Vietnam consumes nearly 50 tons of gold jewelry each year, with 80% absorbed by HCMC, according to the Saigon Jewelry Association (SJA).
The country imported more than 1,000 tons of gold in the 1991-2012 period.
Businesses have not been allowed to import raw gold since May 2012, but consumption of the precious metal has still increased stealthily every year, said SJA.
In recent years, the export turnovers of Vietnamese gold jewelry have stood at $20-30 million per year.
The jewelry is mainly exported to Asian and European markets such as Germany, Denmark and France.According to the World Gold Council, Vietnam’s demand for gold bars, coins and jewelry ranks first in Southeast Asia.
Vietnam gold companies churn out more than 11 million gold products weighing over 40 tons, thanks to an industry that employ over 38,000 jewelers, according to SJA.
However, the ban on importing raw gold has caused difficulties for gold companies because there are differences between gold prices in international and local markets.