United Arab Emirates (UAE) Jewellery Market Synopsis
The United Arab Emirates (UAE) Jewellery Market has long been known for its thriving luxury and jewellery market, with Dubai being a major hub for the trade. The demand for jewellery in the UAE is influenced by various factors, including the country`s high-income population, strong tourism industry, cultural affinity for gold and precious gems, and its position as a regional shopping destination.
Challenges of the Market
The UAE economy heavily relies on oil exports, making it susceptible to fluctuations in global oil prices. Any downturn in the oil market can impact consumer spending on luxury goods like jewellery. Further, the presence of counterfeit jewellery products in the market poses a challenge to genuine jewellery brands. Counterfeit items often undermine consumer confidence and affect sales of authentic products.
Key Players of the Market
Malabar Gold & Diamonds, Damas, Tiffany & Co, Cartier and Graff.
Covid-19 Impact on the Market
The COVID-19 pandemic had a significant impact on the UAE jewellery market, as it disrupted the supply chain and retail operations. During the pandemic, jewellery stores faced temporary closures, resulting in decreased sales. However, the industry witnessed a gradual recovery as restrictions eased, and the pent-up demand led to a rebound in sales.
Drivers of the Market
The UAE strong economic growth has led to an increase in per capita income and disposable income levels. As a result, consumers are more willing to spend on luxury and high-quality jewellery items. Further, the UAE is a popular tourist destination, attracting millions of visitors each year. Tourists often engage in shopping sprees, including purchasing jewellery, to take advantage of tax-free shopping and exclusive designs. Moreover, the cultural affinity for jewellery drives consistent demand throughout the year, especially during festive seasons and weddings.
Key Highlights of the Report:
- Historical Data and Forecast of United Arab Emirates (UAE) Jewellery Market Revenues & Volume By Diamond for the Period 2016 – 2026
- Market Opportunity Assessment By Material
- United Arab Emirates (UAE) Jewellery Import Export Trade Statistics
- Historical Data and Forecast of United Arab Emirates (UAE) Jewellery Market Revenues & Volume By Others for the Period 2016 – 2026
- Market Opportunity Assessment By Product
- United Arab Emirates (UAE) Jewellery Market Drivers and Challenges
- Historical Data and Forecast of United Arab Emirates (UAE) Jewellery Market Revenues & Volume By Necklace for the Period 2016 – 2026
- United Arab Emirates (UAE) Jewellery Price Trends
- Historical Data and Forecast of United Arab Emirates (UAE) Jewellery Market Revenues & Volume By Ring for the Period 2016 – 2026
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