Oman Jewelry Market Report: Size, Share, Growth Drivers, Trends, Opportunities & Forecast 2025-2030

Oman jewelry market is valued at USD 180 million, driven by luxury demand, cultural significance, and rising incomes, with trends in branded and e-commerce jewelry.

The Oman Jewelry Market is valued at USD 180 million, based on a five-year historical analysis. This growth is primarily driven by the increasing demand for luxury goods, the cultural significance of jewelry in Omani traditions, and a rise in disposable income among consumers. The market has seen a steady increase in both local and international brands, catering to a diverse consumer base. Recent trends include a growing preference for branded jewelry, rising e-commerce adoption, and demand for contemporary designs alongside traditional pieces.

Muscat, the capital city, is the dominant hub for jewelry sales due to its affluent population and vibrant tourism sector. Other notable cities include Salalah and Sohar, which contribute to the market through local craftsmanship and cultural heritage. The presence of numerous jewelry boutiques and international brands in these cities further solidifies their market dominance.

In 2023, the Omani government implemented the "GCC Standardization Organization Technical Regulation for Jewelry and Precious Metals, GSO 21:2022," which mandates that all jewelry sold in Oman must comply with specific purity standards and labeling requirements. This regulation, issued by the Ministry of Commerce, Industry and Investment Promotion, ensures consumer protection and promotes trust in local and imported products by requiring hallmarking, clear labeling of metal content, and adherence to minimum fineness standards.

Oman Jewelry Market Segmentation

By Product Type:

The product type segmentation includes various categories such as necklaces, rings, earrings, bracelets, pendants & lockets, brooches & pins, and others. Among these, necklaces and rings are particularly popular due to their versatility and significance in both everyday wear and special occasions. The demand for earrings and bracelets is also notable, driven by fashion trends, gifting practices, and increased consumer interest in personal adornment. The market also sees a rise in demand for customized and designer jewelry, reflecting evolving consumer preferences.

By Material:

The material segmentation encompasses gold, silver, diamond, platinum, gemstone, and pearl. Gold remains the most sought-after material due to its cultural significance and investment value. Silver and diamond are also popular, especially among younger consumers who prefer trendy and affordable options. Gemstones and pearls are favored for their unique aesthetic appeal, particularly in traditional jewelry. Platinum, while a smaller segment, is gaining traction among high-end consumers seeking exclusivity and durability.

Oman Jewelry Market Competitive Landscape

The Oman Jewelry Market is characterized by a dynamic mix of regional and international players. Leading participants such as Damas Jewellery, Malabar Gold & Diamonds, Joyalukkas, Pure Gold Jewellers, Liali Jewellery, Al Haramain Jewellery, Al Mufeed Jewellery, Al Zain Jewellery, Al Noor Jewellery, Muscat Jewellery, Al Ahlia Jewellery, Al Maktabi Jewellery, Al Shamsi Jewellery, Jawahir Oman, and Taiba Jewellery contribute to innovation, geographic expansion, and service delivery in this space.

Oman Jewelry Market Industry Analysis

Growth Drivers

Increasing Disposable Income:

The average disposable income in Oman is projected to reach OMR 1,500 (approximately USD 3,900) per capita in future, reflecting a 5% increase from the previous year. This rise in income enables consumers to allocate more funds towards luxury items, including jewelry. As disposable income grows, the purchasing power of consumers increases, leading to higher demand for both traditional and contemporary jewelry pieces, thus driving market growth significantly.

Cultural Significance of Jewelry:

Jewelry holds deep cultural importance in Oman, often symbolizing wealth and status. In future, it is estimated that 70% of Omani households will purchase jewelry for weddings and festivals, contributing to a robust market. The cultural practices surrounding jewelry gifting and wearing during significant life events ensure a consistent demand, reinforcing the market's resilience against economic fluctuations and enhancing its growth potential.

Growth in Tourism:

Oman is expected to welcome over 3 million tourists in future, a 10% increase from the previous year. This influx of tourists, particularly from Gulf Cooperation Council (GCC) countries, boosts the local jewelry market as visitors often seek unique, locally crafted pieces as souvenirs. The tourism sector's growth not only enhances sales but also promotes Omani jewelry on an international platform, further driving market expansion.

Market Challenges

Economic Fluctuations:

Oman’s economy is heavily reliant on oil exports, which can be volatile. In future, oil prices are projected to average USD 80 per barrel, down from USD 90 in the previous year. This decline may lead to reduced government spending and consumer confidence, impacting discretionary spending on luxury items like jewelry. Economic instability can hinder market growth as consumers become more cautious with their expenditures.

Competition from International Brands:

The entry of international jewelry brands into the Omani market poses a significant challenge. In future, it is anticipated that foreign brands will capture approximately 25% of the market share, leveraging their established reputations and marketing strategies. This competition can pressure local jewelers to innovate and enhance their offerings, potentially straining their resources and impacting profitability.

Oman Jewelry Market Future Outlook

The Oman jewelry market is poised for dynamic growth, driven by increasing disposable incomes and a strong cultural affinity for jewelry. As tourism continues to rise, local artisans and jewelers are likely to benefit from heightened visibility and demand. Additionally, the market is expected to adapt to changing consumer preferences, with a focus on sustainable practices and unique designs. This adaptability will be crucial for maintaining competitiveness and ensuring long-term growth in the evolving landscape of luxury goods.

Market Opportunities

Expansion of E-commerce Platforms:

The growth of e-commerce in Oman, projected to reach OMR 300 million (approximately USD 780 million) in future, presents a significant opportunity for jewelry retailers. By establishing online platforms, local jewelers can reach a broader audience, catering to both domestic and international customers, thus enhancing sales and brand visibility.

Customization and Personalization Trends:

The demand for personalized jewelry is on the rise, with 60% of consumers expressing interest in customized pieces in future. This trend allows jewelers to differentiate their offerings and cater to individual preferences, potentially increasing customer loyalty and driving higher sales volumes as consumers seek unique, meaningful items.