UAE gems & jewelry
market is expected to reach USD10.71 billion by 2027, growing at a CAGR of
6.53% during the forecast period. UAE gems & jewelry market is mainly
driven by rising GDP, increasing per capita income, surging sales through
e-commerce, changing consumer tastes and perception, etc. In addition,
significant market participants are constantly releasing novel and premium
products and increasing their product portfolios to reach an underserved
consumer base across the country.
Furthermore, when customers' middle-income
levels rise, their spending power improves, and fashion trends evolve, demand
for gems and jewelry increases across the region. Moreover, the industry is
facing substantial transformations, both in terms of customer behavior and
technological advancements. This tendency is expected to continue to drive gem
and jewelry market expansion during the projected period.
During the temporary
lockdown phase in 2020, the COVID-19 pandemic harmed the gems and jewelry
market in the UAE. Major manufacturers were forced to shut down, resulting in a
reduction in sales all around the country. However, during the lockdown, the
online channel had significant sales and is expected to continue growing during
the forecast period. It is considered a safe option that reduces the danger of
severe diseases from COVID-19 in people with chronic and other illnesses. As a
result, many gems and jewelry companies are constantly devising new strategies
to extend their customer base over the internet.
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, especially among the working female population
looking for lighter and more comfortable jewelry for their daily wear. Diamonds
and gemstones like rubies and others play an increasingly important role in
changing fashion trends, especially among the upper-middle and upper-class.
Growing Demand for
Branded Jewelry Drives the Market Growth
Due to the assurance of
quality provided by these companies, demand for branded jewelry is growing.
Furthermore, some jewelry companies have developed new brands in the last 5 to
6 years and are now looking to grow into new markets. To appeal to a wider
audience, local firms in the UAE are cooperating with major fashion houses.
Furthermore, travelers visiting the country expect trendy and fashionable
jewelry, which firms provide based on their preferences and tastes. Market
companies are also increasing their product portfolios and opening additional
showrooms to grow their customer base across the country. For instance, in
2022, Malabar Gold & Diamonds launched six showrooms in the UAE, three in
new Dubai Gold Souq extension project, one each in City Centre Al Zahia and
Lulu Muweilah, Sharjah, and one in Crown Mall, Jebel Ali.
Rising Disposable Income
Fueling the Market Growth
Rapid increase in family
members' combined earnings results in more disposable income for consumers,
greatly increasing purchasing power. As a result, an increasing number of
consumers nowadays are not willing to compromise on product quality regardless
of price. The UAE gems and jewelry sector is benefiting from such consumer
behavior as a result of increased disposable income. Consumers' purchasing
power has increased as disposable income levels have improved, resulting in
higher living standards. Consumers are choosing branded gems and jewelry
because of the hallmark and assurance of quality these brands provide, fueling the
growth of the gems and jewelry market across the country.
by Industry Players Aiding Market Growth
As technology is
continually improving, technical innovation has been a key engine of growth in
the UAE gems and jewelry business in recent years. Several advanced
technologies have been introduced to the jewelry production industry, including
computer-aided design (CAD) and rapid prototyping (RP), laser, knitting and
weaving, and electroforming. CAD and RP technologies are currently being used
by leading jewelry producers. 3D jewelry models are created using CAD, and then
fabricated using Computer-Aided Manufacturing (CAM) and Rapid Prototyping and
Tooling Technology (RPT). The capacity to create and personalize goods using 3D
design tools is also propelling the market forward. Direct metal printing,
which eliminates the need for molds and other apparatus, is also achievable
with 3D printing.
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The UAE Gems &
Jewelry market is segmented based on type, distribution channel, organized vs.
unorganized sector, region, and competitional landscape. The market is
categorized by gold, diamond, gemstones, silver, and others based on type.
Based on distribution channel, the market is further fragmented into Jewelry
Showrooms, Company Exclusive Showrooms, and Online. The market is also
segmented into Organized vs. Unorganized. The market analysis also studies the
regional segmentation to devise regional market segmentation, divided among
Dubai, Abu Dhabi, Sharjah, and the Rest of UAE.
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 and others, are
among the major market players in the gems & jewelry industry that led the
market growth of the UAE gems & jewelry market.
Value in 2021
Forecast in 2027F
USD 10.71 Billion
2017 – 2020
Revenue in USD Billion, and
CAGR for 2017-2021 and 2022-2027F
forecast, company share, competitive landscape, growth factors, and trends
Organized Vs. Unorganized
Dhabi, Sharjah and Rest of UAE
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, etc.
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In this report, UAE Gems & Jewelry
market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- UAE Gems & Jewelry Market, By Type:
- UAE Gems & Jewelry Market, By Distribution Channel:
- UAE Gems & Jewelry Market, By Organized Vs. Unorganized
- UAE Gems & Jewelry Market, By Region:
Company Profiles: Detailed analysis of the major
companies present in UAE Gems & Jewelry market.
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