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

In terms of material, gold generated the maximum revenue share in South East Asia Jewellery Market – 6Wresearch

By material, gold has secured a significant revenue share in the South East Asia jewellery market attributed to its cultural importance, traditional value, and economic stability. For example, in 2022, demand for gold jewellery rose markedly, reaching 59 tons and 18.1 tons, while Thailand experienced a year-on-year increase in jewellery consumption exceeding 9 tonnes. This strong demand is expected to further drive the growth of the gold market in South East Asia.

According to 6Wresearch, the South East Asia Jewellery Market size is projected to grow at a CAGR of 5.2% during 2024-2030F. The Southeast Asia jewelry industry has experienced significant growth, driven by rapid economic expansion, rising disposable incomes, and evolving consumer preferences. The region's economic growth rates are robust, with countries like Malaysia achieving a 4.2% growth rate in Q1 2024. This economic prosperity has led to increased wealth and a shift in spending patterns towards luxury goods, including high-end jewellery. Tourism plays a crucial role in boosting the jewellery market across Southeast Asia.

The region welcomed a significant influx of tourists, with Malaysia alone seeing a 32.5% increase in foreign arrivals in Q1 2024. Tourists are attracted to high-end shopping opportunities, further driving demand for luxury jewelry. Additionally, key cultural events, such as the Lunar New Year in Vietnam, see a surge in gold purchases, reflecting the deep cultural significance of jewelry in the region.

The jewelry market is also benefiting from strategic expansions by global luxury brands. Notable openings include Fred's first outlet in Malaysia and Lukfook Joaillerie's store in Kuala Lumpur. These developments highlight the market's attractiveness and potential for growth. Moreover, Thailand's jewelry market has been revitalized by the reopening of the Chatree gold mine and increased tourist arrivals due to visa-free entry policies.

According to Dhaval, Research Manager, 6Wresearch, in 2023, rings acquired the highest revenue share in the market owing to creating appeal to a wide demographic, from fashion-conscious youths to mature adults seeking trendy or traditional designs. Additionally, the availability of affordable yet stylish options and the influence of social media in promoting fashion trends have contributed to the growing demand for rings in Indonesia.

South East Asia Jewellery Market (2024-2030) report provides an in-depth analysis with 46 figures and 17 tables, covered in 104 pages. The report comprehensively covers the market by product, material and countries. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.