South East Asia Jewellery Market size to grow at a CAGR of 5.2% during 2024-2030

The South East Asia jewellery market experienced significant growth between 2020 and 2023, driven by robust economic development, rising disposable incomes, and a boom in tourism.

Malaysia alone is expected to see an addition of approximately 320 ultra-wealthy individuals between 2022 and 2027. This expanding affluent population is driving demand for luxury items like jewellery.

To meet this rising demand, several new luxury retail stores have been established, such as Franck Muller’s first boutique in Ho Chi Minh City, Vietnam, in 2023, Tanishq in Singapore in 2023, and Thangals, set to open in Malaysia in 2024. The increasing wealth in the region creates a fertile market for high-end jewellery, attracting both local and international brands to open new stores and expand their presence, furthermore stimulating the South East Asia jewellery market.

Singapore anticipates an increase in tourist arrivals to 10 million annually by 2026, while Thailand’s implementation of visa-free entry for citizens from 93 countries would streamline regional travel. These factors are set to significantly boost the South East Asia jewellery industry as tourists are likely to purchase regional items, including jewellery.

Additionally, the rich gold reserves in the Philippines, Indonesia, and Thailand offer significant opportunities for mining, which is expected to further enhance the jewellery market in the region. Vietnam’s rise as a manufacturing hub, highlighted by Pandora’s planned jewellery crafting facility set to open by 2026, also contributes to a favourable market environment. These developments are attracting both local and international investments, further driving the growth of the South East Asia jewellery market.