Pandora has signed a memorandum of understanding to build a new jewellery crafting facility in Vietnam which will see the company invest $100m (£81.9k) to support its long-term growth.
Construction is set to begin in early 2023 and production is due to start by the end of 2024. It will create jobs for more than 6,000 craftspeople and have an annual capacity of 60 million pieces of jewellery.
The new facility will be the company’s third manufacturing site and the first outside Thailand. Pandora will also expand its current site in Lamphun, Thailand, bringing the total investment to DKK 1 billion (£114m) over the next four years.
Pandora said this will allow the company to grow its total crafting capacity by around 60% and expanding its production capacity is “critical” to meet expected demand.
The new facility will be built according to the LEED Gold standard, a green building certification, and it will be powered by 100% renewable energy.
Jeerasage Puranasamriddhi, chief supply officer, said: “Vietnam has a rich craftsmanship history, and we will be able to access a large group of craftspeople. Binh Duong and VSIP provide great infrastructure, and we are very grateful for the support we have received from the local authorities and VSIP team.”
Vo Van Minh, chairman of the People’s Committee of Binh Duong Province, added: “We are delighted that Pandora Group has chosen Binh Duong to establish a new manufacturing facility in Vietnam.
“Binh Duong provincial government is committed to create the best conditions for Pandora Group throughout the process of developing, building and operating the new facilities in our province.”
In 2021, Pandora sold 102 million pieces of jewellery, hand-finished at the company’s two crafting facilities in Thailand. Both facilities operate on 100% renewable energy and are reportedly on track to use only recycled silver and gold by 2025.