Pandora plans to build a $100 million jewelry factory in Vietnam.
The plant will be the company’s third manufacturing site and the first outside of Thailand. It will create jobs for more than 6,000 artisans and have an annual capacity of 60 million pieces of jewelry, according to a press release.
The plant will be located in Vietnam Singapore Industrial Park 3 in Binh Duong province, near Ho Chi Minh City. Construction is expected to begin in early 2023 and production is expected to start by the end of 2024.
The new facility will be built to LEED Gold, a green building certification, and will be powered by 100% renewable energy.
Pandora will also expand its current location in Lamphun, Thailand, bringing the total investment to $160 million over the next four years. This will allow Pandora to increase its total manufacturing capacity by approximately 60% “and support the company’s long-term growth ambitions,” the statement said.
“By diversifying its geographic footprint, Pandora will also become more resilient to potential supply disruptions,” the company said.
“We traveled to countries all over the world before choosing Vietnam and Binh Duong province,” said Jeerasage Puranasamriddhi, the company’s sourcing manager. “Vietnam has a rich craft history and we will be able to access a large group of artisans. Binh Duong and VSIP provide excellent infrastructure, and we are very grateful for the support we have received from local authorities and the VSIP team. Expanding our production capacity is essential 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 manufacturing plants in Thailand. Both facilities run on 100% renewable energy and are on track to use only recycled silver and gold by 2025, according to the statement.