Abstract: Guangxi is rich in gem and jade resources, and the jewelry industry here started early in China. However, since its development, the jewelry industry in Guangxi has a low share and influence in the national market, and many industrial bases that rely on local superior resources have not achieved sustainable development. In recent years, the strong rise of ASEAN, especially Vietnam, has brought new opportunities for the development of Guangxi jewelry industry as well as tremendous development pressure. Based on the investigation of the development of Guangxi jewelry industry in the past ten years, this study systematically analyzed the basis of the development of Guangxi jewelry industry and pointed out its problems. It is concluded that Guangxi jewelry industry still has certain advantages in regional economic and geographical environment, gem and jade resources, talent cultivation, tourism resources, etc. However, there are obvious weaknesses in industrial agglomeration promotion and development planning, export-oriented region and enterprise brand building, design and processing industry support, the number and structure of pioneering professionals, and market management norms. In order to obtain the space of survival, development and competitive advantage in regional competition and cooperation with ASEAN market, the authors believe that the following questions are worth pondering: (1) How to further emancipate the mind and propose innovative industrial development plans based on the competitive situation of regional development; (2) How to take advantage of the opportunity of the country to vigorously expand the ASEAN market, make full use of the national preferential policies given to Guangxi, and grasp the initiative of regional market development; (3) How to further strengthen the interaction and connection with the industrial cluster development of relevant industries in the Guangdong-Hong Kong-Macao Greater Bay Area, rely on the agglomeration development to form the scale effect, enhance the strengths and offset the weaknesses, and build a new modern industrial development model.