The United Arab Emirates has long been a land where gold glitters in the very fabric of its culture. Jewellery here is more than ornamentation; it is heritage, investment, and identity. Today, the jewellery business has transformed from the traditional unbranded to branded product. Today, millennials and Gen-Z buyers influence the business. Other factors such as more disposable incomes, desire for customised and unique pieces of jewellery also drive the business.
The UAE’s jewellery sector is prioritising and promoting branded jewellery at a faster pace and in tune with trends to meet the aspiration of young and old alike. This paradigm shift is helping the growth zoom north. From the bustling alleys of Dubai’s Gold Souk to boutiques of Abu Dhabi’s luxury malls, the UAE jewellery market has grown into a USD 4.66 billion industry in 2024 and is expected to reach USD 7.65 billion by 2033. Within the product line, Finger rings dominate with a 37.4% share, gold jewellery commands 58.5%, and women’s jewellery accounts for nearly three-quarters of sales. Behind these numbers, a new story of brands – local champions and global entrants – is making the UAE into a jewellery capital of the world.
At the core of this narrative stands Damas Jewellery, founded in 1907 and now a household name across the Middle East. Damas blends Emirati heritage with modern artistry, offering collections that speak to both tradition and contemporary luxury. Its expansion into international markets has positioned it as a global ambassador of UAE craftsmanship. Alongside Damas, Pure Gold Jewellers has carved a niche as the accessible face of fine jewellery. With over 150 stores across the Middle East, Pure Gold appeals to tourists and residents alike, balancing affordability with elegance.
The UAE’s jewellery market is also enriched by Malabar Gold & Diamonds, a brand with Indian roots but a strong Emirati presence. Malabar’s extensive gold and diamond collections have made it a favourite among expatriates and locals, while its global expansion underscores Dubai’s role as a gateway to international markets. Jawhara Jewellery is a homegrown Emirati brand that emphasises traditional designs infused with contemporary flair. Jawhara identifies itself as a traditional player and strong in the societal traditions, often tied to weddings and cultural events, of course with Emirati identity.
Beyond these giants, the UAE has nurtured boutique innovators. Shamsa Alabbar, an Emirati designer, launched Dubai Fine Arts Jewellery in 2024. Her work reflects a new generation of Emirati creativity, where jewellery is not just adornment but also an art. Similarly, Liali Jewellery has built its reputation on bespoke designs and personalized service, appealing to customers seeking individuality. Joyalukkas, another powerhouse with Indian origins, has become a global name while maintaining a strong UAE base, offering everything from bridal sets to investment-grade gold.
The UAE’s jewellery sector thrives on cultural traditions. Weddings, Eid celebrations, and gifting rituals ensure steady demand, while tourism adds a global dimension. Duty-free shopping and luxury malls attract international buyers, making Dubai and Abu Dhabi hotspots for jewellery tourism. The Gold Souk in Deira remains iconic, its labyrinth of shops offering everything from intricate bangles to bullion bars. Yet the industry is not static; digital expansion is reshaping consumer behaviour. Online platforms, virtual try-ons, and e-commerce strategies are increasingly important, especially for younger buyers who value convenience alongside craftsmanship.
Global outreach is another defining feature of the UAE’s Jewellery business. Brands like Damas and Malabar have expanded into Asia, Europe, and North America, leveraging Dubai’s position as a trade hub. Partnerships such as Tanishq’s collaboration with Sharaf Retail highlight the UAE’s role as a gateway for Indian and international jewellery brands. This outward expansion is matched by inward attraction: luxury houses like Cartier, Tiffany & Co., and Bulgari continue to strengthen their UAE presence, competing with local players and pushing innovation.
In May 2024, Damas Jewellery introduced its latest Farfasha collection. The semi-precious stones in this collection, including amethyst, London blue topaz, blue topaz, lemon quartz, and mother of pearl, are set in 18k yellow gold to create necklaces, bracelets, anklets, earrings, and rings.
The UAE may look like it a paradise of jewellery business but challenges remain. Gold price volatility coupled with Geopolitical tensions in the region have often affected consumer confidence. Competition between local and international brands is intense, driving innovation in design, pricing, and customer experience. Consumers of finished jewellery are cautious on purchases and are looking at investments bullion. Yet these challenges have also spurred resilience. Brands are diversifying into diamonds, platinum, and bespoke services, ensuring they remain relevant in a shifting market.
Looking ahead, the UAE jewellery sector is poised for steady growth. Tradition and innovation will continue to intertwine, with local brands strengthening their global presence and international players deepening their UAE roots. Cultural heritage, tourism, and digital transformation will fuel demand, while sustainability and ethical sourcing are emerging as new priorities.
The UAE jewellery market, valued at over USD 4.66 billion in 2024, is a glittering hub of local and international brands, with home-grown names like Damas, Pure Gold Jewellers, Malabar Gold & Diamonds, and Jawhara Jewellery shaping its identity while global players expand their footprint. Driven by luxury tourism, cultural traditions, and rising disposable incomes, the sector is projected to reach USD 7.65 billion by 2033 at a CAGR of 5.8%.
An analysis by Grand View Research mentions that by distribution channel, the offline retail jewellery stores segment held the largest share of 84.9% in 2024. The analysis also pointed that the women’s segment held the largest share of 74.3 of the UAE’s jewellery market in 2024. The UAE diamond jewellery segment is forecast to grow at the fastest CAGR of 6.4% by 2033.
Article by Imtiaz Ahmed Sharif
