FinancialsAug 06, 2026
Brilliant Earth’s Q2 Sales Up 6%, Driven by High-Income ShoppersFinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales Fall
In the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
Pandora’s “Talisman” collection performed well in the Danish jewelry giant’s second quarter.
Copenhagen, Denmark—Pandora had a solid second quarter and has raised its full-year fiscal guidance as its new design-forward collections gain traction.
Pandora’s revenue was up 2 percent year-over-year at actual exchange rates (up 3 percent on an organic basis) to 7.22 billion Danish kroner ($1.11 billion), with like-for-like sales growth of 1 percent.
In the first half of the year, revenue was flat at actual exchange rates (up 2 percent on an organic basis) to 14.33 billion Danish kroner ($2.21 billion), with like-for-like sales growth flat.
“We are making progress in re-energizing Pandora’s growth engine,” CEO Berta de Pablos-Barbier said in the company’s Q2 results news release.
“There is more work ahead, but we are moving in the right direction and raising our 2026 guidance for both growth and profitability.”
The jewelry company said it is “course-correcting” in certain areas.
On the company’s earnings call Thursday morning, Pablos-Barbier said, “2026 is a year of deliberate change for Pandora. We are rolling our new growth model with greater focus on distinctive design, cultural relevance, and a stronger local execution.”
Pandora’s creative efforts historically have been concentrated into “playful” jewelry, it said, but other “underrepresented” aesthetics, including bold and organic jewelry designs, have driven its recent growth.
Pandora’s like-for-like sales were down 1 percent for its core segment, with softness in its “Moments” collections, which includes its signature charms.
New designs boosted its “fuel with more” segment, which includes lab-grown diamond jewelry as well as the “Timeless” and “Signature” collections. The segment saw 6 percent like-for-like growth in the quarter.
The sales decline in its core segment was offset slightly by the continued strength of its “Talisman” collection, its new line of medallions that is the subject of an ongoing lawsuit.
Earlier this year, jewelry brand Foundrae sued Pandora, alleging the company copied its medallion designs for the “Talisman” collection.
Like-for-like sales of Pandora’s lab-grown diamond jewelry collection declined by double-digits in Q2 and H1. The category accounted for about 1 percent of the company’s total sales.
Pandora announced in Q1 that it would be adding carbon footprint information to its lab-grown diamonds, prompting criticism from the Natural Diamond Council.
Its spring theme, “Garden of Dreams,” utilized storytelling and a curation of nature-themed motifs to drive growth in its “Timeless” category, said Pandora. The “Pandora Essence” collection was also a top seller.
The company launched “Pandora Wonders” in July, its new multi-year creative program in which the jeweler is partnering with artistic communities to promote craftsmanship and design.
For the first “Wonders” release, Pandora teamed up with British stylist and creative Harry Lambert on a whimsical collection of baroque pearl charms.
Launched in Paris during Haute Couture week, the pearl collection has “driven significant brand buzz,” Pandora said.
“Where the design initiatives have been implemented, newness is showing early traction, with recently launched collections outperforming the base assortment.”
Related stories will be right here …
Pandora’s revenue was up 2 percent year-over-year at actual exchange rates (up 3 percent on an organic basis) to 7.22 billion Danish kroner ($1.11 billion), with like-for-like sales growth of 1 percent.
In the first half of the year, revenue was flat at actual exchange rates (up 2 percent on an organic basis) to 14.33 billion Danish kroner ($2.21 billion), with like-for-like sales growth flat.
“We are making progress in re-energizing Pandora’s growth engine,” CEO Berta de Pablos-Barbier said in the company’s Q2 results news release.
“There is more work ahead, but we are moving in the right direction and raising our 2026 guidance for both growth and profitability.”
The jewelry company said it is “course-correcting” in certain areas.
On the company’s earnings call Thursday morning, Pablos-Barbier said, “2026 is a year of deliberate change for Pandora. We are rolling our new growth model with greater focus on distinctive design, cultural relevance, and a stronger local execution.”
Pandora’s creative efforts historically have been concentrated into “playful” jewelry, it said, but other “underrepresented” aesthetics, including bold and organic jewelry designs, have driven its recent growth.
Pandora’s like-for-like sales were down 1 percent for its core segment, with softness in its “Moments” collections, which includes its signature charms.
New designs boosted its “fuel with more” segment, which includes lab-grown diamond jewelry as well as the “Timeless” and “Signature” collections. The segment saw 6 percent like-for-like growth in the quarter.
The sales decline in its core segment was offset slightly by the continued strength of its “Talisman” collection, its new line of medallions that is the subject of an ongoing lawsuit.
Earlier this year, jewelry brand Foundrae sued Pandora, alleging the company copied its medallion designs for the “Talisman” collection.
Like-for-like sales of Pandora’s lab-grown diamond jewelry collection declined by double-digits in Q2 and H1. The category accounted for about 1 percent of the company’s total sales.
Pandora announced in Q1 that it would be adding carbon footprint information to its lab-grown diamonds, prompting criticism from the Natural Diamond Council.
Its spring theme, “Garden of Dreams,” utilized storytelling and a curation of nature-themed motifs to drive growth in its “Timeless” category, said Pandora. The “Pandora Essence” collection was also a top seller.
The company launched “Pandora Wonders” in July, its new multi-year creative program in which the jeweler is partnering with artistic communities to promote craftsmanship and design.
For the first “Wonders” release, Pandora teamed up with British stylist and creative Harry Lambert on a whimsical collection of baroque pearl charms.
Launched in Paris during Haute Couture week, the pearl collection has “driven significant brand buzz,” Pandora said.
“Where the design initiatives have been implemented, newness is showing early traction, with recently launched collections outperforming the base assortment.”
Pandora announced in February that it would begin selling platinum-plated jewelry to mitigate the impact of volatile gold and silver prices.
It began a pilot test of platinum-plated jewelry in the Netherlands in July, following a year of development and consumer testing.
A broader test of select designs will roll out across markets in Q4, with a scaled rollout set for 2027.
“Whilst prices of silver, gold, and platinum have eased somewhat in recent months, they remain materially above historical levels and the shift to platinum plating therefore remains a key structural lever to reduce commodity exposure (and thereby margin volatility) over time,” Pandora said.
The company said it plans to transition at least 50 percent of its relevant silver jewelry to platinum-plated pieces by 2027, with the rest to follow by 2028, with most production in-house.
By region, Pandora saw like-for-like sales dip 1 percent in North America, with sales flat in the U.S. market.
“Performance [in the U.S.] continued to be impacted by softer consumer sentiment and lower in-store traffic,” though the brand remains strong, Pablos-Barbier said.
Sales in Europe, the Middle East, and Africa sales were down 2 percent. Latin America was Pandora’s strongest market, with like-for-like sales up 18 percent, with Asia Pacific following, up 10 percent.
“The key message for the quarters is that margins remain solid,” Chief Financial Officer Anders Boyer said on the earnings call. “We continue to manage all of these external headwinds quite effectively.”
Boyer will retire at the end of November and be succeeded by Walmart executive Paulo Garcia.
By channel, online sales were flat in Q2, while like-for-like sales at Pandora’s physical stores were up 1 percent.
In the EMEA market, Pandora is piloting a new retail concept with a focus on visual storytelling.
Pandora has opened new flagship stores in Barcelona and Milan that showcase a new brand expression and “set a new benchmark for how consumers experience the brand,” said Pablos-Barbier.
“Early signs are encouraging and we will continue to refine and scale what works.”
As of Q2, its store count stands at 2,811, up 15 stores from the prior year period.
During the past 12 months, Pandora has added net 23 concept stores and closed net 17 Pandora-operated shop-in-shops.
The retailer said it plans to open 50 to 75 net concept stores, though it will close a net 25 to 50 Pandora operated shop-in-shops.
Looking ahead, Pandora raised its forecast to flat to 3 percent organic growth, compared with its prior forecast of -1 to +2 percent organic growth.
Its EBIT margin is now 22 to 23 percent, up from 21 to 22 percent, which Pandora attributed to one-off income due to a tariff refund.
“We have to be careful because we continue to operate in a volatile macroeconomic and geopolitical environment, so the implications for consumers still remain uncertain,” Pablos-Barbier said.
In Q3, current trading shows like-for-like growth at mid-single digit levels.
Pandora’s Q3 results are set to be released Nov. 4.
Editors' Picks
Sponsored by
More on Financials
The Latest
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
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.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
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.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
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.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
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.
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.
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.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
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.
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.
