Pandora has filed its UK-specific accounts for 2023 and said sales reached a record level, while its pre-tax profit jumped too. The company also said that it has now completed its transition to using recycled precious metals and all of its silver and gold will now be fully recycled globally.

The UK company’s turnover was £448 million last year, up from £438.3 million in 2022, after the company made network changes as well as boosting its marketing spend and investing further in digital.

Pandora bought nine stores from franchise partners during the period and opened 12 locations.

Meanwhile pre-tax profit rose from £49.9 million to £61.1 million.

Also, as mentioned, the wider company has transformed its precious metals supply so Pandora is now making all jewellery with 100% recycled silver and gold. The two precious metals can be recycled forever without any loss of quality and by using recycled silver and gold instead of newly minted metals, the company avoids 58,000 tons of CO2 annually.

That’s a significant development from the world’s largest jewellery brand, which sells more than 100 million pieces of jewellery a year.

CEO Alexander Lacik said that silver and gold are its most important raw materials and by moving to 100% recycled it reduces its climate impact significantly without compromising on quality.

He added that the achievement is “unparalleled in the industry and they may step towards a more circular business model”.

To mark the shift, the company’s store on Lexington Avenue in New York is being refurbished during Climate Week in that city.

It will display different types of silver jewellery including charms, bracelets, rings, earrings and necklaces made from 100% recycled silver. It will also be possible to buy the company’s lab-grown diamonds collection, which has been using 100% recycled silver and gold for two years.

The company stopped sourcing newly mined silver and gold last December and has since worked to deplete its non-recycled inventory. The first of the products made in 100% recycled metals will appear in stores by early next year.