The import of jewellery of precious metal to the UAE has exhibited significant fluctuations over the years. Starting at 7.99 billion USD in 2013, the market saw moderate growth of 6.69% in 2014, but faced a steep decline of 15.3% in 2015. This was followed by a relatively stable period until 2018, which experienced an exceptional surge of 115.5%. However, from 2019 to 2020, the market again displayed a downward trend. The subsequent years showed recovery with annual growth rates of 23.43% in 2021 and 2.34% in 2022. By 2023, the imports stood at 12.702 billion USD, marking a 2.24% year-on-year increase. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 is -1.04%.
For the upcoming period from 2024 to 2028, the market is forecasted to grow steadily, with a 5-year CAGR of 1.7% and an expected overall growth rate of 8.82%. By 2028, imports are projected to reach 14.155 billion USD.
Future trends to watch for include potential fluctuations due to geopolitical influences, shifts in global economic conditions, and changing consumer preferences in the luxury and precious metals markets.
