Pashmina is the finest type of Cashmere, not a separate material, but the softest, rarest expression of it. Both come from the downy undercoat of goats, but Pashmina refers specifically to fibers from the Changthangi goat, native to the high-altitude plateaus of Ladakh in Kashmir. 

Cashmere, on the other hand, is a broader term that includes wool from various Cashmere goat breeds raised across Mongolia, Scotland, China, and other regions.

Think of it this way: all Pashmina is Cashmere, but not all Cashmere is Pashmina. Pashmina sits at the top, the quietest luxury, the piece you save for moments that matter.