UAE Gems and Jewelry Market likely to see rapid growth till 2019

ABUDHABI (Scrap Monster): The recently published market research report by TechSci Research predicts robust growth to UAE’s gems and jewelry market during the period between 2014 and 2019. The report titled “UAE Gems & Jewelry Market Opportunities and Forecast, 2019” forecasts a CAGR of over 7% during this period.

According to the report, the growth in gems and jewelry market is mainly attributed to a handful of factors including increasing disposable income, changing taste and preferences of consumers, rising demand for branded and designer jewelry and growing tourism. Further, the demand for gold, diamond, platinum and precious gems from high net worth customers are driven by expanding presence of major players throughout the country. The research notes that the demand for diamond jewelry has risen sharply in recent times. The rising trend is likely to continue until 2019.

The TechSci Research report states that Dubai continues to be the leading gems and jewelry market in the country, closely followed by Abu Dhabi. Also, all leading brands are seen competing with each other to expand their distribution network across the region. The major retailers including Damas International, Joyallukas, Tiffany & Co., Titan International and Geetanjali Gems are eying major business expansion in coming years. Also, online market is expected to become more popular among general public, thereby giving big boost to gem and jewelry sales.

The report also provides extensive statistical information about the gem and jewelry market in the country. It also analyzes the rapidly emerging trends in consumer behavior which may become helpful for market participants to forecast the future demand. Further, the report outlines the future growth potential of the gems and jewelry industry in the country.