Editor’s Note
This analysis highlights a pivotal year for the regional market, marked by a sharp 2024 contraction after peak 2023 levels. While long-term forecasts remain positive, current dynamics show rising import costs and shifting trade flows, with the UAE and Saudi Arabia firmly at the center of both consumption and import activity.
Market forecast projects modest growth to 8.9K tons and $434M by 2035, with CAGRs of +1.4% (volume) and +2.6% (value).
2024 saw a significant market contraction, with consumption volume down -17.6% and value down -10.1% from 2023 peaks.
The UAE and Saudi Arabia are the dominant markets, jointly accounting for 92% of consumption volume and 86% of import volume.
Import prices surged to over $51K per ton in 2024, led by Saudi Arabia, while export prices fell sharply by -57.5%.
Saudi Arabia’s exports grew 133% by volume in 2024, making it the largest exporter, though the UAE remains the leader by export value.
Driven by rising demand for imitation jewellery in GCC, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.4% for the period from 2024 to 2035, which is projected to bring the market volume to 8.9K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.6% for the period from 2024 to 2035, which is projected to bring the market value to $434M (in nominal wholesale prices) by the end of 2035.
In 2024, after three years of growth, there was significant decline in consumption of imitation jewelry, when its volume decreased by -17.6% to 7.7K tons. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak volume of 13K tons. From 2018 to 2024, the growth of the consumption remained at a somewhat lower figure.
The value of the imitation jewellery market in GCC contracted to $329M in 2024, declining by -10.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). In general, consumption, however, recorded pronounced growth. Over the period under review, the market reached the peak level at $366M in 2023, and then dropped in the following year.
The countries with the highest volumes of consumption in 2024 were the United Arab Emirates (3.3K tons), Saudi Arabia (3.3K tons) and Oman (456 tons), with a combined 92% share of total consumption.
Bahrain and Qatar lagged somewhat behind, together accounting for a further 7.2%.
From 2013 to 2024, the biggest increases were recorded for Bahrain (with a CAGR of +12.2%), while consumption for the other leaders experienced more modest paces of growth.
In value terms, the largest imitation jewellery markets in GCC were Saudi Arabia ($158M), the United Arab Emirates ($124M) and Bahrain ($11M), together accounting for 89% of the total market. Oman and Qatar lagged somewhat behind, together comprising a further 3.8%.
In terms of the main consuming countries, Qatar, with a CAGR of +14.8%, saw the highest growth rate of market size over the period under review, while market for the other leaders experienced more modest paces of growth.
The countries with the highest levels of imitation jewellery per capita consumption in 2024 were the United Arab Emirates (326 kg per 1000 persons), Bahrain (212 kg per 1000 persons) and Saudi Arabia (89 kg per 1000 persons).
From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Bahrain (with a CAGR of +8.8%), while consumption for the other leaders experienced more modest paces of growth.
In 2024, overseas purchases of imitation jewelry decreased by -11.8% to 8.6K tons, falling for the second year in a row after two years of growth. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when imports increased by 60%. The volume of import peaked at 14K tons in 2017; however, from 2018 to 2024, imports stood at a somewhat lower figure.
In value terms, imitation jewellery imports declined to $440M in 2024. Total imports indicated a tangible increase from 2013 to 2024: its value increased at an average annual rate of +4.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports increased by +146.4% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 50%. Over the period under review, imports reached the maximum at $444M in 2023, and then dropped in the following year.