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Pandora opens the world’s largest jewellery factory in Vietnam
At the start of October Pandora opened a $150 million factory in Ho Chi Minh City: up to 60 million pieces of jewellery a year and 7,000 jobs.
By the VaultBase editorial team ·
Image: Pandora
Pandora has made everything in Thailand so far, in three factories. That is changing now: on 1 October Pandora opened its first production site outside Thailand, in Ho Chi Minh City in Vietnam. According to the company, it is the largest fine jewellery factory in the world.
The factory cost 150 million dollars and stands on 7.5 hectares of land, across from a Lego factory. Up to 60 million pieces of jewellery a year are meant to be made here, which raises Pandora’s global production capacity by about 50 per cent. When everything runs at full capacity, 7,000 people will work there. According to reports, most of them are Vietnamese people between 20 and 30.
Why Vietnam?
By units sold, Pandora is the largest jewellery brand in the world: 112 million pieces in 2025. The biggest market is the US. Making everything in one country is a risk, and with Vietnam Pandora now spreads its production across two. At the start Vietnam accounts for about 15 per cent of global capacity, and by 2030 it is meant to be a third. CEO Berta de Pablos-Barbier, in the job since the start of 2026, says: “We are building this factory for the next decade, not the next quarter.”
Platinum and lab-grown diamonds
The factory is also meant to produce platinum-plated jewellery. Pandora wants to depend less on the silver market and widen its range of materials. “This investment gives us the capacity, flexibility and innovation to support our future growth,” says de Pablos-Barbier.
In an interview with CNBC, reported by aktien.news, the talk was also about lab-grown diamonds. They cause about 90 per cent less CO2 than mined diamonds, and younger customers in particular care about that.
A green building
The building has LEED Gold certification. The factory runs solely on renewable electricity, silver and gold are 100 per cent recycled, and Pandora is looking at solar panels on site or a stake in a solar park. Staff learn the craft at the Pandora Crafting Academy, which also supports the exchange with the teams in Thailand.
Asia as a growth market
De Pablos-Barbier calls Asia a “very positive region”: business there grew by 10 per cent in the second quarter. In Japan, sales have almost doubled in three years, and growth rates are still in the high double digits. China shrank for three years but is expected to grow again this year.
And the second-hand market?
It will take a while before the pieces made in Vietnam reach the second-hand market. With 112 million pieces sold in 2025 alone, though, it is clear that Pandora will remain a big topic there.
Sources: VIR, FashionNetwork, aktien.news, MarketScreener
