Gems and jewelry market in the UAE is witnessing growth on account of increasing disposable income, changing taste and preferences of consumers, rising demand for branded and designer jewelry and growing tourism. Moreover, the expanding distribution channels of gems and jewelry players coupled with rising demand from high net worth individuals is pushing the demand for gold, diamond and platinum jewelry as well as precious gems in the country. Preference for diamond jewelry is also rising as it is becoming more of a fashion statement for affluent consumers. This growing demand is attracting a lot of gems and jewelry companies towards expanding their presence in the UAE.
According to a recently published report by TechSci Research “UAE Gems and Jewelry Market Opportunities & Forecast, 2019”, the UAE gems and jewelry market is projected to register a CAGR of more than 7% during 2014-19. The largest gems and jewelry market in the UAE continues to be Dubai, followed by Abu Dhabi. The report reveals that Damas International, Joyallukas, Tiffany & Co., Titan International and Geetanjali Gems are few of the leading gems and jewelry retailers in the country, and all of these major players are expected to focus on increasing their distribution network, open new exclusive outlets and increase their online presence over the next five years.
“The UAE gems and jewelry market is vast in terms of value as well as volume, and the market is forecast to continue its growth trend over the course of next five years owing to growing young population coupled with rising awareness about different types of jewelry. The demand for gold jewelryhas been witnessing a continuing increase over the last decade and the trend is expected to continue over the coming years as well, however, the consumer inclination towards diamond and platinum jewelry is also increasing on account of growing purchasing power, changing consumer preferences and rapid urbanisation in the country.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“UAE Gems and Jewelry Market Forecast & Opportunities, 2019” has evaluated the future growth potential of the UAE gems and jewelry market, and provides statistics and information on market structure, consumer behavior trends, market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in gems and jewelry market in the UAE.