Dublin, Oct. 02, 2024 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
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 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.
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 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
GCC Jewellery Market Competitive Landscape
- GCC Jewellery Market Revenue Ranking, By Top 3 Companies (2023)
- GCC Jewellery Market Competitive Benchmarking, By Operating Parameters
Company Profiles
- 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
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
For more information about this report visit https://www.researchandmarkets.com/r/qpcrg7
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