Signet, Pandora Consider Ways to Adjust to New Tariffs

By Rob Bates | April 07, 2025

Two of the world’s largest jewelry companies said they are still determining how they will deal with the new world of tariffs and restricted trade, following President Trump’s executive order last week.

Signet Jewelers told its vendors on Friday that it expects them to stick to agreed-on prices on existing orders, according to a mass email obtained by JCK.

“We are not accepting any new tariff impacts at all to current purchase orders,” said the note to suppliers, signed by Signet CEO J.K. Symancyk. “Cost and payment structure will be based on all existing atelier pricing, with [the] current tariff structure in place.

“We strongly encourage all partners to ship existing purchase orders where production is complete” to the United States, he wrote.

Effective Saturday, April 5, the U.S. imposed 10% duty on nearly all global imports. Higher levies on most trading partners are due to take effect Wednesday, April 9.

If those additional tariffs are imposed, Symancyk wrote, “we expect to work closely with supply chain partners on mitigation efforts. The situation will no doubt remain dynamic as some countries will likely lower tariffs and others may raise them.”

He added: “It’s too early to know the potential impacts of the tariff actions on Signet’s key stakeholders and vendors. Our team is currently evaluating the specifics of [Trump’s] executive order and its impacts to various aspects of the business.”

Meanwhile, Pandora, which is based in Denmark and primarily manufactures in Thailand, said in a statement released on Thursday that the proposed tariffs could cost the company up to 1.2 billion Danish kroner (about $175.5 million) a year.

The impact for fiscal 2025 is likely to be as much as 700 million kroner ($102.4 million), according to Pandora.

The charm maker said that approximately 250 million kroner ($36.5 million) of that is linked to goods sold in Canada and Latin America but distributed via the United States. Pandora expects to mitigate that, possibly by moving distribution elsewhere, within the year.

Pandora said it is exploring other mitigation efforts, “including possible price increases and changing the supply chain.”

(Photo: Getty Images)