The global jewellery market is estimated to be worth around $230 billion today, with the UAE accounting for nearly one percent or $2 billion. Despite a decline in gold purchases, the overall jewellery market in the UAE is still poised to grow by 7 percent, thanks to a robust demand for diamonds and gemstones. Retail brands in the sector are actively launching novel and premium products to reach their consumer base across the country. “There has been a dynamic shift in the jewellery market from the heavy traditional pieces to items that are accessible and usable on a daily basis. The growing demand for modern jewellery, and increasing number of designers entering the market further aid the growth of the UAE Gems & Jewellery sector,” said Hasan Fardan Al Fardan, CEO of Al Fardan Group.
The brand synonymous with the heritage of pearls and Emirati legacy is a reputable manufacturer and retailer of jewellery and watches. Ibrahim Al Fardan established the company in 1954 and is regarded as one of the most renowned pearl traders in the Arabian Gulf. “As a family, his legacy and leadership of uncompromising standards are the most essential and treasured wealth we own, our true family heirloom. It was his passion to cater to a wider sector in the society, which has become our mission – to ensure that discerning brands under the Al Fardan wings must reach the local market”.
The UAE sees huge volumes of gold, diamond and gemstone imports and exports every year, making it an ideal shopping hub for jewellery fans, especially tourists and expats. UAE nationals are among the major jewellery consumers. Furthermore, due to the assurance of quality provided by these brands, when customers’ middle-income levels rise, their spending power improves, fashion trends evolve and demand for gems and jewelry increases. “The industry is also facing substantial transformations, both in terms of customer behaviour and technological advancements. For some years now the focus is more on attractive pricing point. As a business we had to change our strategy focussing as we want to be more accessible to the entry level items, while there is still a market for some of the larger level markets. But it is also important for us to offer whatever we produce as a brand at an attractive price point and also maintain the ethnicity and design,” he added.
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