Saudi Arabia Gems and Jewelry Market Overview, 2028

Saudi Arabia Gems and Jewelry Market Overview, 2028
Saudi Arabia is the birthplace of Islam, and Islamic principles strongly influence the culture of gems and jewelry. Islamic motifs, verses from the Quran, and calligraphy are often incorporated into jewelry designs, reflecting the deep religious connection of the society. Jewelry with religious symbols or inscriptions can hold spiritual significance for wearers. Traditional Saudi jewelry is characterized by its intricate designs and detailed craftsmanship. It often features geometric patterns, floral motifs, and delicate filigree work. Jewelry is created using various metals, including gold, silver, and sometimes copper. Designs vary across regions, reflecting the diverse cultural heritage of Saudi Arabia. Traditional Saudi Arabian jewelry is often characterized by intricate designs and the use of precious metals and gemstones. Women in Saudi Arabia have a long tradition of wearing jewelry, especially on special occasions and weddings. Pieces often include bracelets, necklaces, earrings, and rings. These traditional designs vary by region, with each area having its unique style and motifs. Wedding ceremonies in Saudi Arabia are elaborate affairs, and jewelry plays a significant role. Brides often receive a dowry of jewelry from the groom's family, and they wear these pieces during the wedding and throughout their married life. These pieces can be quite ornate and are often seen as a symbol of the bride's status and wealth. Jewelry is an integral part of celebrations and festivals in Saudi Arabia. During Eid, which is a major Islamic holiday, people often exchange gifts of jewelry as a sign of love and celebration. This tradition underscores the importance of jewelry as a cultural marker of joy and festivity.

According to the research report ""Saudi Arabia Gems & Jewelry Market Overview, 2028,"" published by Bonafide Research, the Saudi Arabia Gems & Jewelry market is expected to reach market size of more than USD 7.40 Billion by 2028. The growing disposable income of the people in Saudi Arabia is one of the key drivers of the gems and jewelry market. Saudi Arabia is a popular tourist destination, and the number of tourists visiting the country is growing steadily. This is also boosting the demand for gems and jewelry, as tourists often buy jewelry as souvenirs or gifts. Diamond jewelry is gaining popularity in Saudi Arabia, thanks to its association with luxury and status. The increasing number of weddings and other social events is also contributing to the demand for diamond jewelry. The Saudi Arabian government is supporting the growth of the gems and jewelry industry by providing incentives and subsidies to jewelers. The Saudi Arabian government is liberalizing the economy, which is making it easier for foreign companies to invest in the gems and jewelry industry. The upcoming mega events in Saudi Arabia, such as the 2022 FIFA World Cup and the 2030 Expo, are expected to boost the demand for gems and jewelry. These events will attract tourists from all over the world, who will be looking to buy jewelry as souvenirs or gifts. Economic factors can influence the Saudi jewelry market. Consumers may become more price-sensitive during economic downturns, leading to fluctuations in demand for luxury jewelry items. Some jewelers are investing in cutting-edge technology, such as 3D printing and CAD/CAM (Computer-Aided Design/Computer-Aided Manufacturing), to enhance the design and production processes and create intricate and precise jewelry pieces.

The Saudi Arabian gems and jewellery market's diamond category is anticipated to experience the greatest CAGR throughout the forecast period. Diamonds hold profound cultural significance in Saudi Arabia. They are often associated with luxury, wealth, and social status. In Saudi culture, gifting and wearing diamond jewelry are symbolic gestures of affection and appreciation. The Middle-Class population in Saudi Arabia is growing, resulting in increased consumer purchasing power. As more individuals and families enter the middle-class segment, there is a growing appetite for luxury items, including diamond jewelry. Saudi Arabia has a strong culture of gift-giving. Diamonds are popular choices for gifts on various occasions, including birthdays, anniversaries, and religious holidays like Eid. The practice of gifting diamond jewelry sustains demand within the segment. In addition based on product the market is divided into rings, necklaces, earrings, bracelets, chains and pendants and others. Necklaces hold cultural significance in Saudi Arabia. They are often worn to symbolize prestige, wealth, and social status. Intricately designed necklaces are considered a symbol of femininity and elegance. Necklaces, particularly those with heart-shaped pendants or other meaningful designs, are often exchanged as tokens of love and commitment among couples. This practice sustains the demand for necklaces as sentimental gifts. Necklaces are often chosen for celebrating special occasions such as graduations, promotions, and significant life events. The culture of gift-giving and marking milestones adds to the demand for necklaces.

Based on distribution channel, shopping in jewelry stores is both traditional and absorbing. Saudi customers frequently prefer going to stores in person, especially when buying expensive products like jewellery. When shopping in-store, you may examine items closely, put them on, and get specialised guidance from trained salespeople. There are many different types of jewelry available in jewelry stores, such as rings, necklaces, bracelets, earrings, and more. This wide variety serves customers with various tastes, inclinations, and financial constraints. Jewellery stores frequently provide evaluation services, which are crucial for figuring out the value of jewelry and for insurance purposes. When buying expensive things, customers respect this knowledge and service. For instance, some of the most popular jewelry stores for gems and jewelry in Saudi Arabia include Malabar Gold and Diamonds, Riyadh Diamond Jewelry, Al Bustan Jewelry, Dahabstan Jewelry, Riyadh Jewellery Centre and more.

Considered in this report:
• Geography: Saudi Arabia
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• Saudi Arabia Gems & Jewelry market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Material
• Gold
• Silver
• Platinum
• Diamond
• Others (Gemstones, palladium, titanium, bronze, copper, brass)

By Product
• Rings
• Necklaces
• Earrings
• Bracelets
• Chains and Pendants
• Others (brooches, cufflinks, and hair accessories)

By Distribution Channel
• Jewelry Stores
• Multi Branded Stores
• Standalone
• Online

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Gems & Jewelry industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.