RIYADH: Oman’s jewelry exports more than doubled last year compared to 2021 as the sector pulled in 46.42 million rials ($120.57 million).
The figure represents a 104 percent growth on the previous 12 months, according to official data.
The National Center for Statistics and Information revealed that the re-export reached approximately 33.367 million rials by the end of 2022, a substantial increase from the 8.254 million rials reported at the close of 2021.
Oman’s gem business include a range of items including natural and artificial pearl products, precious and semi-precious stones, and products crafted from these materials.
Remarkably, this surge in export value occurred despite a decrease in overall weight, declining from 278 tons in 2021 to 131 tons in 2022.
The jewelry sector in the country has capitalized on its advantageous geographic position, situated in proximity to significant markets in the Middle East and Asia, according to a report in the Oman Observer in May.
This positioning has established Oman as a central hub for this trade in the region, attracting international buyers and sellers.
The growing middle class in neighboring countries like Saudi Arabia, the UAE, and Qatar has played a pivotal role in propelling the country’s jewelry industry toward growth.
This upward trajectory is fueled by the rising demand for luxury items within the region, including high-end gems and other premium goods.
The worldwide demand for such artifacts is also increasing, according to Mohammed Ebrahim, exhibition director of Informa Markets — the company responsible for organizing the region’s largest consumer jewelry exhibition in Bahrain, in November.
Speaking to Arab News earlier this month, he said: “As we look to the future, the global market size was valued at $340.69 billion in 2022 and is expected to expand at a compound annual growth rate by 5.23 percent (CAGR 2023-2026).”
According to a report published in June by the market research and consulting firm 6Wresearch, technological progress, exemplified by innovations like 3D printing, is poised to bring about a profound transformation within the industry.