United Arab Emirates: Jewelry Market 2024

Jewelry Market Size in the United Arab Emirates

In 2021, the jewelry market in the United Arab Emirates increased by 13% to $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption continues to indicate a abrupt contraction. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Jewelry Exports

Exports from the United Arab Emirates

In 2021, shipments abroad of jewelry increased by 45% to X tons for the first time since 2017, thus ending a three-year declining trend. Overall, exports, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 67% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, jewelry exports rose sharply to $X in 2021. In general, exports, however, recorded a perceptible setback. The pace of growth appeared the most rapid in 2017 with an increase of 103%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X tons), Hong Kong SAR (X tons) and Saudi Arabia (X tons) were the main destinations of jewelry exports from the United Arab Emirates, together comprising 47% of total exports. These countries were followed by Kuwait, Denmark, Singapore, Switzerland, Jordan, India, Oman, the United States, Turkey and Bahrain, which together accounted for a further 41%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Denmark (with a CAGR of +16.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for jewelry exported from the United Arab Emirates were Hong Kong SAR ($X), Switzerland ($X) and Saudi Arabia ($X), with a combined 53% share of total exports.

Saudi Arabia, with a CAGR of +33.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average jewelry export price amounted to $X per kg, shrinking by -24.9% against the previous year. In general, the export price, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2018 an increase of 169% against the previous year. Over the period under review, the average export prices attained the maximum at $X per kg in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Switzerland ($X per kg), while the average price for exports to Denmark ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+34.3%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into the United Arab Emirates

In 2021, supplies from abroad of jewelry decreased by -8.6% to X tons, falling for the fourth year in a row after two years of growth. Overall, imports recorded a deep reduction. The growth pace was the most rapid in 2014 when imports increased by 36% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, jewelry imports surged to $X in 2021. Over the period under review, imports showed a abrupt slump. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, India (X tons) constituted the largest supplier of jewelry to the United Arab Emirates, with a 31% share of total imports. Moreover, jewelry imports from India exceeded the figures recorded by the second-largest supplier, Turkey (X tons), twofold. Italy (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from India stood at -15.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-3.2% per year) and Italy (-6.6% per year).

In value terms, the largest jewelry suppliers to the United Arab Emirates were India ($X), Turkey ($X) and Italy ($X), with a combined 58% share of total imports. Switzerland, Singapore, the UK, Malaysia, Indonesia, Hong Kong SAR, the United States, China and France lagged somewhat behind, together accounting for a further 37%.

Indonesia, with a CAGR of +39.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average jewelry import price stood at $X per kg in 2021, jumping by 65% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 77%. The import price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Switzerland ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+23.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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