The GCC and MENA jewellery market: figures, demand transformation, and the role of JWS Abu Dhabi
The jewellery market across the GCC and MENA region is undergoing a phase of structural transformation. A region that for decades was perceived primarily as a mass market for gold jewellery is shifting toward more sophisticated luxury models, focused not on weight, but on value.
In 2024, the Middle East jewellery market is estimated at approximately $31 billion and is expected to nearly double to $55-62 billion by 2033. More than 60% of this volume is generated by GCC countries, supported by high purchasing power, strong tourism flows, and the continued expansion of luxury retail.
The UAE remains the region’s primary jewellery hub. The market already exceeds $8 billion and is projected to grow to $12-13 billion by the end of the decade. Beyond domestic demand, the UAE functions as a regional showcase, a re-export centre, and a key meeting point for buyers operating across the GCC, North Africa, and South Asia. A significant share of regional sourcing decisions is made here.
Rising gold prices have reshaped consumption patterns. In 2024, global demand for gold jewellery declined by around 11%, while the UAE recorded a year-on-year decrease of approximately 13%. This has not reduced interest in jewellery as a category; instead, demand is shifting toward design, craftsmanship, gemstone provenance, certification, and supply-chain sustainability.
Against this backdrop, the diamond and gemstone segment is expanding rapidly, including lab-grown diamonds, where regional demand increased by more than 50% in just one year. The market is clearly transitioning from commodity jewellery to value-driven luxury. commodity jewellery к value-driven luxury.
Saudi Arabia has emerged as the second major growth engine within the GCC. In 2024, the gold and diamond jewellery market is estimated at $4.5-4.7 billion, with forecasts exceeding $8 billion by 2030, supported by demographics, strong bridal demand, and changing consumer behaviour under Vision 2030.
In this context, the GCC and MENA should be viewed not only as end markets, but as platforms for regional expansion. For brands and manufacturers, presence in the region is a strategic decision that requires precise positioning and a deep understanding of local demand dynamics.
This is why Jewellery & Watch Show Abu Dhabi plays a critical role. JWS is a focused B2B platform where partnerships are built and export routes are shaped.
Profex Group, as the official representative of JWS Abu Dhabi in the CIS and Baltic countries, supports companies throughout their market entry from readiness assessment to positioning and long-term market strategy.
The regional jewellery market offers significant opportunities, but not quick wins.
JWS Abu Dhabi represents a strategic entry point and Profex Group’s role is to make that entry structured, informed, and sustainable.
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