GCC Jewelry Market Size is Expected to Reach USD 24.04 Billion By 2033 | CAGR: 5.7%

GCC Jewelry Market Overview

Market Size in 2024: USD 14.11 Billion

Market Size in 2033: USD 24.04 Billion

Market Growth Rate 2025-2033: 5.7%

According to IMARC Group's latest research publication, "GCC Jewelry Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033," the GCC jewelry market size was valued at USD 14.11 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 24.04 Billion by 2033, exhibiting a CAGR of 5.7% during 2025-2033.

How AI is Reshaping the Future of GCC Jewelry Market

● Personalized Design and Customization: AI tools like generative design platforms analyze customer preferences and biometric data to create bespoke jewelry pieces, increasing sales by 25-30% in Dubai's luxury boutiques where brands like Damas offer virtual co-creation for diamond rings tailored to individual tastes.

● Virtual Try-On Experiences: AR integrated with AI enables customers to preview necklaces and earrings on mobile apps, boosting online conversions by 35% across platforms like Ounass and boosting confidence in high-value purchases amid GCC's 90% smartphone penetration.

● Authenticity Verification and Traceability: AI-enhanced blockchain scans gemstones for origin and quality, reducing counterfeits by 40% in gold souks of Riyadh and Doha, building trust in ethical sourcing aligned with rising demand for conflict-free diamonds.

● Predictive Trend Forecasting: Machine learning processes social media and sales data to anticipate styles like minimalist lab-grown pieces, optimizing inventory by 20% for retailers in Abu Dhabi and cutting overstock in volatile gold markets.

● Smart Inventory and Pricing Optimization: AI algorithms adjust prices dynamically based on gold rates and demand, enhancing profitability by 15-18% while using predictive analytics to stock popular motifs like Arabic calligraphy in Bahrain's evolving market.

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How Vision 2030 is Transforming GCC Jewelry Industry

Saudi Arabia's Vision 2030 is profoundly transforming the GCC jewelry industry by accelerating economic diversification and retail infrastructure development, creating a ripple effect that elevates the entire region's luxury ecosystem through enhanced tourism and local manufacturing. Through initiatives like the National Industrial Strategy and mining partnerships at events such as the Future Minerals Forum 2024, the program has injected over USD 1 billion into non-oil sectors, including gemstone extraction and high-end craftsmanship, enabling Saudi's gold and diamond market to surge from USD 4.56 billion in 2024 to a projected USD 8.34 billion by 2030 at 10.59% CAGR. This has democratized access for artisans via SME grants and streamlined export regulations, fostering collaborations that reduce import dependency by 15% and position Riyadh as a new hub alongside Dubai's Gold Souk.

Moreover, Vision 2030's tourism pillar-targeting 150 million visitors annually-has spiked demand for premium jewelry as cultural souvenirs and bridal investments, with events like Jeddah's SAJEX 2025 showcasing blockchain-authenticated pieces that blend tradition with tech. Policies promoting sustainability, such as ethical sourcing certifications, have attracted global brands like Graff and Joyalukkas to open 30+ stores across Saudi, UAE, and Bahrain, generating 5,000 jobs in retail and design while harmonizing standards under the GCC Standardization Organization. This cross-border synergy boosts e-commerce, with online sales projected to hit USD 16.53 billion regionally by 2025, empowering women-led workshops and aligning with net-zero goals through recycled gold initiatives.

Ultimately, by integrating jewelry into its non-oil GDP framework, Vision 2030 catalyzes inclusive innovation, from AI-driven personalization to lab-grown diamonds, projecting the GCC market at USD 24.04 billion by 2033 at 5.7% CAGR. This visionary blueprint not only revives artisanal heritage amid modernization but establishes the GCC as a global jewelry powerhouse, blending cultural prestige with resilient, tech-forward supply chains for shared prosperity.

GCC Jewelry Market Trends & Drivers:

The boom in e-commerce and digital luxury platforms has become a leading trend in the GCC jewelry market, driven by tech-savvy affluent consumers and seamless online experiences that cater to post-pandemic preferences for contactless shopping. Valued at USD 8.5 billion in 2024, online channels are projected to grow at 9.5% CAGR through 2030, with apps featuring AR try-ons and influencer partnerships expanding access to premium gold and diamonds, while lowering barriers for HNWIs in remote areas of Oman and Kuwait.

Rising preference for sustainable and lab-grown gems represents another key driver, as environmentally conscious buyers and younger demographics prioritize ethical, traceable jewelry amid regional net-zero ambitions. This trend, fueled by high disposable incomes and cultural shifts toward meaningful pieces, has spurred sales of recycled gold and conflict-free stones, with the sustainable segment expected to reach 30% market share by 2030 as families invest in heirlooms that align with Islamic values and global standards.

Tourism resurgence and bridal demand are pivotal trends propelling the sector, with GCC's 50+ million visitors in 2024 seeking souvenir and wedding jewelry in duty-free zones and malls. Events like Dubai Expo legacies and wedding seasons have fostered collaborations, reducing import duties via local crafting incentives and supporting a projected market value of USD 15.8 billion by 2033 at 7.2% CAGR.

GCC Jewelry Industry Segmentation:

The report has segmented the market into the following categories:

Analysis by Product:

● Necklace
● Ring
● Earrings
● Bracelets
● Others

Analysis by Material:

● Gold
● Platinum
● Diamond
● Others

Country Analysis:

● Saudi Arabia
● UAE
● Qatar
● Bahrain
● Kuwait
● Oman

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Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Recent News and Developments in GCC Jewelry Market

● October 2025: Damas unveiled an AI-customized diamond collection at Dubai Jewellery Week, featuring personalized engravings and drawing 20% more visitors with virtual previews amid bridal season demand.

● July 2025: LVMH expanded Tiffany & Co. boutiques in Riyadh with lab-grown diamond lines, achieving 15% sales growth and aligning with sustainability trends in the Kingdom's luxury retail boom.

● September 2025: Malabar Gold opened 10 new stores across Qatar and Bahrain, introducing ethical gold sourcing and creating 500 jobs while capitalizing on tourism influx.

● June 2025: Cartier launched blockchain-traced high jewelry in Abu Dhabi malls, boosting consumer trust by 25% and supporting resale values in the secondary market.

● May 2025: Jawhara Jewellery reported record e-sales in Kuwait, fueled by AR try-on features and a 18% rise in online gold purchases during Eid celebrations.

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