Vietnam: Synthetic Gemstones Market 2024

Synthetic Gemstones Market Size in Vietnam

In 2021, the Vietnamese synthetic gemstones market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption, however, saw a precipitous setback. Synthetic gemstones consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Synthetic Gemstones Exports

Exports from Vietnam

In 2021, shipments abroad of synthetic or reconstructed precious or semi-precious stones decreased by 0% to X kg, falling for the fifth consecutive year after two years of growth. Overall, exports recorded a dramatic decline. The pace of growth appeared the most rapid in 2015 with an increase of 378%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, synthetic gemstones exports surged to $X in 2021. Over the period under review, exports recorded a significant decrease. The pace of growth appeared the most rapid in 2015 with an increase of 289%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X kg) was the main destination for synthetic gemstones exports from Vietnam, accounting for a 76% share of total exports. Moreover, synthetic gemstones exports to Japan exceeded the volume sent to the second major destination, China (X kg), fourfold.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at -49.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-34.4% per year) and Singapore (-33.4% per year).

In value terms, Japan ($X) remains the key foreign market for synthetic or reconstructed precious or semi-precious stones exports from Vietnam, comprising 73% of total exports. The second position in the ranking was taken by China ($X), with a 17% share of total exports. It was followed by Singapore, with a 0.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan totaled -43.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-26.1% per year) and Singapore (-38.2% per year).

Export Prices by Country

The average synthetic gemstones export price stood at $X per ton in 2021, picking up by 70% against the previous year. Overall, the export price showed strong growth. The pace of growth appeared the most rapid in 2017 when the average export price increased by 75%. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+13.9%), while the prices for the other major destinations experienced mixed trend patterns.

Synthetic Gemstones Imports

Imports into Vietnam

Synthetic gemstones imports into Vietnam surged to X tons in 2021, picking up by 19% on the previous year's figure. Overall, imports, however, showed a sharp contraction. The growth pace was the most rapid in 2017 with an increase of 122%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, synthetic gemstones imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a abrupt slump. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Taiwan (Chinese) (X tons), South Korea (X tons) and the United States (X tons) were the main suppliers of synthetic gemstones imports to Vietnam, together accounting for 65% of total imports. These countries were followed by China, France, Japan and Thailand, which together accounted for a further 35%.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +508.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Japan ($X) were the largest synthetic gemstones suppliers to Vietnam, with a combined 49% share of total imports. France, Taiwan (Chinese), South Korea and Thailand lagged somewhat behind, together comprising a further 38%.

France, with a CAGR of +235.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average synthetic gemstones import price stood at $X per ton in 2021, surging by 64% against the previous year. Overall, the import price posted significant growth. The pace of growth appeared the most rapid in 2018 an increase of 196% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+49.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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