Saudi Arabia Gold and Diamond Jewelry Market trend and Forecast 2027
Saudi Arabia Gold and Diamond Jewelry Market is expected to grow at a CAGR of 13.92% during the forecast period and would reach around USD 7.06 billion by 2027 due to factors such as rising number of product launches by gold and diamond jewelry key market participants in Saudi Arabia. These factors are anticipated to propel Saudi Arabia's gold and diamond jewelry market. Furthermore, rising purchasing power of individuals, the increase in the GDP per capita in terms of wealth and disposable income, are expected to boost the Saudi Arabia gold and diamond Jewelry market during the forecast period.
According to the World Gold Council, the Middle East gold jewelry market has witnessed a significant increase, with demand posting double-digit growth in revenue for the year 2021, which is expected to cover up for the loss observed by the industry during the year 2020. The demand for jewelry in Saudi Arabia, which reached 33.3 tons during the year 2021, increased by 47 percent over the previous year, making it the second-best performing year for the market post 2019.
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