Press Release

Dubai to Continue its Dominance in UAE Gems and Jewelry Market through 2024

Increase in middle class population coupled with changing lifestyle of the people to bolster UAE gems and jewelry market growth through 2024

According to a recent report published by TechSci research, “UAE Gems and Jewelry Market By Type, By Sector, By Distribution Channel, By Region, By Company, Competition, Forecast & Opportunities, 2024”, UAE gems and jewelry market is projected to grow at a CAGR of around 8% during 2019 - 2024 on account of rising disposable income, increasing westernization and aggressive marketing strategies adopted by various domestic and international players in the country. Changing lifestyle preferences has led to increase in brand consciousness and inclination of consumers towards western brands, which in turn, is resulting in higher demand for exclusive designer jewelry across the country. Moreover, increasing income levels and rising standard of living in urban areas has shifted the mindset of consumers from savings to consumption, thereby by leading to higher spending on lifestyle products, which in turn is bolstering the gems and jewelry market growth in the UAE. Furthermore, the traditional inclination of consumers towards investing into gems and jewelry is also supporting growth in the UAE gems and jewelry market.

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In terms of type, the UAE gems and jewelry market is categorized into gold, diamond in gold, gemstones, diamond, silver and others. Among all the product types, gold accounted for a majority share in the UAE gems and jewelry market in 2018, and the segment is predicted to dominate the market throughout the forecast period as well. Rising investments in gold by an increasing number of consumers is the major factor driving the growth of the market in the country.

Taking into an account geographical landscape of the UAE, the market for gems and jewelry in the country is regionally categorized into Dubai, Abu Dhabi, Sharjah and others. Among these regions, Dubai grabbed a majority share in the country’s gems and jewelry market on the back of increasing disposable income of consumers and vast presence of domestic as well as international players, which operate their exclusive showrooms and multi-brand retail outlets in the region. Moreover, launch of innovative and imported products, coupled with increasing exposure of consumers to western culture is also positively influencing the growth of the market in Dubai.

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“Gems and jewelry market is surging in the UAE at a significant pace. Growing purchasing power, rapid urbanization and rising young population coupled with changing consumer preferences and inclination towards innovative products has increased the demand for different types of jewelry such as diamond in gold jewelry and platinum jewelry, across UAE, over the last few years. These developments are expected to drive the market for gems and jewelry in the UAE during the forecast period.” said, Mr. Karan Chechi Research Director with TechSci Research, a research-based India management consulting firm.

UAE Gems and Jewelry Market By Type, By Sector, By Distribution Channel, By Region, By Company, Competition, Forecast & Opportunities, 2024,” has evaluated the future growth potential of the UAE gems and jewelry market and provides statistics and 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 decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the UAE gems and jewelry market.

About TechSci Research

TechSci Research is a leading India market research firm publishing premium market research reports. Serving 700 India 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 India and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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