Qatar Jewelry Market – Industry Trends and Forecast to 2030

Qatar Jewelry Market – By Material (Gold, Diamond, Platinum, Silver, Coloured Gemstones, and Others), Type (Bridal, Fashion, Handmade, Filigree, Bead, Polki, Minakari, Navratna, Kundan, Antique, Temple, and Others), Product (Ring, Earrings, Necklace, Bracelet, Pendants, Bangles, Chain, and Others), Distribution Channel (Offline and Online), End User (Women, Men, and Kids) – Industry Trends and Forecast to 2030.

Qatar Jewelry Market Analysis and Insights

The Qatar jewelry market is expected to gain significant growth in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.1% in the forecast period of 2023 to 2030 and is expected to reach USD 1,771.89 million by 2030, High disposable income and consumer buying power is a major driving factor for the jewelry market.

The jewelry market report provides details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.

Market Definition

Jewelry consist of decorative items which are worn for personal adornment that is formed of materials that may or may not be precious (such as gold, silver, glass, and plastic), frequently set with real jewels, and takes the form of ornamental items (such as rings, necklaces, earrings, and bracelets). Jewelry creation is one of Qatar's oldest handicrafts, and there are several active and well-known Qatari designers in this field. These designers provide a wide range of jewelry, including classic items like anklets, rings, earrings, bracelets, necklaces, and hair accessories. Qatar has had a tight link with jewelry from its establishment, which has influenced Qatari culture. On Qatar National Day, females wear gorgeous traditional jewelry to show their support for this culture. Their national day is made even more memorable by the stunning gold headdresses, necklaces, bracelets, and rings.

Qatar Jewelry Market Dynamics

This section deals with understanding the market drivers, opportunities, challenges, and restrains. All of this is discussed in detail below:

Drivers

• High disposable income and consumer buying power

Qatar is a country in Middle East and Africa which have higher source of hydrocarbon resources. The petroleum reserves in Qatar accounts for the 13% global petroleum reserves is a major element in the large country's income. Beyond the hydrocarbon sector, tourism sector is also blooming in the country which has lead to the expansion of population, shopping outlets, and retail brands. The disposable income are higher in the nation owing to high income of the working population and government subsidies which include free health, education, low energy cost and, no tax on personal income. Such factors contribute to the high disposable income of the citizens living in Qatar and thus the consumers have increased buying power to buy luxury Jewelry.

• Sales of jewelry through e-commerce websites

In recent times, Qatar has shown significant growth of e-commerce market. Such growth of e-commerce is because the costumers expects digital, smooth, and quick delivery of products. In addition to it the e-commerce allows customers to see wide range of product and designs, which allows the customers variety of option. Furthermore, the customers also have comfort to order the item by sitting at their home even from far places. The e-commerce system also allows seamless paying of money from customer to seller through payment gateways.

The jewelry sector in Qatar is growing due to the increased sales through e-commerce websites run by a company or retail e-commerce. Consumers can choose their product per design, price, event, and quality through these websites. Few sellers also allow consumers to customize the jewelry according to their choice. The buyers also can buy and know about the new players who manufacture jewelry through various social media applications. The companies are also attracting customers by giving them discount offers on payment gateways when they buy through the e-commerce website. In addition, the companies are giving the customers a return or exchange policy to increase the sales of jewelry items, thus increasing the sales of luxury jewelry items.

Opportunities

• Rising number of jewelry shows and exhibitions

Jewelry exhibitions and shows are exciting events where hundreds of companies gather under one roof to promote their business and sell their jewelry products. A well-organized and advertised jewelry exhibition can help demonstrate different ornamental items effectively. Consumers can ask the companies about the manufacture, design, cost, and specialty of jewelry. Moreover, these exhibitions are sponsored and advertised by the jewelry manufacturing companies through which potential consumers can get to know the information and importance of jewelry, thus increasing jewelry sales.

Exhibitions help the jewelers know the customer's likes and dislikes. It can help them develop as a brand. They could also know about recent market trends and developments, the latest services and products, and competitor product information. The customers, too, get to see and buy different cultures and types of ornaments in such exhibitions. Qatar's government is looking to diversify its economy beyond the petroleum industry. They encourage such jewelry manufacturers to organize exhibitions to grow the Qatar jewelry market.

• Diversifying economy of Qatar

Qatar's economy mostly depends on the petroleum resources available in the country. However, Qatar is concerned about the long-term viability of its hydrocarbon earnings as the resources are non-renewable. Under the national vision 2030, Qatar has an ambitious and long-term growth strategy to diversify its economy. A crucial component of this plan includes infrastructure spending linked to transportation, education, sports, healthcare, telecommunication, and hospitality. In addition, Qatar exports fertilizer, steel, and other construction materials to other countries. Recently Qatar hosted FIFA World Cup 2022, in which it is expected that the nation has invested approximately USD 220 billion.

The national government also has favorable policies for setting up a business, attracting companies to invest in Qatar. Most of the workforce is from foreign countries. Thus, there is cultural diversity in the country. The jewelry manufacturer has also observed this trend and set up the business in Qatar. Due to this, many ex-pats are residing in the country for employment. As Qatar is looking to diversify its economy, the government is also focusing on the tourism sector; tourists that are more international are expected to visit Qatar in upcoming years, thus growing the country's jewelry sector.

Restraints/ Challenges

• Volatility in raw material prices

Since ancient times jewelry has been essential part of the Qatar culture and tradition. The citizens and expats living in the nation buy the jewelry for special occasions and investment purpose as these jewelry has high value over the time. To make these jewelers raw materials such as gold, silver, platinum, diamond, pearls, and diamonds are used. Most of these raw materials are obtained from natural resources such as mines. These raw materials prices also fluctuates upon the quality, color, purity, and cuts. The supply and demand is also one of the factor which affects the prices of raw materials. As the jewelry demand rises more in the festival, wedding seasons or events like valentines, the prices too fluctuates.

• Credible threat of other substitutes

Jewelry has been an important part of the tradition and culture in the nation of Qatar. However, consumers are shifting towards artificial jewelry due to the increasing prices of jewelry. Artificial jewelry is made up of a variety of artificial materials. These artificial materials are mostly made of plastic and cheap metals like copper and aluminum. Such jewelry also looks like a replica of the original jewelry. Moreover, there is an increased number of companies manufacturing artificial jewelry. These companies advertise over social media, influencing consumers to buy such jewelry.

The increasing popularity of e-commerce is one of the driving forces for selling artificial ornaments. Through such websites, buyers can see the items and further buy them. Moreover, these replica ornaments are getting popular among youngsters, as they are cheap, can be worn daily, and go well with outfits and costumes. In addition, this jewelry is low in cost compared to the original jewelry. Most consumers buy jewelry for investment. However, people are shifting to other ways of investment, such as mutual funds, fixed deposits, real assets, and the stock market hence restraining the growth of the Qatar jewelry market.

 Recent Development

• In November 2022, Kalyan Jewelers had launched its football-themed limited edition jewelry collection ‘Es Vida’ to celebrate the football culture during the FIFA World Cup held in Qatar.
• In October 2022, Malabar Gold & Diamonds relaunched three of its renovated and restyled showrooms in Qatar at D Ring Road Lulu, Al Khor Mall, and Barwa Village.
• In July 2022, Bulgari opened its latest boutique at the exquisite Place Vendome, Qatar where 470 sqm store displayed contemporary jewelry collections, precious jewels, and luxury watches.

Qatar Jewelry market Scope

The Qatar Jewelry market is categorized based on material, type, product, distribution channel and end user. The growth amongst these segments will help you analyse major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.

Material

• Gold
• Diamond
• Platinum
• Silver
• Coloured Gemstones
• Others

On the basis of material, the Qatar jewelry market is segmented into gold, diamond, platinum, silver, colored gemstones, and others.

Type

• Bridal
• Fashion
• Handmade
• Filigree
• Bead
• Polki
• Minakari
• Navratna
• Kundan
• Antique                            
• Temple
• Others

On the basis of type, the Qatar jewelry market is segmented into bridal, fashion, handmade, filigree, bead, polki, minakari, navratna, kundan, antique, temple, and others.

Product

• Ring
• Earrings
• Necklace
• Bracelet
• Pendants
• Bangles
• Chain
• Others

On the basis of product, the Qatar jewelry market is segmented into ring, earrings, necklace, bracelet, pendants, bangles, chain, and others.

Distribution Channel

• Offline
• Online

On the basis of distribution channel, the Qatar jewelry market is segmented into offline, and online.

End User

• Women
• Men
• Kids

On the basis of end user, the Qatar jewelry market is segmented into women, men, and kids.

Competitive Landscape and Qatar Jewelry market Share Analysis

Qatar jewelry market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product approvals, patents, product width and breadth, application dominance, product lifeline curve. The above data points provided are only related to the companies’ focus related to the Qatar jewelry market.

Some of the major market players operating in the market are Damas Jewelry, T&CO. (A subsidiary of LVMH), CHANEL, Kalyan Jewelers., P, andora Jewelry, LLC, Malabar Gold & Diamonds, CARTIER (A subsidiary of Compagnie Financière Richemont SA), AL SULAIMAN JEWELLERS., VAN CLEEF & ARPELS (A subsidiary of Compagnie Financière Richemont SA), and SHINE Gold & Diamonds, among others.