Pandora has officially opened a new $150 million manufacturing facility in Ho Chi Minh City, Vietnam, marking a significant step in its strategy to expand operations outside its long-standing base in Thailand. The Danish jewelry maker described the site as the world’s largest fine jewelry crafting facility, projecting it will create approximately 7,000 local jobs once fully operational.
The investment is designed to increase Pandora’s overall manufacturing capacity by roughly 50%, with the plant capable of producing up to 60 million jewelry pieces annually. Berta de Pablos-Barbier, Pandora’s President and CEO, told CNBC that the company is “building the capacity today for the growth of tomorrow” in a region she characterized as very positive.
Asia accounted for a 10% growth rate in the second quarter, according to de Pablos-Barbier. She highlighted Japan as a standout market, noting the business has nearly doubled in size over the past three years and continues to see high double-digit growth. Meanwhile, after three years of declines, Pandora expects to return to growth in China this year, which she noted is currently outperforming previous forecasts.
In addition to geographic expansion, Pandora is intensifying its focus on lab-grown diamonds. The company observes a rising consumer demand for these stones, driven primarily by affordability and sustainability concerns.
“The consumer is making the choice based on a couple of criteria. The first one is sustainability,” de Pablos-Barbier said. She explained that lab-grown diamonds cost less than mined alternatives, allowing Pandora to offer diamond jewelry at more accessible price points. Furthermore, these stones generate approximately 90% fewer carbon emissions.
The CEO described the shift toward lab-grown diamonds as an “obvious” strategic choice, aligning with Pandora’s existing use of recycled silver and gold, as well as renewable energy at its new Vietnam facility. She added that while younger consumers tend to be more environmentally conscious, preferences can vary by geography.
I just want to know if the prices will finally drop. My girlfriend is eyeing a necklace but it stings the wallet.
Nine zero percent fewer emissions sounds good, but does Pandora ever mention the energy source for those labs?
Love seeing manufacturing diversify from Thailand. Ho Chi Minh City becoming a jewelry hub makes total sense logistically.
Is lab-grown still luxury? It feels like Pandora is pivoting hard to fast fashion jewelry now.
Seventy thousand jobs in Vietnam is massive. Hope those wages are actually living wages and not just minimum.