According to a new report by UnivDatos, the Saudi Arabia Gold and Diamond Jewelry Market is expected to reach USD million in 2033 by growing at a CAGR of 10.10% during the forecast period (2025- 2033F).

Key Highlights of the Report:

•  The Central Region (Riyadh) is the most recent in starting to lead the market in terms of the concentration of wealth and availability of luxury retail. In contrast, the Western Region (Jeddah, Makkah, Madinah) is developing rapidly, focusing on both tourism and pilgrim shopping, as well as the informal dress sense of younger people.

•  Gold jewelry dominates market shares, especially necklaces and rings, and the lab-grown diamond and online source of sales are attaining quicker adoption by millennial consumers and Gen Z.

•  The top market share holders, L’azurde, Najd Deer, and Al Romaizan have prevailed due to large retail networks and localized production. However, this is changing as niche demand is being exploited via e-commerce, influencer marketing, and modern designs by newer brands.

•  Trends and opportunities that are growing digitalization, investment in domestic production as part of Vision 2030, and the need for consumers to have branded, certified, and customizable products are changing the competitive landscape and creating new growth horizons.

•  Amidst the Saudi government initiative of implementing the Vision 2030, whereby the government has been promoting localization of manufacturing, the jewelry industry would significantly give returns to investors. Firms that have invested in local fabs, green sourcing, and digital infrastructure will be well-positioned to capitalize on lower importation costs, increased margins, and high market growth in both conventional and online markets.

Due to the high disposable income, a cultural preference for gold, rising female employment, and increasing tourism. Furthermore, the demand includes growing e-commerce penetration and brand awareness of premium brands. Moreover, Vision 2030 is localization-based, promoting the growth of the manufacturing and retail sectors. Moreover, the fashion trends promoted by young people are influencing product innovation and marketing.

On April 8, 2025, GJEPC announced to organise SAJEX 2025– The Saudi Arabia Jewellery Exposition from 11 to 13 September 2025 at Jeddah Superdome. It will be the first dedicated B2B gem & jewellery show in the Kingdom of Saudi Arabia. Backed by Vision 2030: SAJEX aligns with the Kingdom’s ambitious economic diversification plan, making it the ideal time to enter this flourishing market.

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Driver: Rising Disposable Income

The increase in disposable income in Saudi Arabia, particularly among younger generations and working women, has a direct impact on their expenditure on luxurious commodities such as gold and diamond jewelry. Additionally, with increased financial independence, citizens are now opting for more elaborate gold, designer, and diamond jewelry. This has also increased self-purchasing and the giving of gifts to others. Also, the rising income levels drive demand for tailored and branded jewelry, as well as ethically sourced jewelry. In general, it enhances the magnitude and quality of jewelry sales in offline and online stores.

As per the General Authority for Statistics, Household Income and Consumption Expenditure Statistics is a part of household field surveys conducted within the realm of social statistics. These surveys provide data on income and consumption expenditure patterns in society and highlight the impact of demographic, social, and economic factors on households. For the first time in the 2023 Household Income and Consumption Expenditure Statistics, a methodology for calculating disposable household income and consumption expenditure was implemented. The target sample was selected from the Saudi Census 2022, with a total sample size of 122,325 households. The survey results revealed that the household monthly average disposable income across the Kingdom was SAR 11,839 (USD 3156.04), while the average household monthly consumption expenditure was SAR 10,884. Additionally, the average household monthly final monetary consumption expenditure stood at SAR 9,426 (USD 2512.78).

It also promotes more frequent buying to express the fashion and lifestyle on occasion. Moreover, high-end international brands are entering the market to cater to this upscale demand. This is an income-related change that is compelling local jewelers to be creative and to upgrade their services. 

Segments that transform the industry

·  Based on the type, the market is segmented into gold jewelry, diamond jewelry, and lab-grown diamonds. Among these, the gold jewelry segment dominated the market share in 2024 due to the Saudi jewelry industry's reliance on gold, which holds significant religious and cultural significance. It is still the preferred practice at weddings to give dowries and gifts during the festive season, ensuring constant demand throughout the year. The fact that it serves as a fashion accessory and a financial asset also makes it a significant growth factor. In the last five years, Saudi Arabia used 228.1 tonnes of gold, according to the World Gold Council (WGC), as of April 1, 2025. People bought 167.1 tonnes as jewelry and 61 tonnes as gold bars and coins. Gold jewelry demand increased from 22.7 tonnes in 2020 to a peak of 38.1 tonnes in 2023, helped by post-pandemic recovery and strong interest. However, in 2024, it dropped slightly to 35 tonnes. Gold bars and coins have been selling more each year since 2020, reaching 15.4 tonnes in 2024—the highest since 2014, when it was 15.6 tonnes. This shows people in Saudi Arabia still see gold as a good investment.

Region that transforms the industry

·  The Central Region held a dominant market share in 2024. In the case of gold and diamond jewelry, the Central region, led by Riyadh, has the highest share of this market due to its concentration of wealth and urbanization. It is the location of the headquarters of leading national jewelry brands and is also home to high-quality foreign brands. Additionally, high-value consumers, high-quality and luxury shopping districts, and large shopping malls all contribute to high-value purchases. Cultural events, such as weddings, spur demand; however, the emerging trend of self-purchase by professionals is also proving to be a significant contributor to the rising demand. Other government projects, such as Vision 2030, are also promoting the creation of local production points in this region. Consequently, companies prioritize Riyadh when launching products and flagship stores. On June 2, 2025, Damiani unveiled its very first boutique in Riyadh, the capital of the Kingdom of Saudi Arabia, in the iconic Solitaire Mall.

·  The new boutique of 150sqm follows the new global store concept, characterised by a new design and original decor that pays tribute to the Maison’s quintessential Italian origins, expressed through meticulously designed spaces and the choice of precious materials. The boutique draws inspiration from the refined atmosphere of a luxurious Italian home, a place that reflects the brand’s iconic style, where jewelry lovers can discover the Maison’s creations in a bright, comfortable, and homely environment.

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Key Offerings of the Report

Market Size, Trends, & Forecast by Revenue | 2025−2033.

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis by Type, by Product, by Sales Channel, by Region

Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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UnivDatos

Email - contact@univdatos.com

Website - www.univdatos.com