The UAE gems and jewelry market is set to register an annual average growth of more than seven percent 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 jewelry market in UAE continues to be Dubai, followed by Abu Dhabi, TradeArabia reported Saturday.
Gems and jewelry 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 jewelry 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 jewelry as well as precious gems in the country, it said.
The preference for diamond jewelry 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 jewelry 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 jewelry.
“The demand for gold jewelry 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 jewelry is also increasing on account of growing purchasing power, changing consumer preferences and rapid urbanization in the country.”
The research evaluated the future growth potential of the UAE gems and jewelry market, and provided statistics and information on market structure, consumer behavior 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 analyzed the emerging trends along with essential drivers, challenges and opportunities available in gems and jewelry market in the UAE.
