The UAE gems and jewellery market is set to register an annual average growth of more than seven per cent from this year to 2019, according to a recent report.
The TechSci Research, titled ‘UAE Gems and Jewelry Market Forecast & Opportunities, 2019,’ revealed that the largest gems and jewellery market in UAE continues to be Dubai, followed by Abu Dhabi.
Hamas International, Joyallukas, Tiffany & Co, Titan International and Geetanjali Gems were names as few of the leading gems and jewellery retailers in the country and all of these major players are expected to focus on increasing their distribution network, open new exclusive outlets and increase their online presence over the next five years, it said.
Gems and jewellery market in the UAE is witnessing growth on account of increasing disposable income, changing taste and preferences of consumers, rising demand for branded and designer jewellery and growing tourism, said the report.
Moreover, the expanding distribution channels of top players coupled with rising demand from high net worth individuals is pushing the demand for gold, diamond and platinum jewellery as well as precious gems in the country, it said.
The preference for diamond jewellery is also rising as it is becoming more of a fashion statement for affluent consumers. This growing demand is attracting a lot of companies towards expanding their presence in the UAE.
Karan Chechi, research director, said: ”The UAE gems and jewellery market is vast in terms of value as well as volume, and the market is forecast to continue its growth trend over the course of next five years owing to growing young population coupled with rising awareness about different types of jewellery.
“The demand for gold jewellery has been witnessing a continuing increase over the last decade and the trend is expected to continue over the coming years as well, however, the consumer inclination towards diamond and platinum jewellery is also increasing on account of growing purchasing power, changing consumer preferences and rapid urbanisation in the country.”
The research evaluated the future growth potential of the UAE gems and jewellery market, and provided statistics and information on market structure, consumer behaviour trends, market projections and demand forecasting.
It was intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. It also identified and analysed the emerging trends along with essential drivers, challenges and opportunities available in gems and jewellery market in the UAE.