Vietnam Diamond Bourse Market Outlook to 2030

Vietnam Diamond Bourse Market Overview

• In recent years, the Vietnam diamond bourse market has experienced rapid growth, this is reflected by Global Diamond Bourse market reaching a valuation of USD 99 billion in 2023. This growth is driven by increasing consumer demand for luxury goods, rising disposable incomes, and Vietnam's strategic position as a trading hub in Southeast Asia.
• The Vietnam Diamond Bourse Market is fragmented. This fragmentation is due to the presence of numerous players, including Phu Nhuan Jewelry (PNJ), SJC Jewelry, and Doji Jewelry.
• In 2023, Phu Nhuan Jewelry (PNJ) announced a strategic partnership with De Beers Group to enhance its diamond sourcing and distribution capabilities. This collaboration is expected to bring a substantial influx of high-quality diamonds into the Vietnamese market.

Vietnam Diamond Bourse Market Analysis

• The Vietnam Diamond Bourse market impacts the local economy by boosting export revenues. The market also stimulates growth in related sectors such as tourism, retail, and logistics, creating a multiplier effect on the economy.
• Ho Chi Minh City dominates the Vietnam Diamond Bourse market. This dominance is attributed to the city's strategic location, robust infrastructure, and status as a major commercial hub.
• The Vietnam Diamond Bourse market is primarily driven by robust economic growth and increasing disposable incomes. In 2023, Vietnam's GDP grew by 5.05%, and annual household income per capita reached $2,409.69 in 2022 leading to higher consumer spending on luxury goods.

Vietnam Diamond Bourse Market Segmentation

The Vietnam Diamond Bourse market is segmented by various factors like Product, Application, and Region.

By Product: The Vietnam Diamond Bourse market is segmented by product type into rough diamonds, polished diamonds, and diamond jewellery. In 2023, Rough diamonds dominated the market. This segment is driven by the demand from local diamond processing units, which export processed diamonds to international markets.

By Application: The Vietnam Diamond Bourse market is segmented by application into retail, industrial, and investment. In 2023, the retail segment was dominating the market. The surge in consumer spending on luxury goods and the expansion of retail networks contribute to this segment's dominance.

By Region: The Vietnam Diamond Bourse market is segmented by region into North, South, East, and West. The northern region dominated the market in 2023. The presence of major cities like Hanoi, with its affluent population, drives this segment's growth. Additionally, the region's well-established retail infrastructure and an increasing number of luxury jewellery stores contribute to its significant market share.

Vietnam Diamond Bourse Market Competitive Landscape

• SJC Jewelry's Retail Expansion: SJC has a distribution network of more than 200 stores and 43 official agencies, including 36 stores authorized to trade SJC gold bars. This expansion aims to increase SJC Jewelry's market share by reaching a broader consumer base and enhancing its brand presence in key urban centers.
• Doji Jewelry's Introduction of Lab-Grown Diamonds: In 2024, Doji Jewelry launched a new line of lab-grown diamonds, catering to the eco-conscious consumer segment. In 2025, this innovation aligns with global sustainability trends and is projected to contribute an additional USD 10 million to Doji Jewelry's annual revenue.
• Saigon Jewelry Company's E-Commerce Platform: Saigon Jewelry Company launched a comprehensive e-commerce platform in 2024, with an investment of USD 5 million. This platform aims to capture the growing online consumer base and is expected to generate USD 15 million in additional sales annually.

Vietnam Diamond Bourse Market Analysis

Vietnam Diamond Bourse Market Growth Drivers

• Increasing Demand for Luxury Goods: The demand for luxury goods, including diamonds, has been on the rise in Vietnam due to the growing number of affluent individuals. In 2023, the number of ultra-high-net-worth individuals (UHNWIs) in Vietnam (with net assets of $30 million or more) increased by 2.4% to 752 in 2023. This surge in affluent consumers drives the market for high-quality diamonds and diamond jewellery, contributing to the growth of the Vietnam Diamond Bourse market.
• Expansion of Retail Networks: The expansion of retail networks across Vietnam has boosted the availability and accessibility of diamond products. In 2024, major jewellery retailers such as Phu Nhuan Jewelry (PNJ) and SJC Jewelry opened a combined total of 28 new outlets nationwide. This increased retail presence has facilitated greater consumer access to diamond products, driving market growth.
• Tourism Growth: The rise in international tourism has positively impacted the diamond market in Vietnam. In the first half of 2024, Vietnam welcomed over 8.8 million international visitors, which was a 4.1% increase compared to the same period in 2019, with a significant portion purchasing diamonds as luxury souvenirs. The revenue generated from tourist purchases of diamond jewellery contributes substantially to the overall growth of the market.

Vietnam Diamond Bourse Market Challenges

• Counterfeit Diamonds: The prevalence of counterfeit diamonds in the market poses a significant challenge. This issue undermines consumer confidence and affects the market's reputation, necessitating stringent measures to curb the sale of counterfeit products.
• Regulatory Hurdles: Navigating regulatory hurdles remains a challenge for the diamond industry in Vietnam. In 2024, changes in import-export regulations caused delays and increased costs for diamond traders. These regulatory challenges hinder the smooth flow of the diamond trade and impact market growth.
• Supply Chain Disruptions: Supply chain disruptions due to geopolitical tensions and global economic instability have affected the diamond market. In 2024, disruptions in the supply of rough diamonds from key exporting countries led to a shortfall of a significant amount of carats in Vietnam's diamond processing industry. Such disruptions can adversely affect production schedules and market stability.

Vietnam Diamond Bourse Market Government Initiatives

• National Gemstone and Jewelry Development Program: In 2024, the Vietnamese government launched the "National Gemstone and Jewelry Development Program" with a budget allocation of USD 50 million. This initiative aims to enhance the competitiveness of the local diamond industry by providing tax incentives and subsidies for diamond processing units.
• Diamond Trading Zone Establishment: The government established a diamond trading zone in Ho Chi Minh City in 2024, with an investment of USD 30 million. This trading zone is designed to streamline diamond trade operations and attract international buyers. The establishment of this zone is anticipated to increase diamond exports by USD 100 million annually.
• Export Promotion Policies: The Vietnamese government introduced export promotion policies in 2024, including reduced tariffs and simplified export procedures for diamond products. These policies aim to enhance the competitiveness of Vietnamese diamonds in international markets.

Vietnam Diamond Bourse Market Future Outlook

The Vietnam Diamond Bourse market is expected to show substantial growth, driven by increased adoption of lab-grown diamonds, technological advancements in diamond processing, and expansion of e-commerce platforms.

Future Trends

• Increased Adoption of Lab-Grown Diamonds: The adoption of lab-grown diamonds is expected to rise significantly over the next five years, driven by growing consumer demand for sustainable and eco-friendly products. By 2029, it is projected that lab-grown diamonds will account substantial portion of the total diamond sales in Vietnam.
• Technological Advancements in Diamond Processing: Technological advancements in diamond processing, such as automated cutting and polishing techniques, are expected to enhance production efficiency and reduce costs. Additionally, the implementation of these technologies is anticipated to increase Vietnam's diamond production.