Vietnam gemstones market report Size, Share, Growth Drivers, Trends, Opportunities & Forecast 2025–2030

Vietnam Gemstones Market Overview

• The Vietnam Gemstones Market is valued at USD 1.8 billion, based on a five-year historical analysis. This growth is primarily driven by increasing consumer demand for luxury goods, particularly in the jewelry sector, and the rising popularity of gemstones as investment assets. The market has seen a surge in both domestic and international interest, with Vietnam's exports of precious metals, precious stones, and related articles surging by 19.4% in February 2025, contributing to its robust expansion.
• Key players in this market include Ho Chi Minh City, Hanoi, and Da Nang, which dominate due to their established jewelry manufacturing industries and vibrant retail environments. These cities serve as major hubs for gemstone trading and processing, attracting both local artisans and international buyers, thus enhancing their market presence. Vietnam has been increasing its gemstone exports to countries including Japan, Thailand, European countries, and the United States, leveraging its diverse geology and production of high-quality gemstones such as ruby, sapphire, aquamarine, spinel, and topaz.
• The Vietnamese government has implemented comprehensive regulations to promote sustainable gemstone mining practices and support industry development. In June 2024, the State Bank of Vietnam initiated direct gold sales to state-owned commercial banks to stabilize domestic precious metal prices. Additionally, in January 2025, Vietnam secured USD 5 billion for establishing Asia's first integrated exchange, the Asian Diamond Exchange (ADE), along with the International Financial Center (IFC) in Ho Chi Minh City, facilitating lab-grown and rough diamond trading operations.

Vietnam Gemstones Market Segmentation

By Type:The market is segmented into various types of gemstones, including precious and semi-precious categories. Precious gemstones, such as rubies, sapphires, and emeralds, dominate the market due to their high value and demand in luxury jewelry. Semi-precious gemstones, including aquamarine, spinel, and topaz, also hold significant market share, appealing to a broader consumer base. Synthetic gemstones are gaining traction as a cost-effective alternative, while raw and cut gemstones cater to different segments of the market.

By End-User:The end-user segmentation includes jewelry manufacturers, retail consumers, exporters, and collectors. Jewelry manufacturers are the largest segment, driven by the increasing demand for customized and high-quality jewelry. Retail consumers are also significant, as they seek unique pieces for personal use or gifting. Exporters play a crucial role in the international trade of gemstones, while collectors contribute to the market by investing in rare and valuable stones.

Vietnam Gemstones Market Competitive Landscape

The Vietnam Gemstones Market is characterized by a dynamic mix of regional and international players. Leading participants such as Phu Nhuan Jewelry Joint Stock Company, DOJI Gold & Gems Group, SJC Gold and Silver Company Limited, Bao Tin Minh Chau Jewelry Company, Viet Gems, Tan Cang Gemstone Company, Kim Cuong Jewelry Company, Huu Nghi Gemstone Company, Minh Tuan Jewelry Company, An Phuoc Gemstone Company, Ngoc Bich Jewelry Company, Viet Diamond Company, Hoang Gia Jewelry Company, Kim Hoang Jewelry Company, Viet Gemstone Trading Company contribute to innovation, geographic expansion, and service delivery in this space.

Vietnam Gemstones Market Industry Analysis

Growth Drivers

• Increasing Consumer Demand for Luxury Goods:The luxury goods market in Vietnam is projected to reach approximately $3.8 billion by future, driven by a growing affluent class. The number of high-net-worth individuals in Vietnam increased by 10% in future, reaching around 27,500. This surge in wealth is fostering a greater appetite for luxury items, including gemstones, as consumers seek unique and high-quality products that reflect their status and lifestyle choices.
• Growth in Tourism and Jewelry Exports:Vietnam's tourism sector is expected to welcome over 20 million international visitors in future, contributing significantly to the local economy. The jewelry export market is projected to generate $1.5 billion in revenue, with gemstones being a key component. This influx of tourists not only boosts local sales but also enhances the visibility of Vietnamese gemstones on the global stage, attracting international buyers and investors.
• Rising Middle-Class Population:The middle-class population in Vietnam is anticipated to reach 36 million by future, representing a significant consumer base for luxury goods. This demographic shift is accompanied by increased disposable income, with average household income projected to rise to $8,000. As more individuals enter the middle class, the demand for gemstones and fine jewelry is expected to grow, further stimulating market expansion and investment in the sector.

Market Challenges

• Regulatory Compliance Issues:The Vietnamese gemstone market faces stringent regulatory compliance challenges, with over 55 laws and regulations governing mining and trade. These regulations can create barriers for small and medium enterprises, limiting their ability to compete effectively. Additionally, the lack of clear guidelines can lead to inconsistencies in enforcement, resulting in potential legal complications for businesses operating in the sector.
• Competition from Synthetic Gemstones:The rise of synthetic gemstones poses a significant challenge to the natural gemstone market in Vietnam. In future, the synthetic gemstone market was valued at approximately $1.2 billion, with a projected growth rate of 12% annually. This competition not only affects pricing but also consumer perception, as many buyers may opt for more affordable synthetic alternatives, impacting the demand for natural gemstones.

Vietnam Gemstones Market Future Outlook

The Vietnam gemstones market is poised for significant transformation, driven by evolving consumer preferences and technological advancements. As ethical sourcing becomes increasingly important, the demand for responsibly mined gemstones is expected to rise. Additionally, the integration of digital marketing strategies will enhance brand visibility and consumer engagement. With a focus on sustainability and innovation, the market is likely to attract new investments, fostering growth and expanding opportunities for local artisans and businesses in the coming years.

Market Opportunities

• Expansion of E-commerce Platforms:The e-commerce sector in Vietnam is projected to reach $25 billion by future, providing a significant opportunity for gemstone retailers. Online platforms can facilitate broader market access, allowing businesses to reach consumers beyond traditional retail channels. This shift towards digital sales can enhance customer engagement and streamline purchasing processes, ultimately driving sales growth in the gemstone market.
• Development of Sustainable Mining Practices:With increasing global emphasis on sustainability, the development of eco-friendly mining practices presents a unique opportunity for Vietnam's gemstone industry. Implementing sustainable methods can attract environmentally conscious consumers and investors, potentially increasing market share. By prioritizing responsible sourcing, companies can enhance their brand reputation and align with international standards, fostering long-term growth.