Vietnam is a large potential market for jewelry consumption
This information was given at a International Gemmological Conference, held in Hanoi on October 13, the first of this kind in Vietnam.
At the event, Do Minh Phu, Chairman and General Director of DOJI Group, said besides being a big jewelry consumption market, Vietnam has high potential as a jewelry exporter. But due to export tariff restrictions, domestic gold is often priced higher than that of the world market, affecting exports.
He added that Vietnam’s jewelry gold value reached over over USD2 billion in the period between 2009 and 2010. However, recently the value has dropped to below USD50 million per year, with EU, the US and the Middle East being the major importers.
Vietnam is home to 12,000 companies that specialise in the production of jewelry, but only a small number of them have large-scale investment with industrial production.
