Editor’s Note
This article highlights the robust growth trajectory of Saudi Arabia’s gold and diamond jewelry market, projected to expand at a CAGR of over 10%. Key drivers include high disposable income, deep-rooted cultural traditions, and the increasing economic participation of women.
The Saudi Arabia Gold and Diamond Jewelry market was valued at USD 4,780.00 million in 2024 and is expected to grow at a strong CAGR of around 10.10% during the forecast period (2025-2033F), driven by high disposable income, cultural affinity for gold, and a growing female workforce.
Gold and diamond jewelry refers to jewelry made of gold and decorated with diamonds, used to create a luxury product that signifies status, wealth, or a particular style. In Saudi Arabia, jewelry of this type continues to represent tradition, festivity, and financial stability, and is commonly purchased at weddings, religious milestones, and special events.
To achieve the growth of the market, companies operating in Saudi Arabia are investing in mall and tourist hub retail networks, local manufacturing units in line with Vision 2030, and online purchasing systems that drive the market growth. Furthermore, companies are experimenting with customization and a fashion-forward range of collections, adopting more sustainable practices, and collaborating with influencers to target younger generations. Moreover, firms are implementing loyalty programs, utilizing interest-free installment plans, and even using lab-grown diamond products to cater to the evolving interests of consumers.
The deal, which was signed at the ongoing Future Investment Initiative (FII) summit in Riyadh, will see the two entities jointly commit sizeable investment to take advantage of the huge opportunities in the Saudi market, according to a statement issued on Dana Al Alami’s official social media accounts.
