Vietnam: Diamond Market 2024

Diamond Market Size in Vietnam

In 2022, the Vietnamese diamond market increased by X% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption recorded a strong expansion. Diamond consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Diamond Production in Vietnam

In value terms, diamond production amounted to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with a decrease of X%. Over the period under review, production attained the peak level in 2022 and is expected to retain growth in years to come.

Diamond Exports

Exports from Vietnam

After two years of decline, shipments abroad of diamonds and other precious stones (unworked) increased by X% to X tons in 2022. Overall, exports saw a strong increase. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, diamond exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a deep contraction. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Belgium (X tons) and Thailand (X tons) were the main destinations of diamond exports from Vietnam.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X) remains the key foreign market for diamonds and other precious stones (unworked) exports from Vietnam, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Belgium totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Thailand (X% per year).

Export Prices by Country

In 2022, the average diamond export price amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price, however, faced a sharp curtailment. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. The export price peaked at $X,095 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced mixed trend patterns.

Diamond Imports

Imports into Vietnam

In 2022, supplies from abroad of diamonds and other precious stones (unworked) increased by X% to X tons, rising for the second year in a row after two years of decline. Overall, imports showed a significant expansion. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, diamond imports surged to $X in 2022. In general, imports, however, continue to indicate a perceptible decrease. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of diamond to Vietnam, with a X% share of total imports. Moreover, diamond imports from Belgium exceeded the figures recorded by the second-largest supplier, the United States (X tons), sixfold. The third position in this ranking was taken by South Africa (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and South Africa (X% per year).

In value terms, Belgium ($X) constituted the largest supplier of diamonds and other precious stones (unworked) to Vietnam, comprising X% of total imports. The second position in the ranking was taken by Russia ($X), with a X% share of total imports. It was followed by Canada, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (X% per year) and Canada (X% per year).

Import Prices by Country

In 2022, the average diamond import price amounted to $X per ton, reducing by X% against the previous year. Overall, the import price showed a precipitous shrinkage. The pace of growth appeared the most rapid in 2019 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :