Dubai is known for its thriving jewellery industry, with a market value that is anticipated to grow with a CAGR of 6.53% during the forecast period, 2023-2027. This growth can be attributed to increasing demands for fashion jewellery and expensive gems among the population. The rising population of the country and its growing disposable income, mostly among the younger generation, is expected to facilitate the growth of the UAE Gems & Jewelry Market in the future five years.
One trend that is driving the growth of the jewellery industry in Dubai is the increasing inclination of the population toward online shopping. The expanding e-commerce industry further drives the growth of the UAE Gems & Jewelry Market in the upcoming five years. Market players are actively launching novel and premium products and increasing their product portfolios to reach an underserved consumer base across the country.
Gold jewellery is anticipated to hold almost half of the revenue shares of the market being the largest among other sub-segments and thus dominate the segment in the upcoming five years. Increasing production of gold jewellery, rising cost of gold as well as rising disposable income among the population of the country is expected to substantiate the growth of the market and be a major factor behind gold jewellery dominating the market segment. In conclusion, Dubai’s jewellery industry is growing at a rapid pace, with trends such as online shopping and a focus on gold jewellery driving its growth. As a result, it’s an exciting time for businesses in this industry to capitalize on these trends and reach new customers.