Vietnam Jewellery Market Size, Share and Forecast Trends - Growth Analysis and Outlook Report (2026-2035)

Key Trends and Recent Developments

Vietnam Jewellery Industry Segmentation

Vietnam Jewellery Market Share

By Product Type: Among Vietnam's jewellery product categories, Ring and Earrings hold the two most prominent positions in terms of revenue contribution and consumer penetration. Rings dominate the bridal and ceremonial segment, where gold and diamond varieties are considered non-negotiable components of Vietnamese wedding tradition, ensuring a consistent annual purchasing cycle largely insulated from discretionary spending trends. The 4.4% CAGR projected for rings reflects not only this cultural demand floor but also strong incremental growth from fashion-forward younger consumers experimenting with everyday ring styles. Earrings represent the second strongest performing segment, supported by the large female consumer base, high purchase frequency tied to gifting occasions, and a growing variety of styles ranging from traditional gold drops to contemporary pearl and gemstone designs. In April 2024, Tierra Joint Stock Company opened a new store at Saigon Centre specifically targeting female consumers, reflecting the confidence retailers place in the earrings and pendant categories.

By Material Type: Gold and Diamond are the two materials that most decisively shape Vietnam's jewellery market share dynamics. Gold accounts for a majority of total market value, a position reinforced by its dual role as personal adornment and investment asset across all consumer income levels. The State Bank of Vietnam's June 2024 decision to allow direct gold sales through state-owned commercial banks to moderate domestic premiums is a telling indicator of how central gold is to Vietnam's broader consumption patterns. Diamonds, particularly lab-grown varieties, are the most rapidly growing material sub-segment, with DOJI Gold and Gems Group's 2024 lab-grown diamond launch providing commercial validation for the category's upward trajectory.

By Category: Within the branded-unbranded dimension, Unbranded jewellery retains the larger share of total market volume, reflecting Vietnam's extensive informal retail ecosystem. However, the gap is narrowing steadily. The Branded segment's expanding share is being driven by rising consumer education around authenticity, quality certification, and the reputational cost of counterfeit purchases. A 2024 seizure of over 3 tons of counterfeit jewellery in major Vietnamese cities highlighted the scale of the problem and, paradoxically, reinforced consumer preference for certified branded products. International brand entries such as Pandora's USD 150 million manufacturing investment and the retail expansion of luxury labels including Cartier and Tiffany in Ho Chi Minh City are accelerating this shift, particularly in affluent urban markets.

By End User: Women account for the dominant share of jewellery purchases in Vietnam across all product types and price tiers. Cultural norms around gifting, bridal ceremony, and personal ornamentation place women at the center of virtually every major jewellery purchasing decision. The growing financial independence of Vietnamese women in urban labor markets is additionally strengthening discretionary jewellery spending as a form of self-expression. The Men's segment, while smaller in absolute terms, is experiencing above-average growth as younger male consumers adopt jewellery as a fashion accessory, particularly gold chains, bracelets, and rings, influenced by local celebrity culture and international fashion trends visible through social media.

By Distribution Channel: Offline channels retain the majority of jewellery market revenue in Vietnam, with physical retail stores remaining the preferred venue for high-value jewellery purchases where product inspection and authenticity verification can occur in person. PNJ Group, SJC, and DOJI collectively operate hundreds of physical outlets spanning major cities and provincial towns. The Online channel is outpacing offline growth in percentage terms, with USD 282.7 million in e-commerce jewellery sales in 2024 and a projected CAGR of over 10% in the online segment through 2028. Social commerce platforms including TikTok Shop are particularly effective for artisanal and mid-range brands reaching first-time buyers outside major metropolitan areas.

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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

The Southeast region of Vietnam, centered on Ho Chi Minh City, represents the country's most commercially significant jewellery market and functions as the primary entry point for both domestic and international brands. The city's expanding base of high-net-worth individuals, senior professionals, and international tourists creates layered demand spanning mass-market gold pieces through to ultra-luxury collections. All major domestic jewellery groups maintain flagship stores and administrative headquarters in the Southeast region, and international houses such as Cartier, Bulgari, Tiffany, Van Cleef and Arpels, and Pandora have established or expanded their presence in the city's premium retail corridors. The January 2025 announcement of the Asian Diamond Exchange in Ho Chi Minh City, supported by a USD 5 billion investment commitment, is set to establish the region as a formal diamond trading hub for Asia, with significant downstream implications for local jewellery manufacturers and retailers. As urbanization rates rise and per capita incomes continue to grow, the Southeast region is well-positioned to maintain and strengthen its lead in Vietnam's overall jewellery market through the forecast period.

The Red River Delta, anchored by Hanoi, holds the second-largest share in Vietnam's jewellery market and brings a distinct character shaped by deep artisanal heritage, a large public sector professional class, and steady cultural demand for traditional gold jewellery at festivals and weddings. Hanoi's historic Old Quarter hosts numerous silversmithing workshops and family-owned gold shops that serve both domestic shoppers and international visitors in significant numbers. The city's tourism activity reached 25.33 million visitors in the first eleven months of 2024, according to the Hanoi Department of Tourism, with a meaningful proportion of foreign visitors purchasing traditional Vietnamese jewellery as gifts and personal souvenirs. Brand penetration in Hanoi is growing, with organized retailers expanding into the city's shopping mall corridors and premium commercial districts to capture the rising aspirational spending power of the educated middle class. Bridal jewellery remains a particularly strong category in the Red River Delta, where elaborate wedding gold sets are a firmly entrenched cultural norm.

Competitive Landscape

Key Findings from the Vietnam Jewellery Market Report

• Comprehensive quantitative and qualitative analysis of the Vietnam Jewellery Market with historical and forecast data from 2019 to 2035
• Detailed segmentation by product type, material type, category, end user, distribution channel, and regional breakdown covering Southeast, Red River Delta, Mekong River Delta, South Central Coast, and Others
• In-depth competitive profiles of leading market participants including PNJ Group, DOJI Gold and Gems Group, Saigon Jewelry Company Limited (SJC), and Bao Tin Minh Chau Jewelry, alongside strategic overviews of other key regional players
• Assessment of government policy impacts including gold import reforms, state bank gold sales interventions, and the establishment of Vietnam's Asian Diamond Exchange in Ho Chi Minh City
• Analysis of evolving consumer preferences spanning the shift toward branded jewellery, growing lab-grown diamond adoption, e-commerce channel expansion, and technology-driven personalization in retail
• Strategic recommendations for market entry, competitive positioning, product development, and channel investment in Vietnam's expanding jewellery sector

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Call to Action

Discover what is driving the Vietnam Jewellery Market in 2026 and beyond with our comprehensive research report. From the latest shifts in material preferences and product category performance to the brands reshaping Vietnam's retail landscape, this report gives you everything you need to move with clarity. Whether you are exploring market entry, benchmarking competitors, or identifying the next high-growth segment, the insights are ready for you. Download your free sample today and unlock the key opportunities in Vietnam's thriving Jewellery industry.

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