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.
More on Majors
The Latest
CrimeDec 15, 2025
Men Receive Life Sentences in Home Invasion Murder of Jeweler Carlos Jose Hernandez and Joshua Zuazo were sentenced to life without the possibility of parole in the 2024 murder of Hussein “Sam” Murray.
Policies & IssuesDec 15, 2025
Sara Yood Named Co-Chair of RJC Standards CommitteeYood will serve alongside Eduard Stefanescu, the sustainability manager for C.Hafner, a precious metals refiner in Germany.
IndependentsDec 15, 2025
M.S. Rau to Open Store in AspenThe New Orleans jeweler is also hosting pop-up jewelry boutiques in New York City and Dallas.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
AuctionsDec 12, 2025
13.54-Carat Paraíba Tourmaline Sets Records at Christie’sSet in a Tiffany & Co. necklace, it sold for $4.2 million, the highest price and price per carat paid for a Paraíba tourmaline at auction.
Weekly QuizDec 11, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsDec 12, 2025
Piece of the Week: Oscar Heyman’s Sphene RingTake luxury gifting to new heights this holiday season with the jeweler’s showstopping 12-carat sphene ring.
Events & AwardsDec 12, 2025
IGI Jewelry Design Contest Now Accepting SubmissionsThis year's theme is “Unveiling the Depths of the Ocean.”
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TrendsDec 11, 2025
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
GradingDec 11, 2025
GIA to Offer Origin Determination for 3 More GemstonesStarting Jan. 1, customers can request the service for opal, peridot, and demantoid garnet.
IndependentsDec 11, 2025
Look Inside Day’s Jewelers’ Ninth StoreThe 111-year-old retailer celebrated the opening of its new location in Salem, New Hampshire, which is its third store in the state.
AuctionsDec 10, 2025
Francis Ford Coppola’s Watch Sells for $10.8MThe filmmaker’s personal F.P. Journe “FFC” prototype was the star of Phillips’ recent record-setting watch auction in New York.
WatchesDec 10, 2025
There’s A New Rolex Boutique in MiamiThe new location in the Design District pays homage to Miami’s Art Deco heritage and its connection to the ocean.
SurveysDec 10, 2025
Consumer Confidence Drops in November Inflations, tariffs, and politics—including the government shutdown—were among consumers’ top concerns last month.
SourcingDec 10, 2025
NAJA Announces Details for 2026 ‘Ace It’ Winter Conference“Longtime favorite” presenters, as well as first-time speakers, will lead talks and workshops at the annual event in Tucson next year.
Events & AwardsDec 10, 2025
MJSA Names 2025 Responsible Design Challenge WinnerSilas Smith of Meridian Metalworks won the challenge with his pendant that blends Australian and American landscapes.
AuctionsDec 09, 2025
‘Desert Rose’ Diamond Sells for $8.8M in Abu DhabiThe sale of the 31.68-carat, sunset-hued stone was part of Sotheby’s first series of events and auctions in Abu Dhabi.
ColumnistsDec 09, 2025
Holiday Sales Happen in December, Most Decisions Don’tMost customers who walk into your store this month have made up their minds. Your job is to validate their choice, Emmanuel Raheb writes.
TrendsDec 09, 2025
‘Once Upon a Time,’ Guzema Debuted Its Holiday CollectionThe collection features characters and motifs from Ukrainian folklore, including an enchanted mirror and a magic egg.
TechnologyDec 09, 2025
Gemvision Releases Updated MatrixGoldMatrixGold 3.11, the newest version of the jewelry design program, offers more flexibility, precision, and creative control.
Events & AwardsDec 09, 2025
MJSA Showcase Pavilion Returning to JA New York The pavilion will be part of the 2026 JA New York Spring show, scheduled for March 15 to 17.
MajorsDec 08, 2025
Juell Kadet, a ‘Lifelong Pillar’ of Rogers & Hollands, Dies at 96Kadet, a 1994 National Jeweler Retailer Hall of Fame inductee, helped grow the family-owned retailer in the Chicago area and beyond.
TechnologyDec 08, 2025
You’ve Heard of Smart Watches and Rings; Meet Smart EarringsBilled as the world’s smallest wearable, Lumia Health’s new smart earrings have a health tracker subtly embedded in the back.
TrendsDec 08, 2025
Amanda’s Style File: Celebrating December’s BirthstonesDon’t let those with December birthdays feel blue. Help them celebrate their month with blue zircon, turquoise, and tanzanite.
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
