GCC Jewellery Market size is projected to grow at a CAGR of 5.7% during 2024-2030F.

Based on material, gold attained a significant revenue share in the GCC Jewellery Industry – 6Wresearch

By material, gold has captured a substantial revenue share in GCC due to the cultural significance, traditional value, and economic stability associated with gold. For instance, Saudis consume over 3 grams of gold per person, while in the UAE, per capita demand for gold jewellery reaches 5.07 grams. This robust demand underscores the cultural affinity and deep-rooted preference for gold in these markets.

According to 6Wresearch, GCC Jewellery Market size is projected to grow at a CAGR of 5.7% during 2024-2030F. In recent years, the jewellery market in the GCC has experienced substantial growth, driven by the region's increasing financial wealth, which is projected to rise from $2.8 trillion in 2022 to $3.5 trillion by 2027. This growth has resulted in higher disposable incomes and a shift in spending patterns towards luxury goods such as jewellery and luxury items. This surge in consumer demand for luxury items led the personal luxury market, encompassing luxury watches and jewellery, reached a record $12.5 billion by the end of 2023.

Additionally, the GCC's tourism sector is booming due to strategic initiatives and investments. For instance, Saudi Arabia's Vision 2030 has already surpassed its target by hosting over 100 million tourists in 2023. The UAE's Tourism Strategy 2031 aims to attract 40 million hotel visitors annually by 2031, while Qatar's Tourism Strategy 2030 targets six million visitors by 2030. These efforts are positioning the GCC as a premier luxury tourism destination are expected to significantly boost demand for jewellery in Saudi Arabia.

The outlook for the jewellery market in GCC remains positive, driven by the growing luxury retail store and fashion industry. In 2023, Indian jewellery brand Tanishq opened its 7th boutique in the UAE and launched two new stores in Doha, Qatar. The expansion of jewellery stores by brands like Tanishq in the UAE, Graff in Bahrain, Joyalukkas in Saudi Arabia, and Maria Tash in Kuwait has strengthened their market presence and is expected to drive demand for jewellery across the region. The projected 48% cumulative annual growth rate of Saudi Arabia's fashion industry from 2021 to 2025 is expected to significantly boost the GCC jewellery market, underscoring the increasing regional demand for fashion and jewellery products.

According to Dhaval, Research Manager, 6Wresearch, in 2023, rings were highly sought-after in GCC countries, especially favoured by women for their cultural symbolism as indicators of social status, gifts for festivals, heirlooms, and investment assets. This cultural significance among women significantly bolstered the demand for rings and contributed to the overall expansion of the market, further enhancing its appeal and driving continued demand.

GCC Jewellery Market (2024-2030) report provides an in-depth analysis with 40 figures and 15 tables, covered in 98 pages. The report comprehensively covers the market by product, material and countries. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.