Pandora plans to build a $100 million jewelry crafting facility in Vietnam.
The plant will be the company’s third manufacturing site and the first outside Thailand. It will create jobs for more than 6,000 craftspeople and have an annual capacity of 60 million pieces of jewelry, according to a press release.
The factory will be located in the Vietnam Singapore Industrial Park 3 in Binh Duong Province, near Ho Chi Minh City. Construction is set to begin in early 2023 and production is due to start by the end of 2024.
The new facility will be built according to the LEED Gold standard, a green building certification, and be powered by 100 percent renewable energy.
Pandora will also expand its current site in Lamphun, Thailand, bringing the total investment to $160 million over the next four years. This will allow Pandora to grow its total crafting capacity by around 60 percent “and support the company’s long-term growth ambitions,” according to the release.
“By diversifying its geographical footprint, Pandora will also become more resilient to potential supply disruptions,” the company stated.
“We scouted countries all over the world before deciding on Vietnam and Binh Duong province,” said Jeerasage Puranasamriddhi, the company’s chief supply officer. “Vietnam has a rich craftmanship history, and we will be able to access a large group of craftspeople. Binh Duong and VSIP provide great infrastructure, and we are very grateful for the support we have received from the local authorities and VSIP team. Expanding our production capacity is critical to meet expected demand, and we are ready and excited for our new chapter in Vietnam.”
In 2021, Pandora sold 102 million pieces of jewelry, hand-finished at the company’s two crafting facilities in Thailand. Both facilities operate on 100 percent renewable energy and are on track to use only recycled silver and gold by 2025, according to the release.