UAE Gems & Jewelry Market to Grow at a CAGR of 6.53% until 2027
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.
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.
Browse over 25 market data Figures spread through
81 Pages and an in-depth TOC on "UAE Gems & Jewelry Market"
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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.
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
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“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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