Vietnam Jewellery Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

Vietnam Jewellery Market Growth

The rising intervention from both governing and non-governing bodies to lower the raw material prices will impact the Vietnam jewellery market share. In June 2024, the State Bank of Vietnam started the sale of gold directly to four state-owned commercial banks in a bid to lower the metal’s domestic price. Vietnam offers affordable precious metals, high-quality gems, and exquisite designs as it is home to most of the finest jewellery shops in Asia. The rising number of stores launches along with the growing popularity of pearl jewellery on account of the surging number of pearl farms will favor the market expansion.

Key Trends and Recent Developments

Vietnam Jewellery Market Trends

The jewellery market in Vietnam is poised for expansion with the growing technological incorporation. Smart jewellery is gaining wide popularity across the country as it combines aesthetics and functionalities. High-end fashion wearables, including jewellery and bracelets are integrated with features, such as fitness monitoring, and notification alerts. The surge in government led reforms to boost imports and the growing adoption of augmented reality technology (AR) for improving the online sales of jewellery are other factors driving the overall industry growth. In June 2024, the Government of Vietnam allowed several companies, in over a decade, to import gold for the first time.

Vietnam Jewellery Market Opportunities

The increasing usage of alternate materials for creating innovative accessories is one of the key factor which will likely boost the Vietnam jewellery market development. For instance, resin rings have grown popular as a modern art jewellery item, mainly amongst young people owing to their unique creativity. With its rich cultural history, jewellery manufacturing across the country has become a staple while holding significant investment opportunities. The booming tourism industry in Vietnam on account of expanded air connectivity and open visa policies is further driving the purchase of various jewellery items as gifts and souvenirs. According to industry reports, Vietnam tourism received over 17.5 million international visitors in 2024, up by 39.5% in 2023.

Vietnam Jewellery Industry Segmentation

Vietnam Jewellery Market Share

Market Insights by Product Type

The increasing preference for rings driven by the growing interest in easy to wear accessories will increase the Vietnam jewellery market revenue. The rising inclination towards silver rings as they help enhance clarity and emotional harmony is also making them an excellent option for those seeking quiet and centered lifestyles.

Earrings are likely to witness a dominance in the country mainly on account of the expanding female population. The increasing activities for the introduction of new and tailor-made earrings will add to the segment growth. In April 2022, Vietnam Airlines-operated shopping platform VNAMALL launched a new line of co-branded earrings, inspired by lotuses and pearls, fabricated by top Vietnamese artisans.

The Vietnam jewellery industry outlook will also be influenced by the rising demand for charms and bracelets as they cater to men, women and kids. With adjustable designs and intricate details, premium-quality charm bracelets are gaining popularity as they are crafted to add a touch of elegance to any outfit.

Market Insights by Material Type

The expanding middle class population and the strong desire for affordable accessories will favor the silver jewellery demand. As sterling silver jewellery can be paired with natural gemstones, it has become popular for its craftsmanship, authenticity, and cultural value.

Diamonds are recording wide preference across the country due to the presence of some of the most distinguished and prominent companies. The significant efforts placed on ramping up the production of lab-grown diamonds to cater to the rising regional consumer requirements will boost the product uptake.

Meanwhile, the demand for platinum in the Vietnam jewellery industry is expected to grow with the evolving consumer preferences and growing interest in precious metals. According to industry reports, Vietnam imported USD 10.4 millions of platinum in 2023.

Market Insights by Category

As per the Vietnam jewellery market report, the preference for branded jewellery will increase with their established reputation and quality assurance. Given the rising spending on luxury jewellery on account of the growing purchasing capacities, several consumers in Vietnam are opting for branded accessories.

Unbranded jewellery will record strong demand due to the surge in the number of local artisans and their constant efforts on product innovations. In September 2024, Vietnam Law & Legal Forum magazine revealed that the Dinh Cong village in Hanoi specializes in applying special techniques for making unique intricate silver objects.

Market Insights by End User

The Vietnam jewellery market value will expand through end users. The significant adornment of bracelets by men across the region can be attributed to the perfect blend of style and durability. The growing popularity of Vietnamese sand gold rings among men for their long-lasting, rich, prosperous and gold imitation attributes will favor the segment growth.

The expanding female population coupled with the ease of access to a wide range of accessories are prominent drivers influencing the higher adoption of jewellery amongst women. According to UN’s World Population Prospects 2024, the number of females in Vietnam stood at 51.53 million.

Market Insights by Distribution Channel

According to the Vietnam jewellery market analysis, the distribution of jewellery on online platforms is set to grow with the rising smartphone usage and ease of availability of internet. The growing adoption of digital wallets and other online payment options will also drive the preference for online jewellery sales.

The growing number of offline stores along with their increasing preference as they offer a better purchasing experience will enhance the segment growth. In April 2023, Luxury jewellery brand Tiffany & Co. opened its new store in Ho Chi Minh City, following the launch of its first store in Hanoi.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Vietnam Jewellery Market Regional Analysis

Southeast Jewellery Market Drivers

The expanding middle-class population and their rising spending abilities on luxury items will impact the Southeast Vietnam jewellery market outlook. The great culture and appreciation for fine craftsmanship and jewellery is propelling the rise in the number of stores across the region. In January 2024, American jewellery retailer Jacob & Co partnered with retail leader JW International Company to open a boutique providing high jewellery patrons in Ho Chi Minh City.

Red River Delta Jewellery Market Trends

Driven by the rising influence of fashion trends and international brands, the demand for jewellery will expand in the Red River Delta region of Vietnam. The growing tourism industry has further made Hanoi a charming and historic destination for its traditional silver crafts. According to Hanoi Department of Tourism, Hanoi recorded a surge in tourism with 25.33 million visitors in the first 11 months of 2024.

Mekong River Delta Jewellery Market Factors

As per the Vietnam jewellery market analysis, the rising activities in pearl cultivation is expected to drive the preference for pearl accessories, such bracelets, earrings and necklaces in the Mekong River Delta area. The growing efforts undertaken for converting wasted coconut shell pieces into beautiful and valuable jewellery will also add to the regional product demand.

Competitive Landscape

Other key players in the Vietnam jewellery market report are HUY THANH GOLD, SILVER AND GEMSTONE COMPANY LIMITED, Skymond Luxury, Cartino, and HALONG GOLD AND GEMSTONE CO., LTD.