UAE Gems & Jewelry Market is anticipated to grow with rising disposable income, in the forecast period, 2023-2027F.
According to TechSci report on, “UAE Gems & Jewelry Market - By Region, Competition Forecast & Opportunities, 2027”, UAE gems & jewelry market stood at USD7.28 billion in 2021, growing at a CAGR of 6.53% during the forecast period, 2023-2027, owing to factors like growing demands for branded jewelry. Rising number of market players in the country is further driving the growth of the UAE gems & jewelry market in the upcoming five years.
Quality assurance over product, assured authenticity of the gems and jewels, along with aesthetic designs over jewelry are major factors influencing the consumer preference toward branded jewelry that drives the market growth. Collaboration between fashion houses and jewelry designers, and market players increase the product availability for the consumers to choose from, thereby supporting the growth of the UAE gems & jewelry market in the next five years.
In recent years, increasing employment and the growing working female population is also aiding the growth of the UAE gems & jewelry market in the future five years. Rising disposable income among the population, along with the surging demands for modern jewelry also facilitate the market growth.
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Moreover, consumers are inclined toward high-quality products, with increasing combined family incomes, purchase capacity among the population is further increasing and substantiating the growth of the UAE gems & jewelry market in the forecast years through 2027. Technological innovations, increasing use of advanced techniques and equipment for the manufacturing of designer jewels, gem cutting, etc., also aid the growth of the UAE gems & jewelry market in the forecast period.
Furthermore, materials, such as gold and silver, are widely regarded as symbols of wealth and status among families. Modern materials such as white gold, platinum, and rose gold are some of the modern designs and modern materials that are being quickly adopted in the UAE market. Diamonds and gemstones like rubies and others are playing an increasingly important role in changing fashion trends, especially among the upper-middle and upper-classes.
The UAE gems & jewelry market segmentation is based on type, distribution channel, differentiation between organized and unorganized sector, regional distribution, and competition landscape. Based on distribution channel, the market is further segmented into jewelry showrooms, company exclusive showrooms and online. Jewelry showrooms are anticipated to dominate the market segment, holding the largest revenue shares of the market by 2027F.
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The market segment growth can be attributed to the dependency of consumers over authenticity certificates and demand to physically assure product quality and authenticity. Moreover, jewelry showrooms also guarantee an easy return, exchange, and branded products as per customer demands, thereby aiding the growth of the UAE gems &jewelry market in the next five years.
Organized gem & jewelry market sector may lead the market segment due to the increasing number of market players in the country. Demand for branded products and quality assurance, along with the increasing consumer inclination toward modern and lightweight jewelry for regular wear, also drives market growth and thus increases the number of market players in the country.
Based on type, the market is further segmented into gold, diamond, gemstones, silver, and other. Diamond jewelry market registered the fastest CAGR of about 7.97% during the forecast years. Sudden increase in the demand for diamond jewelry, increasing demand for modern designs, and growing popularity for expensive materials like rose gold, and platinum fused with diamonds are further increasing the growth of the UAE gems & jewelry market in the future five years.
A partial list of major market players of the UAE gems & jewelry market includes:
- Damas Jewellery LLC
- Malabar Gold and Diamonds
- Sky Jewellery LLC
- Titan International (Middle East) FZE
- Tiffany & Co.
- Kalyan Jewellers FZE
- Joyalukkas Jewellery LLC
- Pure Gold Jewelers LLC
- Ceylon Master Gems FZCO
- Atlas Jewellery LLC
“Dubai region leads the UAE gems & jewelry market due to increasing demands from the tourists. Tourism industry in the country is booming due to the international population visiting Dubai & Abu Dhabi regions for business and entertainment purposes. The sales for the jewelry grow exponentially owing to the increasing number of market players in the region too. Demand for exclusive and designer jewelry with inexpensive material fusions, modern designing further facilitate the growth of the UAE gems & jewelry market in the upcoming five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“UAE Gems & Jewelry Market By Type (Gold, Diamond, Gemstones, Silver and Others), By Distribution Channel (Jewelry Showrooms, Company Exclusive Showrooms and Online), By Organized Vs. Unorganized Sector, By Region, Competition Forecast & Opportunity, 2027F” has evaluated the future growth potential of UAE gems & jewelry market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in UAE gems & jewelry market.
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