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Writer's pictureVan Pham LLC
May 22 min read

Discover the Dazzling Potential of Vietnam's Jewelry Market!

1. Executive Summary

The Vietnamese jewelry market presents a promising opportunity for businesses, with a projected revenue of US$1.14 billion in 2024 and a CAGR of 3.73% expected for the next four years. This report explores the key trends, opportunities, challenges, and recommendations for success in this market.


2. Market Overview

The Vietnamese jewelry market is experiencing a surge in demand, driven by a growing appreciation for traditional and handcrafted pieces, alongside a rising preference for branded and designer jewelry. Young consumers are increasingly fashion-conscious, and the market is witnessing a significant recovery post-pandemic.


3. Key Trends

  • Shifting consumer preferences: A growing demand for branded and designer jewelry alongside traditional pieces.

  • Rise of fashion-conscious youth: Youngsters are driving demand for trendy jewelry.

  • Post-pandemic recovery: The market is bouncing back strongly after the COVID-19 disruption.

  • Surge in Chinese tourism: An influx of Chinese tourists seeking jewelry purchases is boosting the market.

  • Regulatory reforms: Potential removal of unnecessary licenses for gold imports could benefit jewelry production.


4. Opportunities

  • Growing middle class: Rising disposable income among the middle class creates a strong customer base.

  • Chinese tourist market: Capitalize on the trend of Chinese tourists purchasing jewelry in Vietnam.

  • Regulatory reforms: Streamlined regulations can enhance the production and import of jewelry materials.The State Bank of Vietnam is considering removing unnecessary licenses and allowing gold companies to import raw materials for jewelry production.


5. Challenges

  • The country is at an underdeveloped phase, with unskilled laborers which results in a shortage of premium quality jewelry prices.

  • A high demand for jewelry with fewer retailers increases the prices of the product.

  • The outbreak of Covid-19 has had an adverse impact on the Vietnam jewelry market growth.


6. Recommendations

  • Market understanding: Conduct thorough research to understand Vietnamese consumer preferences.

  • Strong brand identity: Develop a distinct brand image that resonates with target audiences.

  • Customer service excellence: Prioritize exceptional customer service to build trust and loyalty.

  • CRM investment: Utilize Customer Relationship Management software to enhance customer interactions.

  • Trade show participation: Showcase your products at relevant trade shows to increase brand exposure.


7. Key Market Players

  • PNJ Jewelry: A dominant player offering a broad range of products across price points.

  • DOJI Jewelry: Targets the growing middle class and fashion-conscious youth.

  • SJC Jewelry: Renowned for high-quality products and a trusted brand among consumers.

Foreign Brands' Success

  • Pandora: A successful example of a foreign brand catering to the mid-range market segment.

  • Cartier & Dior: These luxury brands benefit from the rising demand for designer jewelry.

  • Swarovski: Another successful foreign brand capitalizing on the high-end jewelry market segment.


The Vietnamese jewelry market offers significant potential for businesses. By understanding the trends, opportunities, and challenges, and by implementing the recommendations outlined in this report, businesses can establish a strong foothold in this dynamic and growing market.


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