Report by ICA Ambassador to Vietnam 5/21
By Yen Thi Ngoc Le
Dear ICA members,
Greetings from Vietnam.
I would like to begin by telling you that gemstone mining continues as usual. We have new outcome of ruby, star ruby, spinel, and more cobalt blue spinel.
In the north, Mr. Le Hai, the president of Vietnam Gemstone, Gold, & Pearl Traders Association is building and organizing an in-door Gems Trading Center, in Yen Bai Mining City. When completed, it should utilize around 700 square meters. There will be multiple types of gem trading and cutting centers in Yen Bai, and nearby Luc Yen mining cities.
Vietnamese retail/consumer demand and trends shows that the high-end market has been doing well, especially with large size diamonds and big size colored stones, in both classic design and bespoke design pieces.
Export figures show that that export traffic is increasing globally, specifically to a variety of major destination countries/regions.
Because of this, we believe that Malca-Amit Logistics is currently taking more positive actions into Vietnam, investing in the representative office, by having their key personnel in Vietnam, and improving the system.
Local gem and jewelry trade shows are actually mostly individual private shows, from big local big brands.
Local trade regulations info (e.g. export/import regulations, taxes, duties, etc) show that thanks to trade agreements, despite some difficulties, transactions have been growing.