Saudi Arabia Gold and Diamond Jewelry Market: Current Analysis and Forecast (2025-2033)

Saudi Arabia Gold and Diamond Jewelry Market Size & Forecast

The Saudi Arabia Gold and Diamond Jewelry market was valued at USD 4,780.00 million in 2024 and is expected to grow at a strong CAGR of around 10.10% during the forecast period (2025-2033F), driven by high disposable income, cultural affinity for gold, and a growing female workforce.

Saudi Arabia Gold and Diamond Jewelry Market Analysis

Gold and diamond jewelry refers to jewelry made of gold and decorated with diamonds, used to create a luxury product that signifies status, wealth, or a particular style. In Saudi Arabia, jewelry of this type continues to represent tradition, festivity, and financial stability, and is commonly purchased at weddings, religious milestones, and special events.

To achieve the growth of the market, companies operating in Saudi Arabia are investing in mall and tourist hub retail networks, local manufacturing units in line with Vision 2030, and online purchasing systems that drive the growth of the market. Furthermore, companies are experimenting with customization and a fashion-forward range of collections, adopting more sustainable practices, and collaborating with influencers to target younger generations. Moreover, firms are implementing loyalty programs, utilizing interest-free installment plans, and even using lab-grown diamond products to cater to the evolving interests of consumers.

For instance, on October 26, 2023, Saudi Arabia’s Dana Al Alami Jewelry partnered with Greenlab, an Indian manufacturer of precious stones, in a USD 120 million deal to tap into the lab-grown diamond industry in the kingdom.

The deal, which was signed at the ongoing Future Investment Initiative (FII) summit in Riyadh, will see the two entities jointly commit sizeable investment to take advantage of the huge opportunities in the Saudi market, according to a statement issued on Dana Al Alami’s official social media accounts.

Saudi Arabia Gold and Diamond Jewelry Market Trends

This section discusses the key market trends that are influencing the various segments of the Saudi Arabia Gold and Diamond Jewelry market, as found by our team of research experts.

Shift Toward Branded Jewelry

The market has recently been shifting towards branded jewelry purchases, as opposed to the large numbers of unbranded and thus unbilled gold purchases previously. Additionally, consumers, particularly millennials and Gen Z, expect quality assurance, contemporary design, and after-sales services from branded retailers. The motive behind this trend is the increased brand awareness, the impact of social media, and confidence in the certified and authentic purity. With this, traditional and foreign brands are expanding their collections and offering exclusive experiences.

For example, on June 24, 2024, Spanish jewelry brand PDPAOLA, founded by siblings Paola and Humbert Sasplugas, expanded into Saudi Arabia with the opening of new stores in the Kingdom. Al-Nakheel Mall in Dammam and Al-Noor Shopping Center in Madinah have recently opened their outlets, with Panorama Mall in Riyadh already hosting a PDPAOLA store.

Saudi Arabia Gold and Diamond Jewelry Industry Segmentation

This section provides an analysis of the key trends in each segment of the Saudi Arabia Gold and Diamond Jewelry market report, along with forecasts at the regional and provincial levels for 2025-2033.

The gold jewelry segment dominated the market share in 2024.

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.

The online segment is expected to grow with a considerable CAGR during the forecast period (2025-2033F).

Based on the sales channel, the market is segmented into offline and online. The online segment is expected to grow with a considerable CAGR during the forecast period (2025-2033F). The online jewelry market is expanding rapidly, driven by increasing internet penetration and the growing adoption of smartphones. Additionally, digital platforms are preferred because they are convenient, offer more options, and are more transparent to younger consumers. To establish credibility, brands are investing in virtual shops, verified payment gateways, and certification assurances. Moreover, social media marketing and the use of influencers enhance coverage and online sales. For example, in May 2024, BigCommerce announced that L’azurde Company had been introduced on the BigCommerce platform. L'azurde recognized that a compelling online storefront was pivotal to their digital transformation.

Western Region is expected to grow with the highest CAGR in the market during the forecast period (2025-2033)

The Western Region, with its dominant role played by Jeddah, Makkah, and Madinah, is a fast-emerging market driven by both internal consumption and religious tourism. The millions of pilgrims who come to perform Hajj and Umrah typically purchase gold jewelry, resulting in seasonal surges in demand. Another factor is the presence of a young population that is also stylish and prefers contemporary and diamond jewelry. The region combines the best of traditional tastes with a modern sense of style, making it an excellent fit for both heritage and luxurious collections. Additionally, its coastal location necessitates efficient import and distribution logistics. Moreover, jewelry traders are making headway in the western region, particularly with retail outlets and tourist-oriented products. 

Saudi Arabia Gold and Diamond Jewelry Industry Competitive Landscape

The Saudi Arabia Gold and Diamond Jewelry market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions.

Top Saudi Arabia Gold and Diamond Jewelry Companies

Some of the major players in the market are L'azurde, Najd Deer, Al Romaizan Gold & Jewellery, MADINA JEWELLERY, Charmaleena Jewellery, Abdulaziz Jewelry and Diamonds, Mouawad MENA DMCC, Al Yamama Jewellers, Dalal Jewelry, and Glow by Dana Alalami.

Recent Developments in the Saudi Arabia Gold and Diamond Jewelry Market

• 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.

• 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.

Saudi Arabia Gold and Diamond Jewelry Market Report Coverage

Reasons to Buy the Saudi Arabia Gold and Diamond Jewelry Market Report:

• The study includes market sizing and forecasting analysis confirmed by authenticated key industry experts.

• The report briefly reviews overall industry performance at a glance.

• The report covers an in-depth analysis of prominent industry peers, primarily focusing on key business financials, type portfolios, expansion strategies, and recent developments.

• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

• The study comprehensively covers the market across different segments.

Customization Options:

The Saudi Arabia Gold and Diamond Jewelry market can further be customized as per requirements or any other market segment. Besides this, UnivDatos understands that you may have your own business needs; hence, feel free to contact us to get a report that completely suits your requirements.