Middle East Jewellery Market Synopsis
Middle East Jewellery Market is expected to grow during the forecast period, driven by rising purchasing power and disposable incomes of individuals, along with the increasing preference for high-end and designer jewellery. The region is rich in cultural and religious beliefs due to which there is a strong demand for gold and diamond jewellery. Typically, gold jewellery is often seen as a status symbol and diamonds are also popular among individuals. The Middle East Jewellery Industry also facing several restraints such as volatile nature of gold prices, high competition, changing consumer preferences, and geopolitical instability. Additionally, counterfeit jewellery products can undermine consumer confidence in the market, thereby affecting demand for authentic jewellery in the region.
According to 6Wresearch, the Middle East Jewellery Market is anticipated to grow at a higher growth rate during the 2023-2029. The market is expected to proliferate on the back of rising disposable incomes and changing lifestyle preferences. In addition, increasing tourism activities are expected to boost the Middle East Jewellery Market growth over the years. The Middle East has a strong cultural affinity for jewellery, which is also contributing in the expansion of jewellery market. The future of the Middle East jewellery market looks promising, with strong growth potential owing to the growing population and economic development. However, high gold prices, intense competition, and strict government regulations are some of the major challenges faced by market players operating in this region. Nevertheless, there are several growth opportunities for the Middle East jewellery market which includes increasing population and rising discretionary expenses as they will provide a large and increasingly affluent customer base for jewellery retailers. The tourism industry is another key driver of growth in the Middle East jewellery market as it will lead to more spending on luxury items by both foreign visitors and locals.
Leading Players in the Middle East Jewellery Market
There are multifarious players in the Middle East Jewellery Market. Some of them are;
- Damas: Damas is one of the largest jewellery retailers in the Middle East, offers a wide range of jewellery and other precious stones.
- Malabar Gold & Diamonds: Malabar Gold & Diamonds is a leading jewellery retailer in the Middle East, offers a range of jewellery, from traditional to contemporary designs.
- Tiffany & Co.: Tiffany & Co. is an American luxury jewellery brand. The company is known for its high-end jewellery and resilient craftsmanship.
COVID-19 Impact on the Middle East Jewellery Market
The COVID-19 pandemic negatively impacted the Middle East jewellery market in terms of supply and demand. The pandemic has caused disruptions to global supply chains, resulting in delays and shortages of jewellery in the region. Moreover, the pandemic has resulted in an economic downturn in many Middle Eastern countries, leading to a drop in consumer demand for jewellery. The pandemic has led to a shift in consumer preferences, with many people opting for affordable jewellery designs. Sales of jewellery have declined during the pandemic, as consumers have become more cautious about spending.
Key attractiveness of the report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Base Year: 2022.
- Key Performance Indicators Impacting the Market.
- Historical Data Starting from 2019 to 2022.
- Forecast Data until 2029.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Middle East Jewellery Market – Key Performance Indicators
- Historical Data and Forecast of Middle East Jewellery Revenues & Volume for the Period 2019 – 2029
- Middle East Jewellery Market – Import Export Trade Statistics
- Historical Data and Forecast of Saudi Arabia Jewellery Market Revenues & Volume By Material for the Period 2019 – 2029
- Middle East Jewellery Market – Opportunity Assessment By Countries
- Forecast of Middle East Jewellery Market, 2029
- Middle East Jewellery Price Trends
- Middle East Jewellery Market – Opportunity Assessment By Product
- Market Size of Middle East Jewellery Market, 2022
- Historical Data and Forecast of Middle East Jewellery Market Revenues & Volume By Others for the Period 2019 – 2029
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