Affluent Millennials, Women Adding Sparkle To Asean’s Gold Jewellery Market

By Vijian Paramasivam

PHNOM PENH, Jan 23 (Bernama) -- High-spending millennials and cash-rich working women are set to propel Southeast Asia’s gold jewellery market this year despite a significant rise in the price of the yellow metal. 

The demand for gold jewellery continues to flourish as gold remains a safe haven for investments and a fashion and cultural hallmark across diverse Asian cultures.

From necklaces and bracelets to bridal jewellery, earrings, and rings, the popularity of gold ornaments shows no sign of waning among Southeast Asian consumers.

Gold enthusiasts or chrysophilists from Indonesia, Malaysia, and Thailand to Vietnam, are continuously mesmerised by intrinsically designed gold jewellery and brands entering the retail markets. 

The Malaysia Gold Association is optimistic about the market's growth in 2025, driven by ASEAN's economic resilience, rising wealth, and digital innovation, and backed by strong regional trade cooperation. 

“Millennials and Gen Z are reshaping the gold market with their preference for modern, lightweight designs that reflect current fashion trends and practicality. 

“They prioritise sustainability, favouring ethically sourced gold and eco-friendly production. This group is also increasingly investing in digital gold, valuing convenience and security,” said the association's president, Datuk Louis Ng Chun Hau, in an email interview with Bernama. 

Gold prices appreciated by almost 30 per cent in 2024, touching an all-time high of RM12,367 (US$2,748.23)  per ounce.

Despite the high prices, gold trading is hitting astronomical figures. The Gem and Jewelry Institute of Thailand revealed its exports (excluding unwrought gold)  touched RM39 billion (US$8.7 billion) in 2023, and in the first seven months of last year, exports were RM22.5 billion (US$5 billion).

Based on statistics from the Malaysia External Trade Development Corporation, Malaysian-made gold jewellery exports were expected to cross RM7.7 billion last year, supported by higher gold prices, while Malaysia’s imports stood at RM7.4 billion.

Indonesia’s Ministry of Industry said the value of jewellery exports reached RM18 billion (US$3.94 million) between January to August last year, reported Antara News Agency. 

ASEAN’s 670 million population — driven by evolving consumer preferences and more women joining the workforce and enjoying better disposable incomes — will add strong momentum to the jewellery market.

“As more women in ASEAN enter the workforce and gain financial independence, their spending power grows. Gold jewellery is increasingly popular as both a fashion statement and a symbol of security and status, with rising demand in countries like Vietnam and Indonesia,” said Ng.

During the  Lunar New Year, it is a tradition for Vietnamese to celebrate “God of Wealth Day” by purchasing gold to pray for fortune.

Millennials and Gen Z demands are injecting new creativity into the industry — favouring slick designs, environmentally friendly production methods, ethical sourcing, and even shopping for lab-grown diamonds. 

Manufacturers are being pushed to cater to eco-conscious buyers to remain competitive. 

“As consumer awareness of sustainability grows, the regional gold industry is adapting by embracing eco-friendly practices and technological innovation. This ensures the industry meets the demands of eco-conscious buyers and stays competitive in a changing market,” he said.

Manufacturers are adopting sustainable practices — using eco-friendly methods like recycling gold and reducing carbon emissions to minimise environmental impact and conserve resources for long-term sustainability.

The industry is also relying on technologies like augmented reality for virtual try-ons and blockchain for product traceability, helping customers make informed decisions and ensuring transparency on the ethical sourcing of materials, said the association.

“This creates a chance for the gold industry to innovate, personalise offerings, and cater to varied buyer needs while prioritising sustainability and modern trends,” he added.

Digital transformation is fuelling the industry, making it more accessible and convenient. E-commerce platforms enable easy online purchases of gold jewellery and bullion, while digital gold investment offers young investors a secure way to build wealth, said Ng.

-- BERNAMA