Middle East & Africa Jewelry Market Share Growing Rapidly with Recent Trends, Development, Revenue, Demand and Forecast to 2029
According to Fortune Business Insights, the Middle East & Africa jewelry market size was valued at USD 22.24 billion in 2021 and USD 30.72 billion in 2022. The market is expected to reach USD 52.24 billion by 2029 with a CAGR of 7.88% during the forecast period. High demand for gemstones and diamonds is predicted to drive market growth. Rising population and increasing tourism activities are expected to propel the market course. The shift of consumers toward high-end and premium ornaments is projected to assist in market development. Fortune Business Insights™ shares this information in its report titled “Middle East & Africa Jewelry Market, 2022-2029.”
Low Footfall in Retail Stores Declined Market Growth
The COVID-19 pandemic led to the closure of offline retail stores in several parts of the Middle East region, which resulted in low footfall in jewel and gem stores in 2020. Manufacturing restrictions, international and national flight restrictions, and labor and logistics shortages disrupted the global jewels and gems supply chains.
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Fortune Business Insights™ lists out all the Middle East & Africa jewelry market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Hans Diamond & Jewellery L.L.C. (UAE)
- L’AZURDE (Saudi Arabia)
- SAFA Group (India)
- Bymystique (UAE)
- Yessayan Jewellery (Lebanon)
- Azza Fahmy Jewellery (Egypt)
- Chanel (U.K.)
- LVMH Moët Hennessy Louis Vuitton (France)
- Compagnie Financière Richemont S.A. (Switzerland)
- Caspian Jewellery (UAE)
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Consumer Spending to Headway Market Progression
Rise in consumer spending and growth in the population in the Middle East & Africa are anticipated to drive the Middle East & Africa jewelry market growth. Improvement in the standard of living of the middle-class population has increased the spending power. Growth in technological advancements and innovations, such as 3D printing and Computer-Aided Design (CAD), is estimated to develop the market. Rise in the number of product offerings with modern designs is expected to further propel market development.
However, the implementation of value-added taxes on the product is expected to hamper the market growth.
Rings to Lead Owing to Increasing Popularity of Corporate Dressing Rings
On the basis of product type, the market is divided into necklaces, earrings, rings, bracelets, and others. The rings segment accounts for the biggest part due to the increasing popularity for corporate dressing rings. It accounted for 32.46% in 2021 due to rising trends of personalized rings such as wedding rings, engagement rings, and promise rings in the region.
Based on material type, the market is categorized into gold, diamond, platinum, and others. Gold is anticipated to dominate the market in the coming years due to its dominance in lifestyles, cultures, and occasions.
Women to Govern Owing to Attentiveness in the Products
According to end-user, the market is bifurcated into men and women. Women segment is projected to govern the segment wide accessibility of jewelry for women and their attentiveness in the products.
Offline Retail to Head Owing to Increasing Rate of Conversion Rate
According to distribution channel, the market is divided into offline retail and online retail/e-commerce. Offline retail is projected to govern the segment owing to increased conversion rate and consumers preferring to try jewelry before purchasing.
Qatar to Grow Increasingly Owing to the Popularity of Turkish Jewelry and the Pearl Capital
The Middle East & Africa market is fragmented into Saudi Arabia, Bahrain, the UAE, Kuwait, Oman, Qatar, South Africa, and the Rest of the Middle East & Africa. The UAE is one of the noteworthy and fastest growing countries in the Middle East & Africa jewelry market share due to the presence of mining sites and the main trading site for rough diamonds. Qatar is expected to grow increasingly due to the popularity of Turkish jewelry and the pearl capital.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players’ market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of Parent Market
- Supply Chain and Regulatory Analysis
- Industry SWOT Analysis
- Qualitative Analysis (In Relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Middle East & Africa Jewelry Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type
- By Material Type
- By End Users
- By Distribution Channel
- Offline Retail
- Online Retail/E-Commerce
- By Country
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Special Product Launches by Key Players to Progress Market Track
Special product launch strategies by the market players is anticipated to improve market development. In September 2022, Messika launched a special Saudi limited edition of its iconic Lucky Move medium model necklace to mark Saudi Arabia’s National Day. Messika is a modern diamond ornament house located in Paris, France.
Key Industry Development
- August 2022– EdgeStone launched Rock Gold Mall, the company’s first specialized mall in gold ornament in Egypt.
Frequently Asked Questions (FAQs):
1. Is the Middle East & Africa Jewelry Industry growing?
Answer: Fortune Business Insights says that the market was USD 22.24 billion in 2021 and is anticipated to reach USD 52.24 billion by 2029.
2. Who are the key players in the Middle East & Africa Jewelry Market?
Answer: LAZURDE, SAFA Group, Bymystique, Chanel, Hand Diamond & Jewelry LLC, LVMH Moet Hennessy Louis Vuitton, and others are the leading companies in the Middle East market.
3. What are Key Factors Raising the Market?
Answer: The growing population and increasing disposable income of the Middle East region are driving the market growth.
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