HCM CITY – The launch of Vhernier, a famous Italian jewellery brand, in HCM City last November attracted many jewellery lovers, investors and industry experts.

A month later the fifth edition of Salon Deluxe Vietnam was organised in the city, showcasing diamonds, jewellery and watches from many brands, and it too was well patronised.

The two events indicated the attraction the Vietnamese jewellery market, especially the luxury segment, has for international brands and companies. 

Already flocking to the market are several giant players such as BVLgari, Tiffany,  Van Cleef & Arpels, Chaumet, Cartier, Nanis, Ted Muehling, Nak Armstrong, Spinelli Kilcollin, Giorgio Viíconti and Artur Scholl.

While admittedly accounting for only a small ratio of about 10 per cent in the jewellery market, the luxury segment is growing rapidly.

IMARC Group predicted in a report that the Việt Nam jewellery market size is projected to grow at a rate of 4.59 per cent annually in 2024–32.

Rising disposable incomes, the cultural significance of jewellery, rapid urbanisation, western influences, an expanding tourism industry, increasing gold investments, emerging e-commerce and digital marketing platforms, favourable government initiatives, and the growing popularity of bridal jewellery are cited as key factors driving the market.

A report from Statista revealed that Việt Nam's jewellery market generated revenues of US$1.08 billion in 2024 and is projected to grow at an annual rate of 4.87 per cent during 2024–29.

The luxury jewellery segment was estimated to be worth $116.90 million in 2024, with the market expected to grow annually by 3.51 per cent.

 

Vhernier, after more than a month in Việt Nam, has reported surpassing sales expectations.

In an interview with Việt Nam News, Andrea Broggian, commercial and budget control manager of Vhernier, said his company has decided to expand its presence in the region, particularly in Việt Nam, due to the increasing local enthusiasm and appreciation for jewellery.

“The demand for niche luxury jewellery brands like Vhernier is on the rise in Việt Nam, driven by economic growth, changing consumer preferences, and an appreciation for craftsmanship and exclusivity.

“With increased access to global fashion trends through social media and tourism, Vietnamese consumers are becoming more aware of and interested in international luxury brands.

“This exposure has created a demand for niche brands offering distinctive aesthetics.

“We have observed a significant shift in consumer preferences recently. Vietnamese consumers, especially the younger generation, are becoming more sophisticated and discerning in their purchases. They seek brands that offer distinctiveness, authenticity, and a compelling narrative. There is a strong interest in craftsmanship and artisanal products.

“Brands that effectively communicate their unique values are likely to resonate with this audience.”

Runway, a prominent fashion retailer in Việt Nam, has introduced numerous luxury jewellery brands like Ted Muehling, Nak Armstrong, Spinelli Kilcollin, Giorgio Visconti, Artur Scholl, and Nanis.

The founder of Runway, Trần Hoài Anh, told Việt Nam News that the luxury market in Việt Nam is still young but growing rapidly.

“It has faced challenges following the COVID-19 pandemic, including the war in Ukraine and a global economic slowdown, but it still has great potential for future growth.”

She said Vietnamese consumers place high value on quality, authenticity and prestige in luxury goods, and brands with a rich heritage and history, alongside exceptional craftsmanship and timeless elegance, are particularly appreciated.

“We strongly believe in the steady growth of this market. In the jewellery sector, we have observed affluent clients shifting towards fine jewellery over fashion pieces, recognising its investment value, timeless appeal, and status symbolism.”

She attributed the market’s development to robust economic growth and a large, young population.

“This demographic, unlike the ageing populations seen in many other countries, represents a significant consumer market.

“Việt Nam is also emerging as a global manufacturing hub and a key tourist destination.

“The Government’s efforts to improve the business environment make the market increasingly accessible. Overall, it is one of the most attractive and promising markets globally.”

Jewelmer has returned to Salon Deluxe Vietnam after many years.

Discussing the comeback, Franck Ferrari, international sales manager of Jewelmer, told Việt Nam News: “The Vietnamese luxury jewellery market holds significant potential, driven by a growing appreciation for the golden South Sea pearl, the rarest and most exquisite variety in the world.

“Our experience at Salon Deluxe has been highly positive, and we are open to exploring further opportunities in this dynamic market.

“The purchasing power in the Vietnamese market shows strong growth, reflecting an evolving appreciation for luxury and craftsmanship.

“We see exciting possibilities in Việt Nam’s discerning clientele and their interest in meaningful, high-quality pieces.

“Việt Nam’s vibrant market offers opportunities to connect with new audiences and celebrate our artistry. We remain receptive to collaborations and initiatives that align with our brand’s values and vision.” VNS