‘There is a demand and appetite for Jewellery in the GCC region’

April 15, 2022 | By Zubina Ahmed

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.

New flagship store and the Ramadan collection

Al Fardan Jewellery recently unveiled its flagship boutique in the Nation Towers Mall in Abu Dhabi. Commenting on the inauguration, he said, “We have designed the store as a truly immersive experience that reflects Al Fardan’s lineage and our philosophy of celebrating life’s most important moments – we look forward to welcoming visitors to explore and enjoy it.”
The new store marks another milestone among Al Fardan Jewellery brands portfolio in UAE. “We are very delighted to offer our valued customers the newest retail shopping experience for high-end jewellery. The store offers a brand-new experience that takes customers into the true essence of sublime exclusivity and luxury while shopping our latest collections.” added Hasan.
With the launch of the Ramadan Capsule that is inspired by H.E. Sheikha Alyazia bint Nahyan Bin Mubarak Al Nahyan & Sheikha Hamda bint Khalifa bin Mohamed Al Nahyan, Al Fardan aspires to render the embodiment of Islamic motifs and legacy for the contemporary Emirati woman.

The medallion that was chosen as a hero piece of the collection is adorned with H.E. Sheikha Alyazia Bint Nahyan Bin Mubarak Al Nahyan’s personal handwriting, which encompasses religious prayers to observe The Holy Month of Ramadan. “Our Ramadan collection blends beautifully with our Emirati heritage and Islamic culture. The capsule – aptly named “With Relatives” is reflective of Ramadan’s spirit of bringing families together, sharing positivity and the art of gifting. Paying tribute to the early Islamic tradition, where it was common to have the “hidden” prayers, the engravings aim to reinforce the message of the prayers acting as protection”.

A glittering future:

The home-grown family-run business displays a remarkable assortment of stylish jewellery pieces designed to appeal to all ages, budgets, and tastes. The selection’s wide range of aesthetics match the fashion sensibilities of all customers who prefer designs that range from modern to classic, sophisticated and bold. “Our pieces within the assortment come at varying price points to match all budgets. Alongside its own impressive collection, Al Fardan Jewellery features a range of international brands, including Yeprem, Repossi, George Hakim, Corum, Chaumet and many more.

Diamonds and gemstones in the UAE have already seen an uptick in demand since late last year, with sales going up 80 percent year-on-year in the last four quarters, according to International Gemological Institute (IGI) Middle East. Clearly, there is demand and appetite for jewellery in the region although customers’ tastes and affinities are evolving. The question is, how will Al Fardan cater to these changing desires of its younger customers from the region. “For the future, our aim is to make our collection more wearable and affordable on a daily basis to new market segments. Our presence is focussed in the GCC and hence we don’t have immediate plans to expand beyond that at this point of time,” concluded Hasan.