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GCC Jewellery Market (2024-2030): Forecast, Analysis, Trends, Companies, Size, Value, Share, Revenue, Growth & Industry: Market Forecast By Product, By Material, By Countries and Competitive Landscape

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    Report

  • 98 Pages
  • August 2024
  • Region: Middle East
  • 6W Research
  • ID: 5998629

The GCC jewellery market experienced notable growth from 2020 to 2023, driven by the expansion of the fashion industry, tourism, and the opening of new luxury retail stores to meet increasing demand. Events like Jewellery Arabia 2024 and the Muscat International Jewellery Exhibition introduce new designs and collections, attracting buyers and boosting market demand. To accommodate this growing demand, new luxury retail stores are opening. For instance, Maria Tash launched a store in Kuwait, Graff opened in Bahrain in 2023, and Joyalukkas Jewellery announced plans for 30 new stores, including two showrooms in Saudi Arabia.

This expansion helps sustain the market's demand in the GCC. Additionally, Tanishq planned to open 18 new international jewellery stores in the GCC in 2023, including a 5,000 sq. ft store set to open in Dubai's Gold Souk by September 2024. Therefore, the addition of new luxury retail stores in the region meets the rising demand for high-end jewellery, thereby boosting the GCC jewellery market.

According to this research, GCC Jewellery Market size is projected to grow at a CAGR of 5.7% during 2024-30F. Tourism plays a crucial role in boosting jewellery sales across the GCC region. Key initiatives, such as Qatar's Tourism Strategy 2030, Bahrain's target of 14.1 million tourists by 2026, and Saudi Arabia's Vision 2030, which aims for 150 million visitors by 2030, are poised to create favourable conditions for market expansion. Additionally, the introduction of the unified Gulf tourist visa by 2024-2025 would streamline regional travel, positioning the GCC as a leading shopping destination with tax-free benefits for tourists.

The UAE, particularly Dubai, is recognized as a premier shopping hub, supported by high-quality and authentic jewellery regulated by the government, competitive prices despite a 5% VAT, and the option to claim VAT refunds, all of which enhance jewellery demand in the region. The combined effect of expanding tourism initiatives, simplified travel through the unified Gulf tourist visa, and Dubai's established reputation as a premier shopping destination is expected to drive robust growth in the GCC jewellery market.

Market Segmentation by Product

In 2023, rings dominated the revenue share in the market due to their deep cultural significance, particularly in relation to marriages and social status. Rings are traditionally exchanged during engagements and weddings, making them highly valued. Moreover, rings offer practicality for daily wear, being less cumbersome and more durable than necklaces, which makes them a preferred choice among people.

Market Segmentation by Material

In 2023, gold jewellery dominated the market, revered for symbolizing wealth, status, and prosperity. The nation's affluent population and rising disposable incomes have facilitated increased spending on luxury items such as gold jewellery. Moreover, gold's reputation as a stable investment during economic uncertainty, further drives its popularity among Saudi consumers.

Market Segmentation by Countries

UAE generates the highest revenue in the GCC jewellery market and would also be the fastest growing region due to higher sales of luxury goods and jewellery across the UAE. Further, the lowest tax rates, higher tourism and government focus on increasing tourism under UAE Vision 2031 would increase the demand of the jewellery market in the country over the coming years.

Key Attractiveness of the Report

  • 10 Years Market Numbers.
  • Historical Data Starting from 2020 to 2023.
  • Base Year: 2023
  • Forecast Data until 2030.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report

  • GCC Jewellery Market Overview
  • GCC Jewellery Market Outlook 2020-2030F
  • Historical Data and Forecast of GCC Jewellery Market Revenues, for the Period 2020-2030F
  • Historical Data and Forecast of GCC Jewellery Market Revenues, By Product, for the Period 2020-2030F
  • Historical Data and Forecast of GCC Jewellery Market Revenues, By Material, for the Period 2020-2030F
  • Market Drivers and Restraints
  • Industry Life Cycle
  • Market Competitive Benchmarking
  • Company Profiles
  • Key Strategic Recommendations
  • Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Product

  • Necklace
  • Ring
  • Earrings
  • Bracelet
  • Others (include watches, Anklets, Toe Rings etc.)

By Material

  • Gold
  • Platinum
  • Diamond
  • Others (include silver, gemstones, pearls) 

By Countries

  • Saudi Arabia
  • UAE
  • Qatar
  • Oman
  • Bahrain
  • Kuwait

Table of Contents


1. Executive Summary
2. Introduction
2.1. Report Description
2.2. Key Highlights of the Report
2.3. Market Scope & Segmentation
2.4. Research Methodology
2.5. Assumptions

3. GCC Jewellery Market Overview
3.1. GCC Jewellery Market Revenues, 2020-2030F
3.2. GCC Jewellery Market Industry Life Cycle
3.3. GCC Jewellery Market Porter's Five Forces
3.4. GCC Jewellery Market Revenue Share and Revenues, By Countries, 2020-2030F

4. GCC Jewellery Market Dynamics
4.1. Impact Analysis
4.2. Market Drivers
4.3. Market Restraints

5. Saudi Arabia Jewellery Market Overview
5.1. Saudi Arabia Jewellery Market Revenues, 2020-2030F
5.2. Saudi Arabia Jewellery Market Revenue Share and Revenues, By Product, 2020-2030F
5.2.1. Saudi Arabia Jewellery Market Revenues, By Necklace, 2020- 2030F
5.2.2. Saudi Arabia Jewellery Market Revenues, By Ring, 2020- 2030F
5.2.3. Saudi Arabia Jewellery Market Revenues, By Earrings, 2020- 2030F
5.2.4. Saudi Arabia Jewellery Market Revenues, By Bracelet, 2020- 2030F
5.2.5. Saudi Arabia Jewellery Market Revenues, By Others, 2020- 2030F
5.3. Saudi Arabia Jewellery Market Revenue Share and Revenues, By Material, 2020-2030F
5.3.1. Saudi Arabia Jewellery Market Revenues, By Gold, 2020- 2030F
5.3.2. Saudi Arabia Jewellery Market Revenues, By Platinum, 2020- 2030F
5.3.3. Saudi Arabia Jewellery Market Revenues, By Diamond, 2020- 2030F
5.3.4. Saudi Arabia Jewellery Market Revenues, By Others, 2020- 2030F
5.4. Saudi Arabia Jewellery Market Opportunity Assessment, By Product, 2030F
5.5. Saudi Arabia Jewellery Market Opportunity Assessment, By Material, 2030F

6. UAE Jewellery Market Overview
6.1. UAE Jewellery Market Revenues, 2020-2030F
6.2. UAE Jewellery Market Revenue Share and Revenues, By Product, 2020-2030F
6.2.1. UAE Jewellery Market Revenues, By Necklace, 2020- 2030F
6.2.2. UAE Jewellery Market Revenues, By Ring, 2020- 2030F
6.2.3. UAE Jewellery Market Revenues, By Earrings, 2020- 2030F
6.2.4. UAE Jewellery Market Revenues, By Bracelet, 2020- 2030F
6.2.5. UAE Jewellery Market Revenues, By Others, 2020- 2030F
6.3. UAE Jewellery Market Revenue Share and Revenues, By Material, 2020-2030F
6.3.1. UAE Jewellery Market Revenues, By Gold, 2020- 2030F
6.3.2. UAE Jewellery Market Revenues, By Platinum, 2020- 2030F
6.3.3. UAE Jewellery Market Revenues, By Diamond, 2020- 2030F
6.3.4. UAE Jewellery Market Revenues, By Others, 2020- 2030F
6.4. UAE Jewellery Market Opportunity Assessment, By Product, 2030F
6.5. UAE Jewellery Market Opportunity Assessment, By Material, 2030F

7. Qatar Jewellery Market Overview
7.1. Qatar Jewellery Market Revenues, 2020-2030F
7.2. Qatar Jewellery Market Revenue Share, By Product, 2020-2030F
7.2.1. Qatar Jewellery Market Revenues, By Necklace, 2020- 2030F
7.2.2. Qatar Jewellery Market Revenues, By Ring, 2020- 2030F
7.2.3. Qatar Jewellery Market Revenues, By Earrings, 2020- 2030F
7.2.4. Qatar Jewellery Market Revenues, By Bracelet, 2020- 2030F
7.2.5. Qatar Jewellery Market Revenues, By Others, 2020- 2030F
7.3. Qatar Jewellery Market Revenue Share and Revenues, By Material, 2020-2030F
7.3.1. Qatar Jewellery Market Revenues, By Gold, 2020- 2030F
7.3.2. Qatar Jewellery Market Revenues, By Platinum, 2020- 2030F
7.3.3. Qatar Jewellery Market Revenues, By Diamond, 2020- 2030F
7.3.4. Qatar Jewellery Market Revenues, By Others, 2020- 2030F
7.4. Qatar Jewellery Market Opportunity Assessment, By Product, 2030F
7.5. Qatar Jewellery Market Opportunity Assessment, By Material, 2030F

8. Oman Jewellery Market Overview
8.1. Oman Jewellery Market Revenues, 2020-2030F
8.2. Oman Jewellery Market Revenue Share, By Product, 2020- 2030F
8.2.1. Oman Jewellery Market Revenues, By Necklace, 2020- 2030F
8.2.2. Oman Jewellery Market Revenues, By Ring, 2020- 2030F
8.2.3. Oman Jewellery Market Revenues, By Earrings, 2020- 2030F
8.2.4. Oman Jewellery Market Revenues, By Bracelet, 2020- 2030F
8.2.5. Oman Jewellery Market Revenues, By Others, 2020- 2030F
8.3. Oman Jewellery Market Revenue Share and Revenues, By Material, 2020- 2030F
8.3.1. Oman Jewellery Market Revenues, By Gold, 2020- 2030F
8.3.2. Oman Jewellery Market Revenues, By Platinum, 2020- 2030F
8.3.3. Oman Jewellery Market Revenues, By Diamond, 2020- 2030F
8.3.4. Oman Jewellery Market Revenues, By Others, 2020- 2030F
8.4. Oman Jewellery Market Opportunity Assessment, By Product, 2030F
8.5. Oman Jewellery Market Opportunity Assessment, By Material, 2030F

9. Bahrain Jewellery Market Overview
9.1. Bahrain Jewellery Market Revenues, 2020-2030F
9.2. Bahrain Jewellery Market Revenue Share, By Product, 2020- 2030F
9.2.1. Bahrain Jewellery Market Revenues, By Necklace, 2020- 2030F
9.2.2. Bahrain Jewellery Market Revenues, By Ring, 2020- 2030F
9.2.3. Bahrain Jewellery Market Revenues, By Earrings, 2020- 2030F
9.2.4. Bahrain Jewellery Market Revenues, By Bracelet, 2020- 2030F
9.2.5. Bahrain Jewellery Market Revenues, By Others, 2020- 2030F
9.3. Bahrain Jewellery Market Revenue Share and Revenues, By Material, 2020- 2030F
9.3.1. Bahrain Jewellery Market Revenues, By Gold, 2020- 2030F
9.3.2. Bahrain Jewellery Market Revenues, By Platinum, 2020- 2030F
9.3.3. Bahrain Jewellery Market Revenues, By Platinum, 2020- 2030F
9.3.4. Bahrain Jewellery Market Revenues, By Diamond, 2020- 2030F
9.5. Oman Jewellery Market Opportunity Assessment, By Material, 2030F

10. Kuwait Jewellery Market Overview
10.1. Kuwait Jewellery Market Revenues, 2020-2030F
10.2. Kuwait Jewellery Market Revenue Share, By Product, 2020- 2030F
10.2.1. Kuwait Jewellery Market Revenues, By Necklace, 2020- 2030F
10.2.2. Kuwait Jewellery Market Revenues, By Ring, 2020- 2030F
10.2.3. Kuwait Jewellery Market Revenues, By Earrings, 2020- 2030F
10.2.4. Kuwait Jewellery Market Revenues, By Bracelet, 2020- 2030F
10.2.5. Kuwait Jewellery Market Revenues, By Others, 2020- 2030F
10.3. Kuwait Jewellery Market Revenue Share and Revenues, By Material, 2020- 2030F
10.3.1. Kuwait Jewellery Market Revenues, By Gold, 2020- 2030F
10.3.2. Kuwait Jewellery Market Revenues, By Platinum, 2020- 2030F
10.3.3. Kuwait Jewellery Market Revenues, By Diamond, 2020- 2030F
10.3.4. Kuwait Jewellery Market Revenues, By Others, 2020- 2030F
10.4. Kuwait Jewellery Market Opportunity Assessment, By Product, 2030F
10.5. Kuwait Jewellery Market Opportunity Assessment, By Material, 2030F

11. GCC Jewellery Market Key Performance Indicators
12. GCC Jewellery Market Competitive Landscape
12.1. GCC Jewellery Market Revenue Ranking, By Top 3 Companies (2023)
12.2. GCC Jewellery Market Competitive Benchmarking, By Operating Parameters

13. Company Profiles
13.1. L'azurde Jewelry Company
13.2. Garrard & Co Limited
13.3. Titan Global Retail L.L.C
13.4. Yessayan Jewelry L.L.C.
13.5. Azza Fahmy- Jewellery
13.6. Joyalukkas Jewellery LLC
13.7. Al Zain Jewellery
13.8. Dialmaz
13.9. La Marquise Diamonds & Watches DMCC
13.10. Noora Shawqi

14. Key Strategic Recommendations15. Disclaimer
List of Figures
1.  GCC Jewellery Market Revenues, 2020-2030F ($ Million)
2.  GCC Jewellery Market Revenue Share, By Countries, 2023 & 2030F
3.  Tourists coming to GCC (2020-2030) (in millions)
4.  GCC Financial Wealth (2022-2027F), trillion USD
5.  Gross Domestic Product per capita (2020-2023), (in thousand USD)
6.  GCC Gold Prices, USD (2020-24)
7.  Saudi Arabia Jewellery Market Revenues, 2020-2030F ($ Million)
8.  Saudi Arabia Jewellery Market Revenue Share, By Product, 2023 & 2030F
9.  Saudi Arabia Jewellery Market Revenue Share, By Material, 2023 & 2030F
10.  Saudi Arabia Jewellery Market Opportunity Assessment, By Product, 2030F
11.  Saudi Arabia Jewellery Market Opportunity Assessment, By Material, 2030F
12.  UAE Jewellery Market Revenues, 2020-2030F ($ Million)
13.  UAE Jewellery Market Revenue Share, By Product, 2023 & 2030F
14.  UAE Jewellery Market Revenue Share, By Material, 2023 & 2030F
15.  UAE Jewellery Market Opportunity Assessment, By Product, 2030F
16.  UAE Jewellery Market Opportunity Assessment, By Material, 2030F
17.  Qatar Jewellery Market Revenues, 2020-2030F ($ Million)
18.  Qatar Jewellery Market Revenue Share, By Product, 2023 & 2030F
19.  Qatar Jewellery Market Revenue Share, By Material, 2023 & 2030F
20.  Qatar Jewellery Market Opportunity Assessment, By Product, 2030F
21.  Qatar Jewellery Market Opportunity Assessment, By Material, 2030F
22.  Oman Jewellery Market Revenues, 2020-2030F ($ Million)
23.  Oman Jewellery Market Revenue Share, By Product, 2023 & 2030F
24.  Oman Jewellery Market Revenue Share, By Material, 2023 & 2030F
25.  Oman Market Opportunity Assessment, By Product, 2030F
26.  Oman Market Opportunity Assessment, By Material, 2030F
27.  Bahrain Jewellery Market Revenues, 2020-2030F ($ Million)
28.  Bahrain Jewellery Market Revenue Share, By Product, 2023 & 2030F
29.  Bahrain Jewellery Market Revenue Share, By Material, 2023 & 2030F
30.  Bahrain Jewellery Market Opportunity Assessment, By Product, 2030F
31.  Bahrain Jewellery Market Opportunity Assessment, By Material, 2030F
32.  Kuwait Jewellery Market Revenues, 2020-2030F ($ Million)
33.  Kuwait Jewellery Market Revenue Share, By Product, 2023 & 2030F
34.  Kuwait Jewellery Market Revenue Share, By Material, 2023 & 2030F
35.  Kuwait Jewellery Market Opportunity Assessment, By Product, 2030F
36.  Kuwait Jewellery Market Opportunity Assessment, By Material, 2030F
37.  GCC % Share of Luxury Re-Commerce Items, 2022
38.  GCC Gem & Jewellery Import, 2022, ($ Million)
39.  GCC Jewellery Market Revenue Share, By Companies, 2023
40.  Female Social Media Users (2023-24)

List of Tables
1. GCC Jewellery Market Revenues, By Countries, 2020-2030F ($ Million)
2. Government Target for Tourism
3. Saudi Arabia Jewellery Market Revenues, By Product, 2020-2030F ($ Million)
4. Saudi Arabia Jewellery Market Revenues, By Material, 2020-2030F ($ Million)
5. UAE Jewellery Market Revenues, By Product, 2020-2030F ($ Million)
6. UAE Jewellery Market Revenues, By Material, 2020-2030F ($ Million)
7. Qatar Jewellery Market Revenues, By Product, 2020-2030F ($ Million)
8. Qatar Jewellery Market Revenues, By Material, 2020-2030F ($ Million)
9. Oman Jewellery Market Revenues, By Product, 2020-2030F ($ Million)
10. Oman Jewellery Market Revenues, By Material, 2020-2030F ($ Million)
11. Bahrain Jewellery Market Revenues, By Product, 2020-2030F ($ Million)
12. Bahrain Jewellery Market Revenues, By Material, 2020-2030F ($ Million)
13. Kuwait Jewellery Market Revenues, By Product, 2020-2030F ($ Million)
14. Kuwait Jewellery Market Revenues, By Material, 2020-2030F ($ Million)
15. Ad-Reach of various Social Media Platforms in GCC Countries (2024)

Companies Mentioned

  • L'azurde Jewelry 
  • Garrard & Co Limited
  • Titan Global Retail L.L.C
  • Yessayan Jewelry L.L.C.
  • Azza Fahmy- Jewellery
  • Joyalukkas Jewellery LLC
  • Al Zain Jewellery
  • Dialmaz
  • La Marquise Diamonds & Watches DMCC
  • Noora Shawqi