World’s Largest Jewelry Brand Says Reshoring US Production “Simply Won’t Work” 

Pandora Jewelry CEO Alexander Lacik spoke with Bloomberg TV’s Anna Edwards on Wednesday about the potential for re-shoring production from Asia to the U.S. in response to President Trump’s trade war. But the head of the world’s largest jewelry company offered a blunt assessment: Pandora has no plans to overhaul its supply chain. 

Edwards asked Lacik: “So, a third of Pandora’s business comes from the U.S., which means you’re quite exposed to tariffs since you produce 95% of your jewelry in Thailand. You have plans to open a site in Vietnam, but there’s a 46% tariff on products coming from Vietnam into the U.S. So, Alexander, does this have you looking at other production locations?”

Lacik responded, “If I wanted to build another plant somewhere, it would take roughly three years to get something up and running. You would actually need to go to places where there is a tradition of crafting. I have almost 15,000 craftspeople working for Pandora in Thailand at the moment. Those craftspeople have many years of tradition in doing crafted jewelry.”

Here’s one of Pandora’s Thailand factories…

“So it’s not so easy, just – it’s not like moving a machine from one place to another. So, first of all, finding the skilled people who can do the jewelry for us would be the first protocol,” Lacik said, 

He was very blunt: “So if you look at labor costs, if I were to consider going to the US, in terms of economics, that equation wouldn’t work for us.” 

The takeaway from the world’s largest jewelry company—which designs, manufactures, and markets hand-finished pieces from Southeast Asia—is that it has no plans to abandon its ultra-low-cost manufacturing hubs. That means Pandora will either absorb the tariffs or pass the added costs on to consumers.

“It’s not like moving a machine from one place to another”

Pandora CEO Alexander Lacik tells @annaedwardsnews the jewelry company is not looking to build production facilities in the US to mitigate its exposure to Trump’s tariffs https://t.co/avWsTlJs4V pic.twitter.com/K1PtRDqsdA

— Bloomberg (@business) May 7, 2025

For what it’s worth, one could argue that Americans can live without Pandora jewelry. Instead, consider buying gold and silver coins or bars—real stores of value.