nordea was also a ratings and sustainability advisor to Pandora.
Editor's Note: This story has been updated post-publication to correct the price of the notes and clarify Pandora's plans to reduce emissions.
Editors' Picks
Sponsored by
The Latest
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
MajorsOct 29, 2026
Amanda Seyfried Stars In Tiffany & Co.’s Holiday CampaignTiffany & Co.’s latest ambassador makes her debut in its “Love Is a Gift” holiday campaign.
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
SourcingOct 27, 2026
De Beers Celebrates the Holidays With New ‘Desert Diamonds’ CampaignThe “Icons” holiday campaign spotlights four classic diamond jewelry styles reimagined in “Desert Diamond” tones.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
IndependentsOct 27, 2026
Gabriel & Co. Supports Charity Partner DKMS With Gala, New JewelsThe fine jewelry brand raised $2.3 million at its annual gala that supports the nonprofit’s fight against blood cancer and blood disorders.
Events & AwardsOct 27, 2026
JFC Announces 2027 ‘Facets’ HonoreesThe annual fundraising event is slated for June 6, 2027, at The Venetian Resort in Las Vegas.
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
MajorsOct 26, 2026
Tiffany & Co. Takes Consumers Behind the ScenesThe jeweler gave the public backstage tours of its flagship store and its design and innovation workshop as part of LVMH’s open house.
Events & AwardsOct 26, 2026
Support JFC’s ‘Monster Mash Challenge,’ If You DareVote for which jewelry professional should dress up as a monster to support Jewelers for Children’s annual Halloween fundraiser.
MajorsOct 23, 2026
PGI USA Set to Close at Year’s EndThe closure is part of a global restructuring that also includes PGI winding down its operations in Japan, South Korea, and Hong Kong.
SourcingOct 23, 2026
Rachel Chalchinsky’s ‘Survivor Tribute’ RingThe ring, our Piece of the Week, was designed by eight-year breast cancer survivor Rachel Chalchinsky of Color Source Gems.
TechnologyOct 23, 2026
JA Unveils New Website, LogoThe website offers enhanced member benefit access, industry directories, educational resources, a job board, and access to the MJSA Journal.
FinancialsOct 23, 2026
Kering’s Jewelry Sales Up Double Digits in Q3Boucheron and Pomellato had a strong third quarter, with Kering looking at jewelry as an increasingly important part of its portfolio.
CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
