GCC: Jewelry Market 2024

Jewelry Market Size in GCC

In 2021, the GCC jewelry market increased by 7.1% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption faced a abrupt downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Jewelry Production in GCC

In value terms, jewelry production declined dramatically to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 696% against the previous year. As a result, production reached the peak level of $X, and then declined rapidly in the following year.

Jewelry Exports

Exports in GCC

In 2021, shipments abroad of jewelry was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2017 when exports increased by 59%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, jewelry exports skyrocketed to $X in 2021. Overall, exports, however, saw a perceptible reduction. The growth pace was the most rapid in 2017 when exports increased by 76%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons) was the key exporter of jewelry, constituting 85% of total exports. It was distantly followed by Saudi Arabia (X tons), committing an 11% share of total exports. Bahrain (X tons) followed a long way behind the leaders.

Exports from the United Arab Emirates decreased at an average annual rate of -14.1% from 2012 to 2021. At the same time, Bahrain (+10.0%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +10.0% from 2012-2021. By contrast, Saudi Arabia (-2.3%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+7.5 p.p.) and Bahrain (+1.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-8.8 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest jewelry supplier in GCC, comprising 80% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 15% share of total exports.

In the United Arab Emirates, jewelry exports declined by an average annual rate of -3.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+3.3% per year) and Bahrain (+11.0% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per kg, dropping by -19% against the previous year. Over the period under review, the export price, however, saw buoyant growth. The most prominent rate of growth was recorded in 2018 an increase of 132%. Over the period under review, the export prices attained the maximum at $X per kg in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Bahrain ($X per kg), while the United Arab Emirates ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+12.3%), while the other leaders experienced more modest paces of growth.

Jewelry Imports

Imports in GCC

In 2021, purchases abroad of jewelry increased by 6.4% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, recorded a abrupt downturn. The growth pace was the most rapid in 2014 when imports increased by 31% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, jewelry imports soared to $X in 2021. In general, imports, however, continue to indicate a deep downturn. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

The United Arab Emirates dominates imports structure, recording X tons, which was near 77% of total imports in 2021. Saudi Arabia (X tons) held the second position in the ranking, followed by Qatar (X tons) and Bahrain (X tons). All these countries together held near 20% share of total imports. Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to jewelry imports into the United Arab Emirates stood at -10.6%. At the same time, Bahrain (+17.3%), Kuwait (+2.8%) and Saudi Arabia (+2.7%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +17.3% from 2012-2021. By contrast, Qatar (-33.8%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+30 p.p.), Saudi Arabia (+7.3 p.p.), Bahrain (+4.8 p.p.) and Kuwait (+2.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Qatar (-45.3 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported jewelry in GCC, comprising 68% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with an 11% share of total imports. It was followed by Kuwait, with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to -9.9%. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+10.7% per year) and Kuwait (+11.6% per year).

Import Prices by Country

The import price in GCC stood at $X per kg in 2021, with an increase of 61% against the previous year. Overall, the import price enjoyed a prominent expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Kuwait ($X per kg), while the United Arab Emirates ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+59.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform