Rising fashion and preference for luxury jewelry products among the customers are fueling the Saudi Arabia Gold and Diamond Jewelry market through 2027.
According to TechSci Research report, “Saudi Arabia Gold and Diamond Jewelry Market – By Region, Competition, Opportunities and Forecast, 2017-2027” The Saudi Arabia Gold and Diamond Jewelry Market is forecast to grow at a CAGR of 13.92% with market size of around USD7.06 billion by 2027F owing to various factors such as a growing consumer base with the increasing preference for investing in gold and diamond among the young and working-class population . Moreover, the emergence of fashionable and exclusive jewelry in Saudi Arabia is driven by rising consumer awareness and preference for western brands, which is anticipated to increase the demand for gold and diamond jewelry there over the forecast period.
Furthermore, the market has witnessed significant growth in the demand for these products with the growing platform of distributional channels. With the ease of purchasing gold and diamonds, various manufacturers of gold and diamond jewelry observed increase in sales due to a significant shift in consumer purchasing habits from traditional stores to online retailers. Therefore, various companies have shifted towards the launch of their own platform or established their tie-up with other websites. For instance, in 2021, Lazurde jewelry company launched the e-commerce platform for the brand name “TOUS”. Hence, the e-commerce market has a tremendous impact on the acceleration of the gold and diamond jewelry market in Saudi Arabia.
Browse over 20 market data Figures spread through 70 Pages and an in-depth TOC on “Saudi Arabia Gold and Diamond Jewelry Market“
Most of the gold and diamonds are imported within the country from other nations worldwide. However, due to COVID-19 and the following lockdowns, there was a disruption in product supply and demand chains, which hampered the import, and the market witnessed slower growth. However, the companies are growing through the development of retail expansion, the introduction of new, reasonably priced jewelry, and e-commerce ventures to maximize performance.
Based on type the Saudi Arabia Gold and Diamond Jewelry market is segmented into the gold jewelry, diamond in gold jewelry, diamond in other than gold metal jewelry, gemstones other than diamond in gold jewelry. The diamond in gold jewelry market is the fastest growing type in Saudi Arabia Gold and Diamond Jewelry market with a CAGR of 14.76% in 2022-2027, due to the increasing wide offering of luxury and fashionable design in terms of diamond in gold metal by market players. The consumers prefer demand more for such products for wedding, gifting, and other purposes. Moreover, with the growing support of government by reduced taxation on such items like gold with only 5% VAT and no other tax, more consumers are purchasing these items. Therefore, even the visitor from other nations prefers to purchase such goods from the nation, which is also influencing the market of gold and diamond jewelry.
On the basis of distribution channel, the market is segmented into Jewelry showrooms & wholesale market, company exclusive showrooms and online. Out of which, jewelry showrooms & wholesale market held more than 57% of the market share in 2021 in terms of purchase of such products owing to the better visibility of design, assured quality, and limited fraud issues. Such factors are the major reason why the preference for purchasing gold and diamond jewelry from other distribution channels is limited. However, the rising reliability of online sources with a wide variety of options and designs at a discounted rate is an influencing factor.
Key market players in the Saudi Arabia Gold and Diamond Jewelry market include:
- Al Romaizan Gold & Jewellery (LLC)
- L’azurde Company for Jewelry
- Damas Saudi Arabia Company Limited
- Najid Deer Jewellery Co
- Taiba Gold And Jewellery Company Limited
- Malabar gold & Diamonds
- LVMH (Louis Vuitton Saudi Arabia LLC ),
- Titan International (Middle East) FZE
- Al Khooheji Jewellery Company Limited
- Mouawad Trading Limited Company Saudi Arabia
With various international players operating within the gold and diamond jewelry market in Saudi Arabia, it is necessary for the domestic players to maintain a significant pace in the market owing to the rising competition. For instance. Damas Saudi Arabia Company Limited is one of the well-known jewelers in the Middle East, with approx. 150 operating stores across the Gulf region, with close to 3 million customers in the Middle East. As of September 2022, Damas has about 20 stores operating in Saudi Arabia, and it intends to expand in Jeddah and Riyadh, with an aim to remain competitive among its international labels such as Cartier and Bulgari.
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“There are several gold jewelry shops in Saudi Arabia that sell gold and diamond ornaments with distinctive designs and top-notch craftsmanship. Saudi Arabia population has been consistently ranked among the top jewelry consumers. Per person, Saudi Arabians consume more than three grams of gold. Moreover, with the growing fashion industry the demand for designer gold and diamond jewelry is expected to drive profitable growth in the Saudi Arabia market over the following years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Gold and Diamond Jewelry Market, By Type (Diamond in Gold Jewelry, Gold Jewelry, Gemstone Other than Diamond in Gold Jewelry, Diamond in Other than Gold Metal Jewelry), By Distribution Channel (Jewelry Showrooms & Wholesale Market, Company Exclusive Showrooms, Online), By Region, Competition, Forecast & Opportunities, 2017-2027”, has evaluated the future growth potential of Saudi Arabia gold and diamond jewelrymarket and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Saudi Arabia gold and diamond jewelry market.
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