FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseFinancialsAug 15, 2025
In Q2 Results, Pandora Talks Tariffs, Q4 Plans
The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.
Actress Winona Ryder (left) and supermodel Iman in an image from Pandora’s “Be Love” campaign released earlier this year. The jewelry company said Friday that it will roll out a new chapter in the campaign ahead of the holiday season.
Copenhagen, Denmark—Pandora reported single-digit revenue growth in the second quarter despite an “increasingly turbulent macroeconomic backdrop” and having to grapple with the effects of tariffs and high silver and gold prices.
For the second quarter ending June 30, global revenue totaled 7.08 billion Danish kroner ($1.1 billion), up 4 percent (8 percent on an organic basis) from DKK 6.77 billion ($1.06 billion) in Q2 2024.
Like-for-like sales were up 3 percent globally and 8 percent in the United States, Pandora’s strongest market.
Operating profit declined 4 percent to DKK 1.29 billion ($202.4 million) from DKK 1.34 billion ($210.3 million) in Q2 2024, while EBIT profit margin declined to 18.2 percent from 19.8 percent.
Pandora said tariffs, high commodity prices, and foreign exchange rates ate into both its EBIT and gross margins in the second quarter.
In a tariff update provided along with its Q2 results on Friday, Pandora noted that it is mainly impacted by the tariff placed on U.S. imports from Thailand (tariff rate 19 percent)—where the majority of its jewelry is manufactured—but also China (currently 30 percent), Vietnam (20 percent), India (25 percent, slated to increase to 50 percent), and several other countries.
To help mitigate the impact of tariffs, Pandora has switched sources of supply for certain goods—e.g., point-of-sale materials used in the U.S.—and shipped jewelry for the Canada and Latin American markets directly there, instead of routing it through its U.S. distribution center.
The company also has raised prices three times since last fall.
Prices went up 5 percent in October and 4 percent in April. Pandora implemented another “low single-digit” price increase this month.
Looking at revenue by product segment, sales of what Pandora calls its “Fuel with more” segment—its non-charm bracelet jewelry collections, as well as its lab-grown diamond jewelry—recorded like-for-like sales growth of 3 percent.
Lab-grown diamond jewelry sales were up 36 percent on a like-for-like basis, though they continue to account for only 1 percent of the company’s total revenue.
Meanwhile, sales of the collections Pandora considers “core”—“Moments,” “Collabs,” and “Me”—rose 1 percent on a like-for-like basis.
Related stories will be right here …
For the second quarter ending June 30, global revenue totaled 7.08 billion Danish kroner ($1.1 billion), up 4 percent (8 percent on an organic basis) from DKK 6.77 billion ($1.06 billion) in Q2 2024.
Like-for-like sales were up 3 percent globally and 8 percent in the United States, Pandora’s strongest market.
Operating profit declined 4 percent to DKK 1.29 billion ($202.4 million) from DKK 1.34 billion ($210.3 million) in Q2 2024, while EBIT profit margin declined to 18.2 percent from 19.8 percent.
Pandora said tariffs, high commodity prices, and foreign exchange rates ate into both its EBIT and gross margins in the second quarter.
In a tariff update provided along with its Q2 results on Friday, Pandora noted that it is mainly impacted by the tariff placed on U.S. imports from Thailand (tariff rate 19 percent)—where the majority of its jewelry is manufactured—but also China (currently 30 percent), Vietnam (20 percent), India (25 percent, slated to increase to 50 percent), and several other countries.
To help mitigate the impact of tariffs, Pandora has switched sources of supply for certain goods—e.g., point-of-sale materials used in the U.S.—and shipped jewelry for the Canada and Latin American markets directly there, instead of routing it through its U.S. distribution center.
The company also has raised prices three times since last fall.
Prices went up 5 percent in October and 4 percent in April. Pandora implemented another “low single-digit” price increase this month.
Looking at revenue by product segment, sales of what Pandora calls its “Fuel with more” segment—its non-charm bracelet jewelry collections, as well as its lab-grown diamond jewelry—recorded like-for-like sales growth of 3 percent.
Lab-grown diamond jewelry sales were up 36 percent on a like-for-like basis, though they continue to account for only 1 percent of the company’s total revenue.
Meanwhile, sales of the collections Pandora considers “core”—“Moments,” “Collabs,” and “Me”—rose 1 percent on a like-for-like basis.
“In these turbulent times, we are satisfied with yet another quarter of high single-digit organic growth and strong profitability,” Pandora CEO Alexander Lacik said. “The results show that our brand and unique storytelling proposition continue to attract more consumers and that our global footprint enables us to balance ups and downs across the markets.
“Despite the macroeconomic challenges to top and bottom line, we are confident that we will deliver on our targets for the year, driven by an exciting product pipeline, new marketing campaigns and operational agility.”
Pandora said it plans to launch two new collections in the third quarter.
“Talisman” and “Minis” are both additions to the core collection of charms and bracelets and will be affordably priced. The addition of the collections follows the launch of “Pandora Essence,” a line of earrings, rings, bracelets, and necklaces, in Q2 2024.
It also will roll out a new “Be Love” marketing campaign for the holiday season.
Pandora teased the campaign in Friday’s Q2 results announcement, stating that it partnered with a “renowned, world-class filmmaker and creative director known for his critically acclaimed films” for it.
The company is sticking to its full-year forecast of 7-8 percent organic sales growth while noting the “elevated macro uncertainty.”
It also is maintaining its EBIT margin guidance of around 24 percent for the year despite current tariff levels.
Pandora noted that like-for-like growth in July has hovered around 2 percent, impacted by a weak end-of-season sale and the timing of product launches.
Essence came out in May 2024, while the new Talisman and Minis collections won’t be launched until the end of Q3 2025.
More on Financials
The Latest
ColumnistsJul 28, 2026
Peter Smith: Why Your Job Postings May Be Working Against You Smith reveals the method The Retail Smiths use to help retailers and vendors write better job postings.
CollectionsJul 28, 2026
Lionheart’s New Collection Unites Spiritual Iconography“Sacred Heart” features symbols like crosses, angel wings, the Star of David, and the evil eye as a representation of coexistence.
Events & AwardsJul 28, 2026
The Edge Funding 2 Scholarships Via 24 Karat Club SEUS The scholarships will go to early-career professionals looking to study gemology, bench work and jewelry design, or store operations.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
SurveysJul 27, 2026
Jewelry Leads Luxury Market Amid Stabilization, Bain SaysBain & Company delved into the trends shaping the luxury market, the impact of AI, and more in its recent study.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJul 27, 2026
‘Rubies’ Goes on Display at Harvard MuseumThe exhibition reveals the gemology, geology, and cultural history of the iconic red gemstone.
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
SourcingJul 21, 2026
Anglo Reportedly Selects Gareth Penny’s Consortium as Top Bidder for De BeersA Botswana government official told lawmakers Anglo has selected The Global Diamond Consortium, an entity chaired by Penny, to buy De Beers.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
