Golden Sands: How to Launch a Jewelry Business in Dubai

Dubai has rightfully earned its title as the "City of Gold" - home to one of the world's largest markets for precious metals. Thanks to special economic zones like DMCC, tax-free gold investments, and its status as a global trading hub, the emirate has become a magnet for the jewelry business.
But how can new players break into this promising market? What opportunities await entrepreneurs? Anara Malakhova, an expert in tax structuring across the UAE and GCC countries, shares her insights.
Who Dominates Dubai's Jewelry Market?
Dubai's jewelry scene is a battleground for global players. Indian giants like Malabar Gold & Diamonds and Joyalukkas have long been established here, offering traditional, opulent designs favored by locals-think bold 22-karat gold pieces.
Alongside them, luxury European brands like Damiani, Cartier, Tiffany & Co., and Bulgari cater to tourists and expats, showcasing elegant 18-karat gold and platinum designs.
Then there's Emirates Gold, the region's largest Arab manufacturer, blending Middle Eastern traditions with contemporary trends.
Pricing in the Kingdom of Luxury
Gold here is sold by weight, with prices determined by:
• Market rate per gram (~220-250 AED for 22K)
• Craftsmanship costs
The diamond market is even more complex, where GIA and IGI certifications dictate prices-ranging from modest $500 stones to astronomical per-carat figures.
Challenges for Newcomers
Local buyers prefer bold, colorful gemstone pieces, while international shoppers lean toward recognizable luxury brands. The real opportunity lies in bridging these tastes-offering something fresh yet culturally resonant.
Key Market Players
• Malabar Gold & Diamonds (Indian powerhouse)
• Joyalukkas (leading Indian retailer)
• Damiani (Italian luxury brand)
• Cartier, Tiffany & Co., Bulgari (global elite brands)
• Emirates Gold (top Arab manufacturer)
• Kalyan Jewellers (Indian brand with UAE presence)
Where British Brands Can Shine
Minimalist platinum and diamond jewelry-uncommon in traditional Arab designs-could attract wealthy Western expats and tourists.
Business Models That Work
1. Hybrid Online + Showroom - A DMCC-registered company cuts startup costs.
2. Local Distributorships - Partner with major hubs like Dubai Gold Souq or exhibit at Dubai World Trade Centre.
Networking for Success
Leverage connections with:
• The Association of Russian Businessmen in the UAE
• The Russian Trade Representative Office in the UAE
These organizations provide market insights and business matchmaking to ease market entry.

GLOBAL TAX ASSISTANT - FZCO

IFZA Property FZCO 
Dubai Silicon Oasis, DDP A2
+971543030654
tryazapova@taxemirates.com

Global Tax Assistant is an international consulting company headquartered in Dubai (DIFC), providing comprehensive business services in the UAE and the GCC region. The company specializes in company formation (free zones, mainland), tax structuring, accounting and audit outsourcing, legal protection, and corporate audits. A dedicated business unit focuses on MENA market research, assisting companies in assessing the potential and risks of entering the region.
A team of experts with over 10 years of experience, including specialists with Big Four backgrounds, provides support in Russian, English, and Arabic. The company is an official Mastercard partner and a resident of the Qatar Financial Centre (QFC), which underscores its expert status. Global Tax Assistant helps businesses minimize risks and scale effectively in the Gulf countries.

This release was published on openPR.