UAE jewelry market was valued at USD 5.28 billion in 2023, expected to reach USD 7.92 billion in 2031, with a CAGR of 5.20% for the forecast period between 2024 and 2031. The market is dynamic and rapidly evolving established on a combination of cultural history and modern luxury. There is high demand for old-fashioned and innovative patterns as the country gets wealthier and fashion trends continue to change.
The presence of a considerable expat community in UAE has contributed to the country becoming a center for luxury jewelry that brings together worldwide brands and promotes competition. In fact, in February 2024, to unite other modern fine jewelers under one roof, Emirati jewelry designer Shamsa Alabbar launched Dubai Fine Arts Jewellery, her first multi-brand store, in Dubai Mall. Fine jewelry from carefully chosen brands in Middle East and beyond is available at the boutique. Alabbar and her staff hand-pick each brand, adhering to a set of criteria. Some other factors that have led to the growth of the market include increased disposable incomes, desire for customized and unique pieces of jewelry, and the development of a retail space consisting of boutique stores and e-commerce websites. For instance, in February 2024, in less than 18 months, Kiara Jewellery opened its third store in UAE, investing more than USD 5.45 million.
In addition, sales of jewelry gained a large chunk of money from cultural events and celebrations such as weddings or festivals. The fact that UAE is strategically located as a trading center at the intersection of the east and west adds to the country’s appeal as an attractive jewelry market for buyers and sellers. In July 2024, in a strategic move to take leverage of the expertise of regional market players, Tanishq, owned by Tata Group, partnered with Dubai’s Sharaf Retail allowing it to be a franchise partner of the brand and launch new stores in the Gulf.
Fluctuating gold prices and economic uncertainties act as challenges encountered by the industry players. The market still shows strength with constant growth expectations. United Arab Emirates is positioned as a leader in the global jewelry market through innovation in design and an emphasis on customer experience. For instance, in October 2023, Nada Ghazal Fine Jewelry launched its newest collection, Doors of Opportunity, at THAT Concept Store in MOE, Dubai. The collection features pieces of handmade jewelry inspired by the magical nature of doors and their components.
Younger Consumers Fuel Demand for Jewelry
The increased purchasing power among younger people is changing the jewelry market tremendously. Due to their desire for self-expression and individuality, millennials and generation-Z have started to buy more customized jewelry that suits their personal tastes and preferences. The demography appreciates genuineness and is attracted towards brands that provide unique designs, ethical procurement, and environmentally friendly methods. To attract this cohort group, in May 2023, JOYALUKKAS JEWELLERY LLC launched its newest line, Yuva, created specifically for younger consumers who want their jewelry to represent their personal style. Yuva’s design is inspired by geometric art forms. The collection has been created by combining linear lines with shapes and icons. The 18-karat gold pieces in the collection are further enhanced by the addition of stones such as green malachite and white mother of pearl.
Read More: https://www.marketsandata.com/industry-reports/uae-jewelry-market
Social media channels are critical in this regard since they enable influencers and online trends to intensify the attractiveness of certain types of jewelry and brand names to youth. The association of these trends among the younger generation is expected to inspire creativity and variety in the jewelry market which is expected to become livelier and ever changing.
Nature-based Designs Drive Market Growth
The jewelry market growth is increasingly being driven by innovative nature-based designs as consumers use their accessories to connect with natural world. It reflects a more general craving for authenticity and sustainability in terms of fashion. Organic shapes, plants, and animals inspire jewelry designers, and designs which depict nature. These types of designs normally have complex patterns, offer use of natural stones, and abide by environmental regulations which make them attractive to people who care about aesthetics and the environment.
The boom in nature-inspired jewelry is parallel to an increase in the demand for artisanal and handcrafted goods which are more personal and have a background story for every product. There is a rising trend for creative and nature-driven jewelry that stimulates the growing market, attracting various categories of clients looking for meaningful objects and one-of-a-kind ornaments.
In May 2024, with the release of its newest collections, Gilded Wings and Petals in Poetry, KAJ Fine Jewellery aimed to capture the interest of the UAE’s affluent consumer base. The Gilded Wings collection includes bold, yet elegant designs inspired by the splendor of nature. Petals in Poetry, on the contrary, provides vibrant designs with carefully sculpted petals embellished with real white diamonds, yellow sapphires, and green tsavorites.
Women’s Share to Dominate the UAE Jewelry Market
The women segment in the UAE jewelry market holds the largest share led by a profound cultural love for ornamentation and strong emphasis on individuality. In ancient days, jewelry was majorly bought by women, who would put on various types of ornaments from casual to expensive jewelry.
Fashion trends keep changing while new designs that suit women’s tastes are introduced to ensure the dominance is maintained. These preferences include sophisticated, elaborate designs, bold items that make a statement, and multi-functional pieces that can serve more than one purpose.
There is a powerful demand for quality jewelry, including diamonds, gold and gemstones, along with sleek modern designs compatible with today’s trendsetting fashions. Furthermore, a considerable amount of this can be associated with women’s growing economic power and autonomy.
As brands keep innovating and giving personalized choices, a primary strategy remains focus on female consumers. The continuous flow of attention to the women segment is expected to propel the growth and innovation in the market.
In May 2024, Al Fardan Fine Jewellery Abu Dhabi presented its newest line, ALFAbet, celebrating contemporary femininity and unique elegance. Crafted for the selective preferences of the modern woman, each necklace in the range is embellished with diamonds on a bed of the brand’s iconic mother of pearl.
Future Market Scenario (2024 – 2031F)
1. The market will increasingly shift towards custom-made, unique, and fashionable jewelry items. For instance, in March 2024, designed by Lebanese jewelry designer Nadine Ghosn, Sotheby’s launched Youtensils, its first-ever collection of modern and contemporary jewelry in UAE. Each piece is a humorous update on everyday cutlery, such as straws, spoons, and forks. The assortment is unique, including a meticulously crafted straw bracelet adorned with pink sapphires and a fork bracelet with spaghetti strings soldered onto the prongs.
2. Augmented reality and try-on applications will take the industry by storm. As a result of growth of e-commerce, buying process will be made easier and people from all over the world will have access to quality jewelry.
3. Sustainability and ethical sourcing are presently of utmost importance with individuals demanding responsible manufacturing practices from brands. This transition will probably push more businesses to start using environmentally sustainable materials and allow for fair commerce.
Report Scope
“UAE Jewelry Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of UAE jewelry market, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, opportunities and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
Contact
Mr. Vivek Gupta
5741 Cleveland street,
Suite 120, VA beach, VA, USA 23462
Tel: +1 (757) 343-3258
Email: info@marketsandata.com
Website: https://www.marketsandata.com/