United Arab Emirates (UAE) Gems and Jewelry Market Overview, 2028

The United Arab Emirates has a long history of trading in precious gems and metals due to its strategic location along historic trade routes. Traditional Emirati jewelry often features intricate designs with a blend of Arabian, Persian, and Indian influences. Traditional pieces are crafted using techniques like filigree, enameling, and setting gemstones in intricate patterns. Jewelry holds significant cultural value in the United Arab Emirates. It is often passed down through generations and worn during special occasions such as weddings, festivals, and important ceremonies. Jewelry is seen as a symbol of status, wealth, and heritage. The United Arab Emirates is famous for its bustling gold souks (markets) where a wide variety of gold and jewelry items are sold. Dubai's Gold Souk is particularly well-known, attracting both locals and tourists. These souks offer a range of jewelry designs, from traditional to contemporary, often featuring intricate craftsmanship and a variety of gemstones. The United Arab Emirates, especially Dubai and Abu Dhabi, is known for its luxury lifestyle and high-end shopping experiences. The cities are home to some of the most prestigious jewelry boutiques and brands, offering exclusive and opulent pieces for those seeking luxury items. Wedding ceremonies hold special significance in Emirati culture, and jewelry plays a central role in these celebrations. Elaborate sets of jewelry, often featuring gold, diamonds, and other precious gemstones, are gifted to the bride as part of her dowry. These sets can include necklaces, bracelets, earrings, and more, showcasing the family's wealth and prestige. According to the research report "United Arab Emirates Gems & Jewelry Market Overview, 2028," published by Bonafide Research, the United Arab Emirates Gems & Jewelry market was valued around USD 8 Billion in 2022. The growing disposable income of the people in the UAE is one of the key drivers of the gems and jewelry market. The increasing number of high-income individuals is driving the demand for luxury jewelry. The UAE is a popular tourist destination, and the number of tourists visiting the country is growing every year. This is also boosting the demand for gems and jewelry, as tourists often buy jewelry as souvenirs. Consumers were increasingly seeking unique and personalized jewelry pieces. Many jewelers were offering customization options, allowing customers to create bespoke designs that suit their preferences and styles. The UAE's growing population of younger consumers was influencing jewelry trends. Younger generations were looking for more contemporary and minimalist designs that reflect their tastes and lifestyles. Jewelry retailers have been exploring the use of technology like augmented reality (AR) to enhance the shopping experience. AR allows customers to virtually try on jewelry items, which can increase engagement and confidence in purchasing high-value pieces. Virtual reality could have been harnessed to create immersive shopping experiences, allowing customers to virtually browse through jewelry collections and even try on pieces in a virtual environment. Virtual try-on applications and augmented reality tools could have become more sophisticated, enabling customers to visualize how jewelry pieces would look on them before making a purchase.

Based on material, the market is divided into gold, silver, platinum, diamonds, and others (gemstones, palladium, titanium, bronze, copper, and brass). Gold holds immense cultural and traditional significance in the United Arab Emirates and throughout the Middle East. Gold jewellery is an integral part of local customs, especially during weddings and other special occasions. The cultural importance of gold ensures a constant and substantial demand for gold jewellery. In the United Arab Emirates, gold is often seen as a symbol of wealth, prosperity, and social status. Owning and wearing gold jewellery is a way for individuals to display their affluence and success. As the United Arab Emirates’ economy has grown rapidly over the years, more people aspire to own gold jewellery. The culture of gift-giving is prevalent in the United Arab Emirates, and gold jewellery is a popular choice for gifts on various occasions, including birthdays, anniversaries, and religious holidays like Eid. The practise of gifting gold adds to the demand. In addition, the United Arab Emirates boasts a high GDP per capita and a significant expatriate population, many of whom have high disposable incomes. As personal wealth increases, consumers are more inclined to invest in luxury items like diamond jewellery. The United Arab Emirates has a culture of gift-giving, and diamonds are popular choices for gifts on various occasions, including birthdays, anniversaries, and holidays. The practise of gifting diamond jewellery sustains demand within this segment. The Rings segment is expected to have the highest market share in the United Arab Emirates (United Arab Emirates) gems and jewelry market based on product. Rings, particularly engagement and wedding rings, hold significant cultural and emotional value in the United Arab Emirates. The tradition of exchanging rings during marriage proposals and weddings is deeply ingrained in the culture. This practice ensures a consistent demand for rings, as weddings are celebrated year-round. Rings are versatile fashion accessories that can complement various outfits and styles. United Arab Emirates consumers, who often prioritize fashion and elegance, seek rings to enhance their personal style. In addition based on distribution channel, The United Arab Emirates is experiencing a significant digital transformation across various industries, including retail. Consumers are increasingly embracing online shopping for its convenience, accessibility, and the ability to browse and purchase jewelry from the comfort of their homes or on the go. For instance, some of the most popular online channels for gems and jewelry in the United Arab Emirates include Souq, Amazon, Noon, The Luxury Closet, David Morris and more. Considered in this report: • Geography: United Arab Emirates • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028

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Manmayi Raval

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Aspects covered in this report: • United Arab Emirates Gems & Jewelry market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Material • Gold • Silver • Platinum • Diamond • Others (Gemstones, palladium, titanium, bronze, copper, brass) By Product • Rings • Necklaces • Earrings • Bracelets • Chains and Pendants • Others (brooches, cufflinks, and hair accessories)

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By Distribution Channel • Jewelry Stores • Multi Branded Stores • Standalone • Online The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Gems & Jewelry industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.