Deep-pocketed customers and buoyant economy make UAE jewelry hub

The UAE is fast becoming a global growth engine for fine jewelry. The New YorkTimes flags Abu Dhabi and the wider GCC as standout demand markets as the US and China cool — pointing to the USD 8.8 mn sale of a 31.68-carat diamond at a recent Sotheby’s auction in Abu Dhabi as a signal moment. “There’s definitely a big [window] there,” said Emma Paleschi, Sotheby’s global head of jewels, adding the emirate is “at the center of the growth we see for the coming years.” Abu Dhabi’s sovereign wealth fund took a minority stake in the UK-based auction house in 2024.

Zoom out: GCC luxury markets are forecast to grow about 6% annually to exceed USD 15 bn by 2027, according to Chalhoub Group’s Mo Shadman.

Why it’s holding up: “Favorable economic conditions, strong consumer confidence, and sustained investment in physical retail and tourism infrastructure, particularly in the UAE and Saudi Arabia,” are underpinning demand, Shadman said, reinforced by currency stability and inflows of high-spending tourists and residents.

Demand is skewing premium: Designers say Middle Eastern buyers are gravitating toward the very top end. Greek jeweler Nikos Koulis pointed to a “persistent desire for one-of-a-kind designs” in Dubai, adding, “they’re jewelry connoisseurs.”