On May 16, Pandora, the world’s largest jewelry brand, held a groundbreaking ceremony for a $150 million jewelry manufacturing plant in Binh Duong province, Vietnam. This is the company’s biggest investment in history. The new factory will produce 60 million jewelry pieces annually when it becomes operational in early 2026 and will support Pandora’s long-term growth as well as increase the company’s production capacity by about 50%.
In 2023, Pandora sold over 107 million jewelry pieces globally, which were manufactured at three factories in Bangkok and Lamphun, Thailand. Each piece of jewelry is handcrafted and finished by skilled artisans.
Pandora’s jewelry is sold in more than 100 countries and territories through 6,700 points of sale, including over 2,600 concept stores.
Pandora breaks ground on a $150 million factory in VSIP 3 Binh Duong Industrial Park.
In an interview with reporters on the sidelines of the event, Pandora’s Chairman and CEO, Alexander Lacik, revealed that they had researched 27 countries with 13 different criteria and ultimately decided to build the factory in Vietnam.
“The first important factor for us is access to labor and the culture of silversmiths in Vietnam. Secondly, it is the close cooperation of government agencies as well as the focus on sustainable development. And the third criterion is access to good infrastructure. Vietnam is investing heavily in roads and access to sea and air transport. So those are the main reasons why we are building the factory in Vietnam,” said Mr. Alexander Lacik.
Vietnam is an important market for global jewelry brands
According to Pandora’s Chairman and CEO, the middle class is growing in Vietnam and many similar markets around the world.
“So, we can also see that the demand for jewelry shopping, in general, is increasing year by year. I don’t have any specific statistics other than looking at our growth. And in Vietnam, in the past 6-7 years, you (the Vietnamese market) have grown at a doubling rate. So, in the next 5, 10, 15 years, Vietnam will be a fairly important market for jewelry manufacturers worldwide,” predicted the Pandora leader.
Pandora’s CEO Alexander Lacik believes Vietnam is an important global jewelry market.
When asked about Pandora’s success story, Mr. Alexander Lacik shared: “Many people will choose to buy gold for investment or land, stocks, cars, etc. But when we communicate with consumers, we don’t talk about materials. We talk about the story behind the designs, and that’s how we promote our brand. As a result, consumers buy jewelry (from Pandora) out of necessity. This is what makes our brand unique in the market.”
Earlier this year, Pandora announced that it would use 100% recycled silver and gold in its jewelry production, a move that will avoid 58,000 tons of CO2 emissions annually.
Pandora’s Supply Chain Director, Jeerasage Puranasamriddhi, said, “So of course, when we come to Vietnam, this will still be the case. We will also use 100% recycled silver and gold for production in Vietnam.”
When asked about the source of the 100% recycled silver and gold supply, Mr. Jeerasage Puranasamriddhi replied, “We are sourcing from well-known global refineries, and they are also RJC-certified (Responsible Jewellery Council). And all of this can be traced back to its origin and actually meets the highest standards for recycled materials, especially silver and gold.”
The company is listed on the Nasdaq Copenhagen stock exchange and reported revenue of DKK 28.1 billion (€3.8 billion) in 2023.
