Saudi Arabia Gold and Diamond Jewelry Market Grow with a CAGR of 10.59% through 2030F

The Saudi Arabia Gold and Diamond Jewelry market is driven by rising disposable incomes, cultural affinity for luxury adornments, tourism growth, and increasing demand for bridal and occasion-specific jewelry.

According to TechSci Research report, “Saudi Arabia Gold and Diamond Jewelry Market – By Region, Competition, Forecast & Opportunities, 2030F”, the Saudi Arabia Gold and Diamond Jewelry market stood at USD 4.56 Billion in 2024 and is anticipated to grow USD 8.34 Billion by 2030 with a CAGR 10.59% during forecast period. The Saudi Arabia Gold and Diamond Jewelry market is driven by the nation's Vision 2030 initiative, which aims to diversify the economy and reduce its dependence on oil. As part of this vision, there has been a concerted effort to develop luxury retail infrastructure and attract international brands to the kingdom. The establishment of high-end shopping malls, luxury boutiques, and flagship stores provides opportunities for both established luxury brands and emerging designers to tap into the growing market. Also, the increasing disposable incomes and a growing demand for luxury goods among Saudi consumers have further fueled the expansion of luxury retail. This trend is evident in the rise of luxury shopping destinations in cities like Riyadh and Jeddah, where international jewelry brands are setting up flagship stores to cater to the affluent clientele. The development of these retail spaces not only enhances the shopping experience but also contributes to the overall growth of the gold and diamond jewelry market in Saudi Arabia.

The Saudi Arabia Gold and Diamond Jewelry market is primarily propelled by a burgeoning affluent consumer base. The nation's economic diversification under Vision 2030 has led to increased disposable incomes, enabling a larger segment of the population to indulge in luxury purchases. This economic prosperity, coupled with a deep-rooted cultural appreciation for gold and diamonds, has transformed these items into symbols of wealth and status. Consequently, the demand for high-end jewelry has surged, attracting both local and international luxury brands to establish a presence in the kingdom. Cities like Riyadh and Jeddah have become hubs for luxury retail, offering a wide array of designer jewelry to cater to the sophisticated tastes of Saudi consumers. This expanding affluent demographic continues to drive the market's growth, positioning Saudi Arabia as a pivotal player in the global jewelry industry.

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The Saudi Arabia Gold and Diamond Jewelry market is segmented into type, sales channel, and region.

Based on the sales, the online segment is the fastest growing in the Saudi Arabia Gold and Diamond Jewelry market, driven by several key factors. E-commerce platforms offer consumers the convenience of browsing and purchasing from home, a feature that gained prominence during the COVID-19 pandemic and continues to influence shopping habits. Technological advancements have enhanced the online shopping experience, with virtual try-on tools and detailed product visualizations helping customers make informed decisions. The increasing penetration of smartphones and internet access across the country has expanded the reach of online jewelry retailers. Also, the government's push towards a diversified, digitally driven economy has further accelerated the adoption of online shopping.

Based on the region, Eastern is the fastest-growing region in the Saudi Arabia Gold and Diamond Jewelry market, driven by several key factors. The region’s strong economic performance, largely supported by its petrochemical and industrial sectors, has contributed to increased affluence, creating a growing demand for luxury goods, including high-end jewelry. Cities like Dammam and Khobar are seeing a rise in high-net-worth individuals, further fueling the market. Also, the region’s strategic location, with easy access to international markets and neighboring countries, has facilitated trade and enhanced the availability of luxury jewelry. Gold’s cultural significance, especially during weddings and social events, continues to drive steady demand. These combined factors make the Eastern Province a crucial driver of growth in Saudi Arabia’s gold and diamond jewelry market.

Major companies operating in the Saudi Arabia Gold and Diamond Jewelry market are:

• Al Romaizan Gold & Jewellery
• Lazurde Company for Jewelry
• Damas Jewellery
• Najd Deer Jewellery
• Taiba Jewellery
• Malabar Gold and Diamonds
• Titan Company Limited
• Kooheji Jewellery Company SPC
• Mouawad MENA DMCC
• ORRA Fine Jewellery Pvt. Ltd

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“The Saudi Arabia Gold and Diamond Jewelry market is expected to grow in the future owing to the tourism and pilgrimage, and innovations in design. The country's religious significance, particularly for Hajj and Umrah, attracts millions of visitors annually who often purchase jewelry as gifts or souvenirs, boosting demand. The rise in international tourism further fuels interest in luxury items, positioning Saudi Arabia as a key luxury shopping destination. Also, the market is witnessing a shift towards innovative jewelry designs, blending traditional Saudi craftsmanship with contemporary trends. The younger generation is increasingly seeking modern and personalized jewelry, encouraging designers to create unique and versatile pieces. This combination of cultural heritage and design innovation is driving the growth and transformation of the Saudi jewelry market", said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

"Saudi Arabia Gold and Diamond Jewelry Market By Type (Diamond in Gold Jewelry, Gold Jewelry, Gemstone Other than Diamond in Gold Jewelry, Diamond in Other than Gold Metal Jewelry), By Sales Channel (Jewelry Showrooms & Wholesales Market, Company Exclusive Showrooms, Online), By Region, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth potential of Saudi Arabia Gold and Diamond 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 the Saudi Arabia Gold and Diamond Jewelry market.

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