NEW YORK, August 8, 2016 /PRNewswire/ --
Formation of free zones, growing demand for exclusive and designer jewelry and favorable government policies to fuel growth in UAE gems and jewelry market
According to a recently released TechSci Research report, "UAE Gems and Jewelry Market By Type, By Point of Sale, By Organized vs Unorganized, Competition Forecast & Opportunities, 2011 - 2021", gems and jewelry market in the UAE is projected to witness a CAGR of 8.7% during 2016 - 2021. Growth in the market is anticipated on account of rising number of exclusive jewelry retail chains, increasing number of tourists and expatriates, coupled with low price of gold due to minimum duties imposed in the country. Dubai Shopping Festival is the largest and the longest running shopping festival in the world. Having attracted over 56 million visitors to the UAE over the last two decades, the festival has a huge positive impact on the country's gems & jewelry market. Moreover, online sales of gems & jewelry have been growing in the UAE with the country's Internet user population having risen from around 68% in 2010 to nearly 90% in 2016.
Browse 11 market data Tables and 28 Figures spread through 118 Pages and an in-depth TOC on
"UAE Gems and Jewelry Market "
UAE gems and jewelry market comprises of gold, diamond in gold, gemstones, diamonds, silver, platinum, palladium and pearl jewelry. Gold accounted for the largest value share of over 45% in the UAE gems and jewelry market in 2015, and the same trend is anticipated to continue during the forecast period. Damas, Malabar Gold and Diamonds, Joyalukkas, Gitanjali Gems, etc., are the leading players operating in the UAE gems and jewelry market. Accounting for majority of the country's gems and jewelry demand in 2015, Dubai is the largest demand generator for gems and jewelry in the UAE. Dubai is expected to continue generating significant demand during the forecast period as well, owing to 300 jewelry shops in the Gold Souk, coupled with multiple exclusive showrooms and multi brand jewelry stores in the city.
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"Gems and jewelry market is growing at a significant pace in the UAE. Growing number of tourists visiting the country and purchasing gems and jewelry on account of flexible policies of the government such as zero taxation and minimal duty are driving sales of gems and jewelry in the country. Over the last few years, the market has also been witnessing changing preferences of consumers from gold jewelry to other types of jewelry items such as diamond and platinum palladium jewelry.", said Mr. Laltu Sinha, Research Manager with TechSci Research, a research based global management consulting firm.
"UAE Gems and Jewelry Market By Type, By Point of Sale, By Organized vs Unorganized, Competition Forecast & Opportunities, 2011 - 2021", has evaluated the future growth potential of UAE gems and jewelry market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the UAE gems and jewelry market.
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