Saudi Arabia Diamond Market Research Report, 2029

The Saudi Arabia Diamond market is forecasted to reach market size of more than USD 1.70 Billion by 2029.

Natural and lab-grown diamonds coexist on the market, with a noticeable preference for lab-grown stones due to cost-effectiveness and ethical reasons. Jewellery, distinguished by classic Italian craftsmanship and unique local designs, dominates the industry, fuelled mostly by demand for engagement rings, wedding bands, and premium pieces with cultural importance in gifting. Diamonds are culturally associated with love, dedication, and elegance, which adds to their deep significance. Consumer tastes are changing toward sustainability and ethical sources, affecting market dynamics. Personalized designs, stacking rings, and vintage-inspired items are increasing appeal, as seen at events such as the Riyadh Jewellery Show, which draws regional players. Established companies such as Tanishq, Damas, and Liali Jewellery are key market players, while newcomers such as VRAI and The Diamond Story are gaining traction with novel, lab-grown diamond-focused products. Saudi Arabia's main cities, including Riyadh, Jeddah, and Dammam, have higher discretionary incomes. Marketing strategy must be tailored to the specific needs and tastes of each region. Vision 2030 has a substantial impact on domestic production, tourism, and luxury spending, with family-owned businesses and legacy jewellery brands playing an important part in the market. The ability of e-commerce platforms and delivery services to cater to online purchasing habits adds energy to the expanding Saudi diamond market. According to the research report "Saudi Arabia Diamond Market Research Report, 2029," published by Actual Market Research, the Saudi Arabia Diamond market is forecasted to reach market size of more than USD 1.70 Billion by 2029. Expect consistent growth fuelled by cultural relevance, robust tourism, and increased luxury expenditure. Physical storefronts remain important for high-end jewellery, particularly in big cities such as Riyadh and Jeddah, while internet sales, notably of lab-grown diamonds, are gaining popularity among younger populations. While rising disposable incomes, more internet sales, and acceptance of lab-grown diamonds create prospects for market expansion, difficulties include economic instability, competition from alternatives such as moissanite, and shifting gold costs. Tailored marketing techniques are required to address changing consumer preferences and cultural differences. The policy and regulatory landscape include the Kimberley Process for conflict-free diamonds as well as other certification bodies for lab-grown stones. Strict import/export laws are designed to prevent illegal commerce and money laundering, while government measures promote indigenous manufacturing and value addition.

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The diamond market is a dynamic terrain with many features, including the distinction between natural and lab-grown/synthetic diamonds. Lab-grown diamonds have gained popularity due to their affordability and low environmental impact, solving ethical concerns about traditional diamond mining operations. This shift in consumer tastes has resulted in an increase in demand for lab-grown alternatives, particularly among environmentally concerned and cost-sensitive consumers. Natural diamonds, on the other hand, continue to lead the market by captivating people, particularly those who value the rarity and symbolism associated with these precious stones. In terms of applications, the diamond market is divided between jewellery and industrial use. While industrial diamonds are important in cutting, drilling, and polishing applications, the jewellery industry dominates the market. Diamonds are culturally significant, notably in engagements, marriages, and anniversaries, and there is a growing emphasis on sustainability and ethical sourcing in response to consumer demand. Based on distribution channel, this market is divided into B2B and B2C in which B2B is leading the market and B2C is growing at a steady rate. Sales channels include actual stores like Gold Souks and luxury malls, which are essential for classic designs and high-end purchases. Online sales, particularly for younger demographics and lab-grown diamonds, are increasing. Omnichannel tactics are considered critical for market success. Pricing varies according to diamond grade, brand, design, and provenance, with lab-grown diamonds being more affordable. Saudi Arabia is significantly reliant on diamond imports, primarily from Belgium, the UAE, and India, because it lacks considerable domestic diamond mining production. The government is actively exploring programs to explore new reserves and build domestic cutting and polishing capacity. Looking ahead, the Saudi diamond market's future seems promising, thanks to a balanced blend of heritage, innovation, and changing consumer demands. Sustainability, ethical sourcing, omnichannel experiences, and appealing to the interests of younger populations are all critical market success elements. Ongoing research is required to look more into certain elements, such as Vision 2030's impact on the diamond sector, the role of family-owned firms and local designers, and the possibility of tourism-driven diamond sales. In the competitive landscape, moissanite serves as a key replacement, providing aesthetic appeal at a reduced cost. Other gemstones, such as emeralds and sapphires, target specific price ranges, whereas lab-grown diamonds blur the distinction between substitutes and complements, influencing market dynamics. Traditional tactics to promotion and marketing remain relevant for established brands and high-end jewellery, while digital marketing and social media interaction are on the rise, particularly for lab-grown diamonds and younger audiences. Cultural sensitivity and religious considerations necessitate customized marketing methods.

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Table of Contents

  • Table of Content
  • 1. Executive Summary
  • 2. Market Structure
  • 2.1. Market Considerate
  • 2.2. Assumptions
  • 2.3. Limitations
  • 2.4. Abbreviations
  • 2.5. Sources
  • 2.6. Definitions
  • 2.7. Geography
  • 3. Research Methodology
  • 3.1. Secondary Research
  • 3.2. Primary Data Collection
  • 3.3. Market Formation & Validation
  • 3.4. Report Writing, Quality Check & Delivery
  • 4. Saudi Arabia Macro Economic Indicators
  • 5. Market Dynamics
  • 5.1. Key Findings
  • 5.2. Key Developments - 2021
  • 5.3. Market Drivers & Opportunities
  • 5.4. Market Restraints & Challenges
  • 5.5. Market Trends
  • 5.6. Covid-19 Effect
  • 5.7. Supply chain Analysis
  • 5.8. Policy & Regulatory Framework
  • 5.9. Industry Experts Views
  • 6. Saudi Arabia Diamond Market Overview
  • 6.1. Market Size By Value
  • 6.2. Market Size and Forecast By Types
  • 6.3. Market Size and Forecast By Jewellery Application
  • 6.4. Market Size and Forecast By Industrial Application
  • 6.5. Market Size and Forecast By Distribution Channel
  • 7. Saudi Arabia Diamond Market Segmentations
  • 7.1. Saudi Arabia Diamond Market, By Types
  • 7.1.1. Saudi Arabia Diamond Market Size, By Natural, 2018-2029
  • 7.1.2. Saudi Arabia Diamond Market Size, By Synthetic, 2018-2029
  • 7.2. Saudi Arabia Diamond Market, By Jewellery Application
  • 7.2.1. Saudi Arabia Diamond Market Size, By Ring, 2018-2029
  • 7.2.2. Saudi Arabia Diamond Market Size, By Necklaces, 2018-2029
  • 7.2.3. Saudi Arabia Diamond Market Size, By Earrings, 2018-2029
  • 7.2.4. Saudi Arabia Diamond Market Size, By Others, 2018-2029
  • 7.3. Saudi Arabia Diamond Market, By Industrial Application
  • 7.3.1. Saudi Arabia Diamond Market Size, By Construction and machinery, 2018-2029
  • 7.3.2. Saudi Arabia Diamond Market Size, By Mining Tools, 2018-2029
  • 7.3.3. Saudi Arabia Diamond Market Size, By Electronics, 2018-2029
  • 7.3.4. Saudi Arabia Diamond Market Size, By Automotive, 2018-2029
  • 7.3.5. Saudi Arabia Diamond Market Size, By Others, 2018-2029
  • 7.4. Saudi Arabia Diamond Market, By Distribution Channel
  • 7.4.1. Saudi Arabia Diamond Market Size, By B2B, 2018-2029
  • 7.4.2. Saudi Arabia Diamond Market Size, By B2C, 2018-2029
  • 8. Saudi Arabia Diamond Market Opportunity Assessment
  • 8.1. By Types, 2024 to 2029
  • 8.2. By Jewellery Application, 2024 to 2029
  • 8.3. By Industrial Application, 2024 to 2029
  • 8.4. By Distribution Channel, 2024 to 2029
  • 9. Competitive Landscape
  • 9.1. Porter's Five Forces
  • 9.2. Company Profile
  • 9.2.1. Company 1
  • 9.2.1.1. Company Snapshot
  • 9.2.1.2. Company Overview
  • 9.2.1.3. Financial Highlights
  • 9.2.1.4. Geographic Insights
  • 9.2.1.5. Business Segment & Performance
  • 9.2.1.6. Product Portfolio
  • 9.2.1.7. Key Executives
  • 9.2.1.8. Strategic Moves & Developments
  • 9.2.2. Company 2
  • 9.2.3. Company 3
  • 9.2.4. Company 4
  • 9.2.5. Company 5
  • 9.2.6. Company 6
  • 9.2.7. Company 7
  • 9.2.8. Company 8
  • 10. Strategic Recommendations
  • 11. Disclaimer

List of Tables

Table 1: Influencing Factors for Saudi Arabia Diamond Market, 2023
Table 2: Saudi Arabia Diamond Market Size and Forecast By Types (2018, 2023 & 2029F)
Table 3: Saudi Arabia Diamond Market Size and Forecast By Jewellery Application (2018, 2023 & 2029F)
Table 4: Saudi Arabia Diamond Market Size and Forecast By Industrial Application (2018, 2023 & 2029F)
Table 5: Saudi Arabia Diamond Market Size and Forecast By Distribution Channel (2018, 2023 & 2029F)
Table 6: Saudi Arabia Diamond Market Size of Natural (2018 to 2029) in USD Million
Table 7: Saudi Arabia Diamond Market Size of Synthetic (2018 to 2029) in USD Million
Table 8: Saudi Arabia Diamond Market Size of Ring (2018 to 2029) in USD Million
Table 9: Saudi Arabia Diamond Market Size of Necklaces (2018 to 2029) in USD Million
Table 10: Saudi Arabia Diamond Market Size of Earrings (2018 to 2029) in USD Million
Table 11: Saudi Arabia Diamond Market Size of Others (2018 to 2029) in USD Million
Table 12: Saudi Arabia Diamond Market Size of Construction and machinery (2018 to 2029) in USD Million
Table 13: Saudi Arabia Diamond Market Size of Mining Tools (2018 to 2029) in USD Million
Table 14: Saudi Arabia Diamond Market Size of Electronics (2018 to 2029) in USD Million
Table 15: Saudi Arabia Diamond Market Size of Automotive (2018 to 2029) in USD Million
Table 16: Saudi Arabia Diamond Market Size of Others (2018 to 2029) in USD Million
Table 17: Saudi Arabia Diamond Market Size of B2B (2018 to 2029) in USD Million
Table 18: Saudi Arabia Diamond Market Size of B2C (2018 to 2029) in USD Million

List of Figures

Figure 1: Saudi Arabia Diamond Market Size By Value (2018, 2023 & 2029F) (in USD Million)
Figure 2: Market Attractiveness Index, By Types
Figure 3: Market Attractiveness Index, By Jewellery Application
Figure 4: Market Attractiveness Index, By Industrial Application
Figure 5: Market Attractiveness Index, By Distribution Channel
Figure 6: Porter's Five Forces of Saudi Arabia Diamond Market
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Saudi Arabia Diamond Market Research Report, 2029

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