Pandora A/S is seeing US demand stabilise at a low level as consumers grapple with inflation and high gas prices, Chief Executive Officer Berta de Pablos-Barbier said.

The Danish jeweller saw consumer sentiment weaken in some markets in May, particularly in the US, but conditions have since “stabilised at a lower level,” De Pablos-Barbier said Thursday at a ceremony marking the opening of Pandora’s Vietnam factory.

“It’s not degrading further, but it’s not increasing either, especially in the mid- and lower-income population. They are confronted with inflation, high gas prices and there is still a lot of uncertainty about the wars going on around the world,” she said.

Asia, by contrast, delivered strong second-quarter results, with Pandora’s Japan business more than doubling in about three years, she said.

The opening of the Ho Chi Minh City factory ends Pandora’s decades-long dependence on Thailand, where it has three plants, for all of its production. The $150 million facility will eventually represent a third of the company’s manufacturing capacity and be the world’s largest fine-jewelry crafting facility, according to Pandora.

Pandora’s supply chain expansion comes as it plans to shift half of its products from silver to platinum-plated jewellery starting next year amid volatile silver prices.

The Vietnam plant, which is expected to be able to operate at full capacity by 2030, will eventually be able to produce 60 million jewellery pieces a year. The company sold 112 million pieces of jewellery in 2025.

Vietnam’s attraction includes good infrastructure, a stable economic environment and “a great tradition of jewellery crafting,” De Pablos-Barbier said.

The new plant will also give the company more manufacturing flexibility. Gold and silver input for the Vietnam factory will come from Pandora’s current suppliers of recycled materials, she said. The company will consider using domestic metals if they meet its standards, according to De Pablos-Barbier.

Pandora in March opened a new online distribution centre in Canada, reducing its exposure to US tariffs, as online jewelry orders destined for the Canadian market do not need to pass through US customs.

Pandora revised up its organic revenue growth as much as 3% this year from a -1% to 2% forecast earlier. The company’s success in Asia is part of the reason for the adjustment, De Pablos-Barbier said.

Pandora reported organic revenue growth of 6% in 2025 and 13% the year before.

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