UAE Gems and Jewelry Market to Grow with a CAGR of 6.84% through 2029

UAE Gems and Jewelry Market is being propelled by the growing demand for personalized jewelry and increasing popularity of online shopping and rising demand for gemstones.

According to TechSci Research report, “UAE Gems and Jewelry Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the UAE Gems and Jewelry Market stood at USD 8.34 billion in 2023 and is anticipated to grow with a CAGR of 6.84% in the forecast period, 2025-2029. The UAE Gems and Jewelry market is a dynamic and thriving sector characterized by opulence and innovation. Key drivers include its strategic location as a global trade hub, a tax-free environment, robust tourism, and a diverse, multicultural population. These factors have propelled the UAE to prominence in the global jewelry industry. Simultaneously, notable trends such as the rise of lab-grown gemstones, digital transformation, customization, and sustainability initiatives reflect evolving consumer preferences and values. However, the market faces challenges like fierce competition, global economic uncertainties, compliance demands, and changing trends, necessitating adaptability and ethical practices for sustainable growth.

Browse over XX market data Figures spread through 83 Pages and an in-depth TOC on "UAE Gems and Jewelry Market.”

The UAE's tax-free environment is a key catalyst for the gems and jewelry market. The absence of value-added tax (VAT) on jewelry provides substantial cost savings for consumers, making it a highly attractive destination for shoppers seeking luxury jewelry. In addition to being tax-free, the UAE boasts several duty-free zones, the most notable of which is the Dubai Gold and Diamond Park. These zones significantly streamline the process of importing, exporting, and manufacturing jewelry, reducing bureaucratic barriers and customs duties. As a result, they have become thriving centers for gemstone cutting, jewelry manufacturing, and wholesale trade, attracting local and international players. This advantageous taxation structure, combined with a simplified trading process, has led to the UAE's prominence in the global gems and jewelry market.

The UAE's thriving tourism industry is a pivotal driver of the gems and jewelry market. Dubai, in particular, has emerged as a global tourist hotspot, drawing millions of visitors from all corners of the world. The city's luxury shopping malls, traditional souks, and high-end boutiques offer a wide range of jewelry designs that cater to a diverse clientele. Dubai Mall, one of the world's largest shopping centers, and the iconic Gold Souk are magnets for tourists seeking luxurious jewelry pieces. The retail sector in Dubai is meticulously designed to cater to the desires of tourists, creating a thriving market for gems and jewelry. The tourism influx, especially from regions like Russia, India, and China, generates substantial jewelry sales, reinforcing Dubai's reputation as a global jewelry shopping destination. The UAE government actively promotes the concept of "shopping tourism," positioning the country not just as a tourist destination for sightseeing but also as a premier location for indulgent shopping experiences.

The multicultural society of the UAE is a significant influencer in the gems and jewelry market. The population is a melting pot of various nationalities, including Emirati nationals and a substantial expatriate community. This diversity translates into a rich tapestry of cultural preferences, traditions, and jewelry tastes. Emiratis often hold a deep appreciation for traditional Arabian jewelry, characterized by intricate gold designs and the use of precious gemstones. The expatriate community, hailing from different countries and cultures, brings its unique jewelry preferences, styles, and customs to the market. This cultural mosaic encourages jewelry designers and manufacturers to create a wide spectrum of styles, ranging from opulent and ornate pieces to minimalist and contemporary designs. Consequently, the gems and jewelry market in the UAE is uniquely positioned to cater to a broad customer base with diverse tastes and preferences, making it an inclusive and adaptive marketplace.

UAE Gems and Jewelry market is segmented into type, sales channel, and organized vs unorganized sector.

Based on sales channel of market, the market is segmented into jewelry showrooms, company exclusive showrooms, online.

The online segment in the UAE Gems and Jewelry market is experiencing significant growth, reflecting the digital transformation of the industry. As consumers increasingly turn to online platforms for convenience and a wider range of options, jewelry businesses have responded by enhancing their digital presence. E-commerce platforms allow customers to browse, compare, and purchase jewelry from the comfort of their homes. Virtual try-on tools and augmented reality features enhance the online shopping experience. The COVID-19 pandemic further accelerated this trend. With consumers seeking convenience and safety, the online segment is expected to continue its robust growth, reshaping the way jewelry is bought and sold in the UAE.

Major companies operating in UAE Gems and Jewelry market are:

• 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

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“ The UAE Gems and Jewelry market is a thriving and globally recognized sector driven by its strategic location, tax-free environment, tourism appeal, and a multicultural customer base. Notable trends include the growth of lab-grown diamonds, digital transformation, customization, and sustainability initiatives. Challenges encompass intense competition, economic uncertainties, regulatory changes, and evolving consumer preferences. Dubai, known as the "City of Gold," particularly dominates the market, serving as a central trading hub for the global jewelry industry. With its unique blend of tradition and innovation, the UAE continues to be a prominent player in the global gems and jewelry market, appealing to a diverse and discerning clientele.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“UAE Gems and Jewelry Market By Type (Gold, Diamond, Gemstones, Silver, Others), By Sales Channel (Jewelry Showrooms, Company Exclusive Showrooms, Online), By Organized Vs Unorganized Sector, By Region, By Competition Forecast & Opportunities, 2019-2029F, has evaluated the future growth potential of UAE Gems and Jewelry market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in UAE Gems and Jewelry market.

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