The GCC jewelry market is projected to exhibit a growth rate (CAGR) of 3.4% during 2023-2028. The cultural significance, rising population and disposable incomes, bolstering tourism industry, evolving fashion trends, and significant expansion of the e-commerce sector represent some of the key factors driving the market.
Jewelry refers to decorative adornments that are worn for personal adornment and aesthetic appeal. It is crafted from various precious metals, gemstones, and other materials, often in intricate and artistic designs. Jewelry serves both decorative and symbolic purposes, signifying social status, wealth, cultural identity, and personal expression. Precious metals, such as gold, silver, platinum, and palladium, are commonly used in jewelry making due to their durability, luster, and value. Gemstones, such as diamonds, rubies, sapphires, emeralds, and pearls, are often set into jewelry’s framework, adding color, brilliance, and value to the pieces. Jewelry designs can range from simple and minimalist to elaborate and ornate, reflecting diverse artistic styles and cultural influences. Jewelry is typically worn as accessories, including necklaces, earrings, bracelets, rings, brooches, and pendants. Some cultures also use body jewelry, including nose rings, anklets, or toe rings, as part of their traditional practices. Besides this, it has been used as a form of currency, a status symbol, a talisman for protection or luck, and a representation of religious beliefs. In modern times, jewelry remains a popular gift for special occasions such as birthdays, anniversaries, and celebrations.
GCC Jewelry Market Trends:
The GCC market is mainly driven by the strong cultural affinity for jewelry in the region, being an integral part of celebrations, weddings, and other important occasions. Besides this, with an increasing number of consumers viewing jewelry as a symbol of wealth, prestige, and social status, there is continuous product demand in the region. Moreover, the growing population and increasing disposable incomes of the individuals influenced by the region's economic prosperity and oil and gas revenues, allowing consumers the ability to indulge in luxury purchases, including jewelry, are contributing to the market growth. Concurrent with this, the region attracts many high-spending tourists from around the world, who often seek authentic local jewelry pieces as souvenirs or luxury purchases, which, in turn, is boosting the demand for traditional and contemporary jewelry designs. In addition to this, the increasing influence of fashion and celebrity endorsements is also shaping consumer preferences in the GCC jewelry market. As social media and fashion trends gain popularity, consumers are drawn to modern and stylish jewelry designs, thus strengthening the market growth. In line with this, influencers, celebrities, and prominent figures in the region often showcase jewelry pieces, driving aspirational purchasing behavior among their followers. Furthermore, the rise of e-commerce and online shopping platforms offering convenience, a wide variety of choices, and competitive prices is presenting remunerative growth opportunities for the market.
GCC Jewelry Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the GCC jewelry market report, along with forecasts at the regional and country levels for 2023-2028. Our report has categorized the market based on product and material.
The report has provided a detailed breakup and analysis of the market based on the product. This includes necklace, ring, earrings, bracelets, and others.
A detailed breakup and analysis of the market based on the material has also been provided in the report. This includes gold, platinum, diamond, and others.
- Saudi Arabia
The report has also provided a comprehensive analysis of all the major regional markets, which include Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, and Oman.
The report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
GCC Jewelry Market Report Coverage:
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Necklace, Ring, Earrings, Bracelets, Others
||Gold, Platinum, Diamond, Others
||Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, Oman
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the GCC jewelry market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the GCC jewelry market?
- What is the breakup of the GCC jewelry market on the basis of product?
- What is the breakup of the GCC jewelry market on the basis of material?
- What are the various stages in the value chain of the GCC jewelry market?
- What are the key driving factors and challenges in the GCC jewelry market?
- What is the structure of the GCC jewelry market and who are the key players?
- What is the degree of competition in the GCC jewelry market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the GCC jewelry market from 2017-2028
- The research study provides the latest information on the market drivers, challenges, and opportunities in the GCC jewelry market.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the GCC jewelry industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.