Trump tariff uncertainty forces world’s biggest jeweller Pandora to reshuffle its supply chain

By DAILY MAIL CITY & FINANCE REPORTER

Updated: 22:08 BST, 7 May 2025

The world’s biggest jeweller Pandora will reshuffle its supply chain as uncertainty over Donald Trump’s tariffs rages.

Chief executive Alexander Lacik said it will start sending products from its Thailand factory to Canada and Latin America, rather than from a warehouse in the US.

Shares trading on the Copenhagen stock market have lost 6pc of their value since the US President unleashed tariffs.

Thailand, where Pandora makes most of its products such as its £35 signature charms for bracelets, was hit with a 37 per cent charge, since postponed until July.

‘Nobody knows what will happen 75 days from now,’ Lacik told the Financial Times. 

He rebuffed Trump’s hopes that more firms will produce ‘made in the US’ goods, saying the brand needed to manufacture in areas with ‘enough of a craft tradition’.

Working her charm: Actress Pamela Anderson dazzles in Pandora jewellery

‘The idea of moving production to the US is a bit of a dream,’ he added. The group has estimated tariffs could cost it around £100million per year at the 37 per cent rate.

But even if Thailand continues to only be subjected to its current 10 per cent levy, prices are set to increase, Pandora warned.

Sales in the first three months of the year rose 8 per cent to £830million as Americans continued to splash out on jewellery.

Pandora shares rose 1.7 per cent.

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Trump tariff uncertainty forces world’s biggest jeweller Pandora to reshuffle its supply chain

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