Vietnam Jewellery Market to Hit USD 2.90 Billion by 2033 with a Robust CAGR of 4.60%

The Vietnam jewellery market size reached USD 1.83 Billion in 2024 and is projected to grow to USD 2.90 Billion by 2033, representing a CAGR of 4.60% during the forecast period from 2025 to 2033. Growth is driven by rising disposable incomes, cultural traditions, urbanization, and expanding retail and e-commerce channels, with gold's appeal as a safe-haven asset amid economic fluctuations.

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Study Assumption Years

Base Year: 2024
Historical Years: 2019-2024
Forecast Period: 2025-2033

Vietnam Jewellery Market Key Takeaways

The market size was valued at USD 1.83 Billion in 2024.
The market is forecasted to reach USD 2.90 Billion by 2033.
The market is expected to grow at a CAGR of 4.60% during 2025-2033.
Rising disposable incomes and a growing middle class are key market drivers.
Cultural traditions maintain steady demand, especially for ceremonial jewellery.
Urbanization and global fashion trends increase preference for modern designs.
Expanding retail and e-commerce, coupled with supportive government policies, further boost market growth.

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Market Growth Factors

The Vietnam jewellery market growth is primarily driven by rising disposable incomes and an expanding middle class. Economic growth enables more consumers to afford luxury items like gold and gemstone jewellery, valued both as adornments and investments. The report highlights that by 2027, 60% of middle-class households are projected to earn over USD 5,000 annually, underscoring the increasing financial capability fueling jewellery purchases. Cultural traditions additionally sustain demand, especially as jewellery plays a vital role in weddings, festivals, and religious ceremonies, making it an enduring element of Vietnamese social life.

Urbanization and western influence are radically reshaping consumer preferences in Vietnam. The urbanization rate is expected to surpass 50% by 2030, creating lifestyles that embrace modern fashion trends. Younger Vietnamese consumers are shifting from traditional to minimalist, trendy, and custom-made jewellery styles reflecting global tastes. Retailers are expanding their product range from heritage-inspired to bespoke contemporary pieces to satisfy this evolving demand, making urban centers hubs of innovation and style in the jewellery industry.

Tourism growth and the rise of digital platforms are expanding market accessibility for jewellery in Vietnam. In 2024, international tourist arrivals surged 39.5% year-on-year to 17.5 million, predominantly from Asia. Tourists frequently purchase locally made jewellery, boosting retail sales. Simultaneously, e-commerce platforms and digital marketing facilitate online browsing and purchases, increasing market reach. Government policies, including lowered taxes on gold and jewellery, further encourage local production and reduce import reliance, creating a vibrant and inclusive marketplace for both domestic and foreign consumers.

Market Segmentation

Analysis by Product:
**Necklace:** Driven by cultural significance and evolving fashion, gold necklaces remain popular for weddings and festivals, with younger consumers preferring minimalist, customizable designs incorporating gemstones or mixed metals.
**Ring:** This high-growth segment benefits from rising wedding demand and a trend toward personalized jewellery, including bridal sets and Western-inspired stackable rings. Men's rings are also gaining urban popularity.
**Earrings:** Demand spans traditional gold hoops and contemporary styles. Millennials and Gen Z favor trendy shapes and mixed materials, aided by affordable fashion jewellery and influencer marketing.
**Bracelet:** Balancing tradition and modernity, gold bangles are culturally important, while younger consumers opt for lightweight chains, charms, and beaded designs. Men's bracelet demand is also rising with leather and metal styles.
Analysis by Material:
**Gold:** The dominant material due to cultural and economic significance; 18K and 24K gold are popular, with local leaders PNJ and DOJI. The metal's role as adornment and investment sustains market dominance.
**Platinum:** A niche but growing luxury segment favored by affluent urban consumers, often for bridal jewellery, introduced by international brands like Cartier and Tiffany & Co. Limited by high cost and awareness.
**Diamond:** The fastest-growing material segment, propelled by rising affluence and Western bridal trends. Local retailers such as PNJ and SJC offer lab-grown diamonds appealing to middle-class buyers.

Regional Insights

Southern Vietnam, led by Ho Chi Minh City, is the most progressive and fastest-growing jewellery market region. Consumers exhibit strong demand for investment-grade gold and fashionable jewellery, with an increasing preference for diamonds and platinum among younger urban populations. The region's warm climate influences sleek, minimalist designs suited for casual wear. Southern Vietnam's higher disposable incomes and openness to global trends position it as the key driver of Vietnam's jewellery market transformation.

Recent Developments & News

In April 2025, Phu Nhuan Jewelry (PNJ) secured VND 5 billion in Series A funding to enhance production, R&D, and retail. The same month, PNJ launched the PNJ x emoji Brand Collection, featuring playful jewellery infused with iconic emoji designs. December 2024 saw Hanoia and Maison Kitsuné release a limited-edition Year of the Snake collection blending Vietnamese lacquer art with French-Japanese design. September 2024 marked Huy Thanh Jewelry's partnership with Appier to boost engagement via AI-powered recommendations, achieving a 6.2x ROI increase. In June 2024, the Museum of Ethnic Jewellery opened in Ho Chi Minh City, showcasing over 2,500 years of jewelry heritage. In May 2024, Pandora announced a USD 150 million renewable energy-powered crafting facility in Binh Duong.

Key Players

PNJ
DOJI
Cartier
Tiffany & Co.
SJC
Hanoia
Maison Kitsuné
Huy Thanh Jewelry
Pandora

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