Pandora has opened what it calls the world’s largest fine jewellery factory in Ho Chi Minh City, Vietnam. The Pandora Vietnam factory will employ 7,000 people when fully operational and make up to 60 million pieces of jewellery a year. The Danish company says the site expands production while cutting its environmental footprint.
The $150 million (€132 million) investment lifts Pandora’s manufacturing capacity by 50%, according to its opening announcement. It is Pandora’s fourth factory worldwide and its first outside Thailand. The company says the Pandora Vietnam factory will run entirely on renewable electricity.
The scale is clear. The harder question is whether Pandora can grow output while lowering emissions and protecting workers’ rights, which Euronews says remains to be seen. Below, we look at the numbers, the sustainability claims and the risks.
The Pandora Vietnam Factory at a Glance
- Location: Ho Chi Minh City, Vietnam
- Jobs: 7,000 expected when fully operational
- Output: Up to 60 million pieces a year
- Capacity: Increases Pandora’s manufacturing capacity by 50%
- Investment: $150 million (€132 million)
- Position: Pandora’s fourth factory, and its first outside Thailand
- Energy: Pandora says it will run entirely on renewable electricity
- Metals: 100% recycled gold and silver in jewellery production since 2024
- Sales in 2025: 112 million pieces
Inside the World’s Largest Fine Jewellery Factory
The factory in Ho Chi Minh City is expected to employ 7,000 people when fully operational. It will produce up to 60 million pieces of jewellery a year, which increases Pandora’s manufacturing capacity by 50%, according to the company’s opening announcement. Pandora calls the site the world’s largest fine jewellery crafting facility. The new fine jewellery factory is Pandora’s fourth factory globally and its first outside Thailand.
Chief executive Berta de Pablos-Barbier says the Pandora Vietnam factory gives the company room to move. “This gives us flexibility to craft all our collections, our assortments in all our materials and crafting techniques,” she said.
How Big Is Pandora? 112 Million Pieces and More Than Three a Second
Pandora sold 112 million pieces in 2025, equivalent to more than three every second. The Danish company describes itself as the world’s largest jewellery brand. Against that backdrop, a factory that can make up to 60 million pieces a year is a major addition.
The Numbers Behind the Pandora Vietnam Factory
Some simple arithmetic puts the scale in context. These are our estimates from the reported figures, not company numbers.
If the 60 million pieces account for the full 50% rise in capacity, Pandora’s earlier capacity was about 120 million pieces a year, and total capacity will reach about 180 million. That suggests Pandora’s existing factories were already running close to capacity, since it sold 112 million pieces in 2025. With 7,000 employees, the output works out to around 8,600 pieces per worker a year. The $150 million investment equals roughly $2.50 for each piece of annual capacity. Taken together, the Pandora Vietnam factory looks built for volume.
Why Recycled Gold Fits a Circular Economy
Pandora switched to 100% recycled gold and silver in its jewellery production in 2024. Experts say gold suits repeated reuse.
“In many ways, it is designed for a circular economy. It doesn’t oxidise. That’s why it’s so valuable,” said Saleem H. Ali, lead researcher for critical minerals and the inclusive energy transition at the United Nations University. “We still have the gold from the ancient Egyptians in pretty good shape,” he added.
De Pablos-Barbier said Pandora would continue growing “in a sustainable manner” as it increases manufacturing capacity.
The Catch: Recycling Still Uses Energy
Recycled metal is not free of impact. Using recycled metals still requires energy. Refining involves heating and separating metals from other materials to remove impurities. That is where renewable electricity matters.
Pandora’s ambition is to extend renewable electricity use beyond its own operations to the suppliers involved in producing its jewellery. The report gives no timeline for that goal.
A Growing Market: Jewellery Outpaces Clothing
Jewellery unit sales are forecast to grow by 4.1% a year between 2025 and 2028, around four times the rate of clothing. That is according to The State of Fashion 2026, a report from McKinsey and The Business of Fashion. The forecast helps explain why Pandora is adding capacity now.
From a Copenhagen Shop to the Pandora Vietnam Factory
Pandora’s rise began in a small Copenhagen jewellery shop, founded in 1982. Manufacturing in Thailand started in 1989, and the company’s production was built around it. The charm bracelet, launched in 2000, helped drive international expansion. Pandora then listed on the Copenhagen stock exchange in 2010.
The Pandora Vietnam factory marks a break with that history. After more than three decades of making jewellery only in Thailand, Pandora now has a factory elsewhere.
Tariffs and Demand: The Risks Facing Pandora
A growing market does not guarantee an easy path. Pandora warned in its August 2026 results that US import tariffs would continue to weigh on profitability. The United States is Pandora’s largest market, so the tariffs hit its biggest source of sales. Inflation and economic uncertainty are also weighing on demand there. That raises a question: will demand grow as fast as capacity?
Labour Questions: The Bangkok Factory Dispute
Past labour disputes have drawn scrutiny to conditions behind Pandora’s production. Danish investigative outlet Danwatch reported in 2020 that a Thai labour court had ruled in May 2019 that union activity had contributed to workers’ dismissals at Pandora’s Bangkok factory. Pandora said the cuts reflected restructuring and employee performance.
The report gives no detail on labour standards at the new Vietnam site. As Pandora expands there, it remains to be seen whether it can increase production while reducing emissions and protecting workers’ rights.
What the Pandora Vietnam Factory Means for the Jewellery Industry
The opening shows how the world’s largest jewellery brand, by its own description, is scaling up. The Pandora Vietnam factory pairs size with a sustainability pitch: renewable electricity and recycled metals. If it delivers, it could set a benchmark for the fine jewellery factory of the future. If not, the gap between pledge and practice will draw scrutiny, especially given past labour disputes and the energy needed to refine recycled metal.
What the Report Does Not Say
The report does not give an opening date for the Pandora Vietnam factory, the number of people employed today or a timeline for the supplier renewable-energy goal. It also gives no emissions figures to test the sustainability claims against.
Pandora Vietnam Factory: Frequently Asked Questions
Where Is the Pandora Vietnam Factory?
It is in Ho Chi Minh City, Vietnam. It is Pandora’s fourth factory and its first outside Thailand.
How Many Pieces Will the Pandora Vietnam Factory Make?
It will make up to 60 million pieces a year, increasing Pandora’s manufacturing capacity by 50%, according to the opening announcement.
Is This the World’s Largest Fine Jewellery Factory?
Pandora calls it the world’s largest fine jewellery crafting facility. That is the company’s own claim.
How Many People Will Work There?
The factory is expected to employ 7,000 people when fully operational.
How Much Did Pandora Invest?
Pandora invested $150 million, or €132 million.
Is Pandora Using Recycled Gold and Silver?
Yes. Pandora says it has used 100% recycled gold and silver in its jewellery production since 2024.
Will the Factory Run on Renewable Electricity?
Pandora says it will operate entirely on renewable electricity. It also wants to extend renewable electricity use to its suppliers.
What Risks Does Pandora Face?
US import tariffs are weighing on profitability, and inflation and uncertainty are weighing on US demand. Past labour disputes have also drawn scrutiny to conditions behind its production.
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The Final Word on the Pandora Vietnam Factory
The Pandora Vietnam factory is a bet that more jewellery can be made with less harm. The numbers are bold, and so are the questions: tariffs, demand and workers’ rights. Whether Pandora delivers on its sustainability pledges will decide if the factory is remembered as a milestone or a warning. For more luxury and jewellery news, follow MKV Digital Luxury Gazette.
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