Danish jewellery giant Pandora saw its market value fall sharply on Friday, losing nearly 15 billion kroner due to a drop in its share prices.
The setback followed the release of the company’s half-year results, which pointed to ongoing uncertainty over potential US tariffs. Pandora warned that duties on jewellery produced in Thailand, Vietnam, India and China could significantly impact its costs in the coming years.
Thailand plays a key role in Pandora’s global operations, as the majority of its jewellery is crafted at the company’s large production facilities in the country. Today, Pandora Production Thailand (PPT) employs more than 13,200 staff in Bangkok and Lamphun, most of them dedicated to jewellery crafting, according to the company’s website.
Despite the challenges, Pandora reported sales of 14.4 billion kroner for the first half of 2025, representing a seven percent organic growth. Chief Executive Alexander Lacik said the company remains confident about reaching its full-year targets, citing a strong product pipeline and new campaigns.
However, Pandora estimates that potential US tariffs could cost the company 200 million kroner in 2025 and rise to 450 million kroner in 2026, underscoring the pressure on its international supply chain and its reliance on Thailand’s jewellery industry.
