Welcome to one of the oldest businesses in the region. Gems and Jewelry have been the driver of the Gulf economy and shine career for the young even today.
The UAE has seen unprecedented economic growth in the past two decades. This has been reflected in the growth of High Net Worth Individuals (HNWI) comprising of 20% of total population.
Luxury segment has a high potential for growth and sustainability. This has lead to a consistent demand for Gems and Jewelry. This market is huge in terms of both volume and value. It has been projected to grow at a remarkable rate of 7% up to 2019 as per TechSci research.
The UAE has also been witnessing a gradual shift from the core gold only jewellery to diamonds and platinum-based one. This has been attributed to the growing young working class in the region.
The segment is no more dominated by women. In fact, a whole segment of male consumers has developed, whose behaviour of repeat purchase, style consciousness and brand loyalty is taking the industry to a next level.
Major players in the UAE market in this sector are Hamas International, Joyallukas, Tiffany & Co, Titan International and Geetanjali gems. These have been adding distribution channels to push their products into the market. These developments have led to the demand for designers, distributors, marketers etc.
Once restricted to trade, gems and jewellery have evolved into a lifestyle. This is evident from the fact that Dubai Gold Souq has more than 250 shops with more than 25 tonnes of ornaments into the display.
This industry attracts skilled workers from India, Pakistan, Iran, Saudi Arabia, Thailand etc. and also experienced business professionals in the field of Sales, Marketing, Inventory control, Public Relations, Human resource and Finance.
Projected to grow at 8.7% C.A.G.R. according to a research conducted by PR Newswire, a research-based firm, this industry shall continue to shine career for many in the coming decade as well.