The world’s biggest fine jewellery factory: How Pandora aims to make more and pollute less in Vietnam

Pandora invested $150 million (€132mn) in a Vietnam factory, which it says will operate entirely on renewable electricity. The company also switched to using 100% recycled gold and silver in its jewellery production in 2024.

Pandora has opened what it calls the world’s largest fine jewellery crafting facility in Vietnam, expanding production while seeking to reduce its environmental footprint.

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, increasing the Danish company’s manufacturing capacity by 50%, according to its opening announcement.

The site is Pandora’s fourth factory globally and its first outside Thailand.

"This gives us flexibility to craft all our collections, our assortments in all our materials and crafting techniques," said Pandora CEO Berta de Pablos-Barbier.

The Danish jewellery maker sold 112 million pieces in 2025, equivalent to more than three every second. It describes itself as the world’s largest jewellery brand.

Expanding production, reducing emissions

Pandora invested $150 million (€132mn) in the Vietnam factory, which it says will operate entirely on renewable electricity. The company also switched to using 100% recycled gold and silver in its jewellery production in 2024.

As it increases manufacturing capacity, de Pablos-Barbier said Pandora would continue growing "in a sustainable manner".

Gold is particularly suited to repeated reuse, according to experts.

"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."

Using recycled metals still requires energy. Refining involves heating and separating metals from other materials to remove impurities.

Pandora’s ambition is to extend renewable electricity use beyond its own operations to suppliers involved in producing its jewellery.

Challenges in a growing jewellery market

Jewellery unit sales are forecast to grow by 4.1% annually between 2025 and 2028 — around four times the rate of clothing, according to The State of Fashion 2026, a report from McKinsey and The Business of Fashion.

Pandora’s rise from a small Copenhagen jewellery shop, founded in 1982, was built around manufacturing in Thailand, which began in 1989. Its charm bracelet, launched in 2000, helped drive international expansion before its Copenhagen stock exchange listing in 2010.

But the growing jewellery market does not guarantee an easy path for Pandora.

Pandora warned in its August 2026 results that US import tariffs would continue to weigh on profitability.

The tariffs affect sales to the United States, Pandora’s largest market, where inflation and economic uncertainty are also weighing on demand for its jewellery.

Past labour disputes have also drawn scrutiny to conditions behind its 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.

As Pandora expands in Vietnam, it remains to be seen whether it can increase production while reducing emissions and protecting workers’ rights.