According to UnivDatos, the rising disposable income, cultural importance of gold in weddings and gifting, increasing tourism and pilgrimage-driven purchases, growing female workforce participation, expansion of organized retail chains, youth-driven demand for modern designs, and government support for local manufacturing under Vision 2030 drive the Saudi Arabia Gold and Diamond Jewelry market. As per their “Saudi Arabia Gold and Diamond Jewelry Market” report, the market was valued at USD 4,780.00.00 Million in 2024, growing at a CAGR of about 10.10% during the forecast period from 2025 - 2033 to reach USD Million by 2033.

The Jewelry market in Saudi Arabia remained a thriving market, even though the global economy is in a state of collapse and gold prices are traditionally soaring. Moreover, the rising trends indicate a cultural and digital recovery within organizations, resulting in a robust demand for gold. In contrast, the diamond market is experiencing rapid growth among young, luxury-oriented consumers.

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Cultural Loyalty Overrules Price Volatility

The need for Saudi Arabia for gold remains largely traditional. It may be weddings, the Eid fairs, or personal investment, but gold has remained a necessary acquisition for homes with diversity in income. In the first quarter of 2025, demand for gold jewelry in the Kingdom jumped 35 percent year on year, even as global demand fell 21 percent, according to the World Gold Council. This strength highlights the high cultural affinity compared to the sensitivity of costs.

Gold plays a more significant role in Saudi culture than luxury, as it also represents wealth and status, and guarantees future prosperity. The gold is still being bought by families as dowries, during religious holidays, and for inheritance purposes.

·        Total gold consumption (2020-2024): 228.1 tonnes

·        Global ranking: #9

In the last five years, Saudi Arabia used 228.1 tonnes of gold, according to the World Gold Council (WGC), as of April 1, 2025. People bought 167.1 tonnes as jewelry and 61 tonnes as gold bars and coins.

Gold jewelry demand increased from 22.7 tonnes in 2020 to a peak of 38.1 tonnes in 2023, helped by post-pandemic recovery and strong interest. However, in 2024, it dropped slightly to 35 tonnes.

Digital Transformation Boosts Market Reach

Digital acceleration can also be partly attributed to this ongoing demand. The use of e-commerce sites, augmented reality, individuals attempting to wear jewelry, and industry influencer campaigns have helped older jewelers adapt to the present age. Moreover, major brands, such as L'Azurde and Mouawad, are utilizing Instagram, TikTok, and phone-based applications to target the youth market, some of whom are making their first online jewelry purchases.

The previous high-touch, in-store experience is being remodeled into a fusion between high touch and storefront. Online websites also provide instant personalization, verification, and payment freedom, which is a favorite among the young generation of millennials and Gen Z. Such tools not only eliminate trust issues but also increase market penetration in areas beyond Tier 1 cities, such as Riyadh and Jeddah. For example, in May 2024, BigCommerce announced that L’azurde Company had been introduced on the BigCommerce platform. L'azurde recognized that a compelling online storefront was pivotal to their digital transformation.

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Diamonds Gain Ground with Young Luxury Buyers

In line with the cultural power of gold, diamonds are also gaining prominence among the emerging luxury consumers in Saudi Arabia. The sales of personal luxury goods are shifting due to the influence of younger consumers, including women who have entered the workforce.

Retailers are responding by offering more multi-purpose diamond collections, such as diamond rings that can be stacked or simple diamond bracelets, as well as day-night diamond earrings that cater to both contemporary values and Islamic requirements of modesty. This changing preference has given opportunities to both foreign designers and local artisans to be creative.

In June 2025, Indo-Saudi relations got a major boost following the opening of the largest jewellery showroom by India’s Malabar Gold & Diamond Group in Riyadh. The opening of this largest iconic showroom on the posh Olaya street in the Saudi capital city is part of an ambitious plan of Malabar Group to invest INR 5000 crores (USD 573.39 million) to drive its future business growth locally and globally.

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