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

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.

Luxurious 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, 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.

Technology Upgradation 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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Market Segmentation

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.

Company Profiles

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.

Report Scope:

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:
• Gold
• Diamond
• Gemstones
• Silver
• Others
• UAE Gems & Jewelry Market, By Distribution Channel:
• Jewelry Showrooms
• Company Exclusive Showrooms
• Online
• UAE Gems & Jewelry Market, By Organized Vs. Unorganized Sector:
• Organized Sector
• Unorganized Sector
• UAE Gems & Jewelry Market, By Region:

o   Dubai

o   Abu Dhabi

o   Sharjah

o   Rest of UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in UAE Gems & Jewelry market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).