Focus on Dubai, Abu Dhabi, & Sharjah - Forecast to 2027
The "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" report has been added to ResearchAndMarkets.com's offering.
The UAE Gems & Jewelry Market value is anticipated to grow with a CAGR of 6.53% during the forecast period, 2023-2027. The market value in the year 2021 was USD7.28 billion and may achieve a value of USD10.71 billion by 2027F.
This market growth can be attributed to increasing demands for fashion jewelry and expensive gems among the population.
Rising population of the country and its growing disposable income, mostly among the younger generation, is expected to facilitate the growth of the UAE Gems & Jewelry Market in the future five years. Increasing inclination of the population toward online shopping, expanding e-commerce industry further drives the growth of the UAE Gems & Jewelry Market in the upcoming five years.
Market players populating the market are actively launching novel and premium products and increasing their product portfolios to reach an underserved consumer base across the country, thereby substantiating the growth of the UAE Gems & Jewelry Market in the forecast years through 2027.
Moreover, increasing mining activities for the expansive gems and stones, growing demands for modern jewelry, and increasing fashion jewelry designers further aid the growth of the UAE Gems & Jewelry Market in the forecast period. Based on type, the market is further segmented into gold, diamond, gemstones, silver, and other. Gold jewelry is anticipated to hold almost half of the revenue shares of the market being the largest among other sub-segments and thus dominate the segment in the upcoming five years.
Increasing production of gold jewelry, rising cost of gold as well as rising disposable income among the population of the country is expected to substantiate the growth of the market and be a major factor behind gold jewelry dominating the market segment.
Moreover, increasing demand for designer gold jewelry and added gems increasing the product aesthetics further supports the growth of the market.