Pandora, a Danish jewelry brand known for its affordable, fashion-forward pieces, is setting up a new factory in Ho Chi Minh City, Vietnam. The company is investing around 150 million dollars (about 133 million euros) in the project, marking the first time in nearly 40 years that Pandora has not produced all its jewelry in Thailand. The new facility is expected to manufacture up to 60 million pieces annually, increasing the company’s overall production capacity by about 50 percent. In the long term, the factory will create 7,000 jobs. Pandora’s President and Chief Executive Officer, Berta de Pablos-Barbier, said the expansion aims to build the skills and infrastructure needed for future growth. The move also seeks to reduce reliance on Thailand, where Pandora already operates three factories. Vietnam was selected for its stable political climate, strong economy, and access to a large pool of skilled artisans. During a recent press visit, workers—mostly women—were seen using molds to create jewelry designed in other locations. Some of the designs incorporated local cultural elements, such as a pendant featuring a starry flag on a red background or one inspired by the essential Vietnamese dish, pho. These touches reflect Pandora's effort to connect with regional markets and incorporate local traditions into its products. Pandora is focusing on growth in Asia, a region that saw a 10 percent increase in sales in the second quarter of the year. Japan has been especially successful, with Pandora reporting that its business there has nearly doubled in size over three years and continues to grow at a "very high double-digit" rate. In China, after three years of declining sales, Pandora says it is seeing a turnaround, with growth surpassing that of the previous year. The company is also shifting its production strategy slightly, aiming for less reliance on Thailand and more on Vietnam. Another key focus for Pandora is laboratory-grown diamonds, which are cheaper than natural diamonds and allow for more affordable jewelry. Berta de Pablos-Barbier noted that younger consumers are increasingly concerned about the environment, and preferences can vary by region. In 2025, laboratory-grown diamonds accounted for nearly 20 percent of the global market and were valued at between 3 and 4 billion dollars. Industry forecasts suggest this could grow to 9.6 billion dollars by 2033. These diamonds also help reduce carbon emissions by about 90 percent, aligning with Pandora’s broader goals of using recycled materials and renewable energy. The new Vietnamese factory uses recycled gold and silver in its production. Despite these efforts, Pandora is facing a more challenging business environment. The company reported growth that fell short of its targets and a slight decline in net profit last year, partly due to American tariffs on imported goods. Additionally, the rising cost of silver has led to an increase in the production of platinum-plated jewelry, including in the new Vietnamese factory. These factors highlight the challenges Pandora faces as it continues to expand and adapt to global market conditions.