Renowned for its luxury and allure, the gem and jewelry market in the United Arab Emirates is a thriving and dynamic sector of the economy. The UAE is a top destination for the gem and jewelry industry, and its strategic position as a hub for global trade and tourism has fueled its consistent growth.

Here are some statistics regarding the UAE gems, jewelry, and gold souk market for you to explore.

Overview of Gems and Jewelry Market of UAE

  1. The UAE Gem and Jewelry Market in 2023 was estimated to be worth USD 8.34 billion. ResearchandMarket
  2. The jewelry market in the United Arab Emirates is expected to generate US$0.41 billion in revenue by 2024. Statista
  3. From 2024 to 2028, the market is predicted to grow at an annual rate of 1.78% (CAGR 2024-2028). Statista
  4. In contrast to global statistics, India's jewelry market generates the highest revenue, projected to reach US$81,260 million in 2024. Statista
  5. According to estimates based on per capita income, each individual in the United Arab Emirates is expected to produce US$42.59 in revenue within the Jewelry market in 2024. Statista
  6. According to projections, luxury will account for 57% of jewelry market sales by 2024. Statista
  7. The analysis of the UAE gem and jewelry market reveals a significant trend of jewelry companies merging with clothing companies. With USD 14.25 billion in sales, the apparel industry outpaces the USD 0.8 billion jewelry industry. Jewelry is becoming a bigger business for companies like Guess, H&M, and ZARA. Goldstein
  8. According to the UAE gems and jewelry market report, the following 5 businesses are the top major participants: Cartier, Tiffany & Co., Joyallukas, Swarovski, and Damas International. Goldstein
  9. The UAE's gem and jewelry market, which was valued at $8.4 billion in 2018, is expected to reach $13 billion by 2024 at a compound annual growth rate (CAGR) of about 8%. Market Intelligence
  10. The UAE Gem and Jewelry Market was valued at $8.4 billion in 2018 and is expected to reach $13 billion by 2024, growing at a compound annual growth rate of about 8%. %. Market Intelligence
  11. 90% of the Jewelry Market of UAE is plain gold while rest 10% is gem jewelry. Slideshare
  12. The world's biggest and most established shopping festival is called Dubai Shopping Festival. The festival has a significant positive influence on the gem and jewelry market in the UAE, having drawn over 56 million tourists there in the past 20 years. PRN
  13. Furthermore, the UAE has seen an increase in online sales of jewels and jewelry, with the percentage of its population using the Internet rising from roughly 68% in 2010 to nearly 90% in 2016. PRN
  14. Pearl jewelry, silver, platinum, palladium, gemstones, diamonds in gold, and gold jewelry are all part of the gem and jewelry market in the United Arab Emirates. PRN
  15. In the UAE gems and jewelry market, gold held the largest value share of over 45% in 2015, and it is expected that this trend will continue throughout the forecast period. PRN
  16. Dubai holds a 52.0% market share in the UAE gem and jewelry market, with Abu Dhabi growing at a compound annual growth rate (CAGR) of 21.0% during the forecast period. Express Press
  17. Jewelry, Gem & Technology Dubai 2024 (JGT Dubai) is a three-day business-to-business sourcing event for jewelry, gemstones, and associated technology that takes place in the United Arab Emirates. 2exhibitions
  18. Dubai's retail jewelry sector meets demand from international tourists by supplying jewelry imported from over 30 countries to over 180 nationalities living in the city. Brecorder

UAE Gold Souk Statistics

  1. In terms of markets, plain gold jewelry exports from India found a notable home in the UAE, where sales increased by 107.2 percent to $4,528.66 million in FY 2023–24 from $2,185.67 million the year before. Financial Express
  2. According to the World Gold Council, the demand for yellow gold surged by 80% in the UAE during the year 2022. Fortune Business Insights
  3. Dubai imports 300 tons of gold for retail and wholesale. Slideshare
  4. Export, Import, and re-exports of gold and diamond jewelry through the UAE account for 20% of the global jewelry trade. Slideshare
  5. The 560-member Dubai Gold and Jewelry Group was founded in 1996 and represents all trade sectors, including manufacturing, wholesale, retail, and bullion trade. Slideshare
  6. Legal Gold Standard: Under UAE law, gold weighing less than eighteen carats is not regarded as gold. Slideshare
  7. Compared to the global average of less than 1 gram, UAE shoppers purchase 30 grams of gold on average each year. Slideshare
  8. In the UAE, gifts account for 48% of all gold, while personal use accounts for 28%. Furthermore, at least two-thirds of the populace purchases gold annually. Slideshare
  9. In the United Arab Emirates, Dubai is the main source of demand for jewelry and gems. Because of the 300 jewelry stores in the Gold Souk, as well as the numerous upscale showrooms and multi-brand jewelry stores located throughout the city. PRN
  10. Gold jewelry held a 46.4% market share in 2016 and is predicted to maintain this position of dominance over the forecast period. Express Press
  11. There are more than 300 retailers in the souk. Some have only opened their stores a few years ago, while others have been there for more than 40 years. Gulf News
  12. The Najmat Taiba, or Star of Taiba, is the heaviest ring in the world, and it is located in the Gold Souk. This enormous ring weighs just 314g less than 57kg and has 5.17 kg of Swarovski crystals set into it. Gulf News
  13. The ring manufactured by Taiba Gold and Jewelry in Saudi Arabia is endorsed by the World Gold Council and has a certificate from the Guinness Book of Records attesting to its "weight in gold." It is estimated to be worth Dh2.2 million. Gulf News
  14. Dubai offers a wide range of 18-carat, 21-carat, 22-carat, and 24-carat gold jewelry to suit the tastes and preferences of people worldwide. Brecorder
  15. The price of gold is expected to rise significantly by the end of 2024, from $1,960 (Dh7,200) per ounce to well over $2,000 (Dh7,345), according to analysts. Gulf News
  16. According to several research organizations, the price of gold is expected to increase by almost $200 (Dh734) per ounce, or about Dh50 per gram, in 2024—exceeding the 2023 peak. Gulf News
  17. Market data, however, also shows indications that gold prices, which have already increased by roughly 11% this year, may soon stabilize. Gulf News
  18. The price of gold increased by eight dirhams per gram last week and by about Dh17 per gram in March of 2024 in the United Arab Emirates. Zawya
  19. The researchers estimate that between 80 and 85 percent of Africa's artisanal gold exports in 2022 went to the United Arab Emirates. Middle East Monitor
  20. The UAE, which received 405 tonnes of illicit gold from Africa in 2022, was the primary destination, according to Swissaid. Middle East Monitor
  21. According to the organization, over 2,500 tonnes of illegally obtained gold worth over $115 billion were accepted by the UAE during the preceding ten years. Middle East Monitor
  22. There are roughly fifty gold ATMs in the world, one at the Burj Khalifa's entrance and another at the 124th-floor At The Top viewing platform. At the Emirates Palace Hotel in Abu Dhabi, there is another gold-to-go installed. Gulf News

Gold Export UAE 2022

  1. The United Arab Emirates became the third largest gold exporter in the world in 2022 with $32.8 billion in exports. OEC
  2. Gold was the third-most-exported good from the United Arab Emirates that year. OEC
  3. The top five countries to which the United Arab Emirates exports gold are India ($3.22B), Kuwait ($2.63B), Turkey ($3.41B), Hong Kong ($5.92B), Switzerland ($8.29B), and Hong Kong. OEC
  4. The three countries where the United Arab Emirates exported the most gold between 2021 and 2022 were Iraq ($904M), Kuwait ($1.73B), and Turkey ($1.89B). OEC

Gold Import UAE 2022

  1. The United Arab Emirates became the third-largest gold importer in the world in 2022 after bringing in $57.1 billion in gold. OEC
  2. In the United Arab Emirates that same year, gold ranked as the most imported goods. Mali ($5.57B), Russia ($5.36B), Ghana ($4.68B), the United Kingdom ($4.5B), and Zimbabwe ($4.46B) are the top five countries from which the United Arab Emirates imports gold. OEC
  3. Between 2021 and 2022, the United Arab Emirates' fastest-growing gold import markets were Ghana ($2.98B), Russia ($5.28B), and the United Kingdom ($2.06B). OEC

UAE Gemstones Market Statistics

  1. With the help of the Dubai Diamond Exchange (DDE), the United Arab Emirates (UAE) has welcomed over 1,300 foreign and domestic precious stone companies since it entered the Kimberley Process in 2003. DMCC
  2. With notable growth in Dubai's polished diamond market, the UAE will become the world's leading hub for the rough diamond trade by 2021, setting itself up to dominate the global market for both rough and polished diamond trade. DMCC
  3. With USD 22.8 billion worth of rough stones exchanged in 2021, the United Arab Emirates emerged as the global center for the rough diamond trade. DMCC
  4. In 2022, the value of the UAE's trade in rough and polished diamonds increased by 17% year over year. DMCC
  5. AED 72.7 billion, or $37.4 billion, was reached. The trade-in of polished diamonds grew by 42%. DMCC
  6. The UAE's rough diamond trade increased by 72% in value over the last three years, while polished diamonds saw a 50% increase, for a combined increase of 64%. DMCC
  7. 3 banks in the UAE now have dedicated diamond books, providing diamond companies with access to competitive financing; The diamond industry benefits from a reverse charge mechanism on the UAE's 5% VAT, reducing cash flow impact for diamond companies operating in the country. DMCC
  8. With 690,960,092.705 GEM in circulation, Gems has a total market capitalization of AED 248,270.71. Coinbase
  9. According to Shaunak Shastree, Managing Director of IGI Middle East, the demand for diamonds and gemstones in the UAE increased by 80% year over year during the final four quarters of 2021. Zawya
  10. Notwithstanding the decline in gold prices in 2021, the jewelry market in the United Arab Emirates is expected to expand by 7% due to the robust demand for diamonds and gemstones. This contributes to an estimated $230 billion global market, of which the UAE accounts for nearly $2 billion. Zawya
  11. The largest share went to EZUDDIN AMRA with 15 shipments, followed by DANIELA PARKINSON with 14 and MUSTAFA ABDULJABBAR AL FAY RD at third place with 10 shipments, according to Volza's United Arab Emirates Gemstone Buyers directory. Volza

Precious Stones Export 2022

  1. The United Arab Emirates was the eighth-largest exporter of precious stones worldwide in 2022 with $334 million worth of exports. OEC
  2. Precious stones were the 106th most exported goods from the United Arab Emirates in that same year. The United States ($45.8 million), Thailand ($13.6 million), Hong Kong ($50.7 million), India ($70.3 million), and Mozambique ($106 million) are the top destinations for United Arab Emirates' exports of precious stones. OEC
  3. Between 2021 and 2022, Mozambique ($84M), the United States ($42.6M), and Thailand ($10.4M) were the three countries where the United Arab Emirates' precious stone exports grew the fastest. OEC

Precious Stones Import 2022

  1. The United Arab Emirates became the 11th largest importer of precious stones worldwide in 2022 after importing $241 million worth of them. OEC
  2. Precious stones were the 182nd most popular import into the United Arab Emirates that year. India ($34.8M), Zambia ($32M), the United States ($32.1M), Mozambique ($35.1M), and Thailand ($24.9M) are the main suppliers of precious stones to the United Arab Emirates.OEC
  3. In terms of Precious Stone imports into the United Arab Emirates between 2021 and 2022, Mozambique ($31.6M), India ($21.8M), and Sri Lanka ($13.4M) had the fastest growth rates. OEC

Future Outlook

  1. With a CAGR of 6.84% through 2029, the UAE Gems and Jewelry Market is expected to experience strong growth during the forecast period. ResearchandMarket
  2. An extensive analysis by industry experts covering the competitive landscape, major players, Porter's Five Forces, SWOT analysis, company profiles, business strategies, and models are included in the UAE gem and jewelry market outlook for 2017–2025. Goldstein
  3. It is projected that the value of the UAE Gems & Jewelry Market will increase at a compound annual growth rate (CAGR) of 6.53% from 2023 to 2027. By 2027F, the market value, which was $7.28 billion in 2021, could rise to $10.71 billion. YahooFinance
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