The jewelry market in Saudi Arabia is one of the fastest-growing markets in the Middle East region, driven by high demand from affluent customers and a strong focus on jewelry that reflects luxury and social status.

        The jewelry market in Saudi Arabia is currently valued at approximately USD 3.8 billion. The market's growth is primarily driven by rising incomes among the population and an increase in tourism, which has boosted demand for luxury goods. Additionally, the country’s "Vision 2030" initiative, aimed at reducing dependence on oil, has encouraged higher consumer spending on high-end products such as gold and diamond jewelry.

        Cultural practices in Saudi Arabia also play a significant role in driving the market, as jewelry is traditionally given as gifts during weddings and various celebrations. According to data from Statista.com, the Saudi jewelry market is projected to grow at an average annual rate of 3.18% between 2024 and 2029.

Source: https://www.indiastudychannel.com/

Another factor enhancing the appeal of this market is the annual event known as Saudi Luxury Week, which features both domestic and international exhibitors showcasing high-end jewelry collections and modern watches. The most recent events were held in April 2024 in Jeddah and May 2024 in Riyadh, attracting vendors from around the world, including countries such as Australia, Brazil, Bahrain, France, India, Hong Kong, Japan, and Italy.

        Another factor that adds to the appeal of this market is the annual event called Saudi Luxury Week. This event brings together domestic and international sellers to showcase high-end jewelry collections and modern watches. The latest editions were held in April 2024 in Jeddah and May 2024 in Riyadh, attracting exhibitors from around the globe, including countries such as Australia, Brazil, Bahrain, France, India, Hong Kong, Japan, and Italy.

        In addition, starting in 2025, Saudi Arabia will implement a Value Added Tax (VAT) refund system for tourists, allowing them to claim tax refunds on items purchased in the country for personal use. This policy is expected to enhance Saudi Arabia's appeal as a shopping destination and stimulate tourist spending, further boosting tourism in the country.

        In terms of market trends, in addition to the traditional popularity of gold and diamond jewelry, which are used for dowries, gifts for significant occasions, and as investments, younger generations in Saudi Arabia are increasingly interested in contemporary and unique jewelry designs. There is a growing preference for purchasing jewelry through online platforms, and the acceptance of imported goods from abroad is on the rise. This presents a great opportunity for Thai jewelry entrepreneurs to tap into the Saudi market.

Wasana Somnate

The Gem and Jewelry Institute of Thailand (Public Organization) 

February 2025