Gems and Jewelry Market in UAE to Reach $ 12 Billion by 2022
Rising consumer spending on lifestyle products,
continuously increasing tourist footfall coupled with increasing consumer
interest towards exclusive and designer jewelry to drive UAE gems and jewelry market
through 2022
According to
a recently released TechSci Research report, “UAE Gems and Jewelry Market
By Type, By Distribution Channel, By
Organized Vs. Unorganized, Competitive Forecast and
Opportunities, 2012 – 2022”, the UAE gems and jewelry market is
projected to reach $ 12 billion by 2022.
The country’s gems and jewelry market is expected to witness robust growth,
owing to growing westernization and aggressive marketing and
promotional strategies by industry players. Over the last few years, changing
lifestyle preferences has
led to the increase in brand consciousness and inclination towards western
brands leading to surge in sales of exclusive designed jewelry in the country.
According to UAE Department of Tourism & Commerce Marketing, in 2016, International
Visitors Footfall in Dubai was 14.9 million and is expected to reach 20 million
by 2020. Moreover, according to World Bank, internet penetration rate in the
UAE in 2016 reached 91.9% from 85% in 2012. All these mentioned factors coupled
with rising urban population share are expected to positively influence demand
for gems & jewelry in the country during the forecast period.
Browse 4 Tables and 38 Figures
spread through 92
Pages and an in-depth TOC on "UAE
Gems & Jewelry Market"
https://www.techsciresearch.com/report/uae-gems-and-jewelry-market/1451.html
UAE gems and jewelry market comprises of Gold,
Diamond in gold, Silver, Gemstones, Diamonds, and others such as Platinum,
Palladium, Pearl jewelry, etc.
Among all, gold jewelry accounted for the highest revenue share in 2016, and is
anticipated to remain dominant in the forecast period as well. Dubai has emerged as the fastest demand
generating region in the UAE gems
and jewelry market with a majority
share contribution in value terms, in 2016. The region is expected to hold its
dominance by the end of forecast period on account of increasing disposable income of
consumers coupled with continuous launch of exclusive designer jewelry.
Moreover, high demand
in the region is also supported by the presence of multiple exclusive showrooms
& multi branded retail outlets of most of the leading market players, free zones,
etc.
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“Gems and jewelry market is surging in
the UAE. Growing purchasing power, rapid urbanization and rising young
population, coupled with changing consumer preferences and rising inclination
towards innovative product designs has increased the demand for different types
of jewelry such as diamond in gold and platinum jewelry in the UAE over the
last few years. These factors
continue to position UAE as one of the lucrative gems and jewelry markets for
leading industry players.”, says Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm. Damas International, Joyalukkas, Malabar Gold and Diamonds, Gitanjali Gems,
and Tiffany & Co. are some of the leading players operating in UAE gems and
jewelry market.
“UAE
Gems and Jewelry Market By Type, By Distribution Channel, By
Organized Vs. Unorganized, Competitive Forecast and
Opportunities, 2012 – 2022” has evaluated the future growth potential of UAE
gems and jewelry market and provides statistics and information on market
structure, size, share and future growth. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
decision. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities present in the UAE
gems and jewelry market.
About TechSci Research
TechSci Research is a leading global market
research firm publishing premium market research reports. Serving 700 global clients
with more than 600 premium market research studies, TechSci Research is serving
clients across 11 different industrial verticals. TechSci Research specializes
in research based consulting assignments in high growth and emerging markets, leading
technologies and niche applications. Our workforce of more than 100 fulltime Analysts
and Consultants employing innovative research solutions and tracking global and
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follow market trends.
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