In recent years, the jewellery industry in Oman has experienced a significant boost in both imports and exports. According to the preliminary data released by the National Centre for Statistics and Information (NCSI), Oman's jewellery imports grew by 146% in 2021, reaching a total value of RO 303.1 million, up from RO 123.2 million in 2020. Additionally, Oman's jewellery exports have increased by 334.6% in 2020, reaching a total value of RO 99.3 million, of which RO 37.3 million are for re-exports compared to RO 22.8 million in 2019 of which RO 8.25 million are for re-exports.
The significant increase in jewellery imports and exports can be attributed to several factors. First is the increase in the amount of jewellery imports and exports. In 2021, Oman imported 500 kilogrammes of jewellery compared to 300 kilogrammes in 2020. Meanwhile, the amount of exports increased to 1,135 kilogrammes in 2020 compared to 512 kilogrammes in 2019. These jewellery include natural and artificial pearls, precious and semi-precious stones, precious metals, ordinary metals clad with precious metals, articles of these materials, traditional ornaments, imitation jewelleries and coins.
Oman's jewellery industry has been able to benefit from the country's strategic geographic location and its proximity to key markets in the Middle East and Asia. This has enabled Oman to serve as a hub for the jewellery trade in the region, with many international buyers and sellers choosing to conduct business in the country.
Furthermore, Oman's government has implemented several initiatives to support the growth of the jewellery industry. For example, the government has provided financial incentives to companies in the sector, such as tax exemptions and reduced customs duties. This has helped to attract foreign investment and encourage local entrepreneurs to establish their own jewellery businesses.
Another factor contributing to the growth of Oman's jewelry industry is the rising demand for luxury goods in the region. With a growing middle class in countries such as Saudi Arabia, the United Arab Emirates, and Qatar, there has been an increase in demand for high-end jewelry and other luxury goods. As a result, Oman's jewelry industry has been able to capitalise on this trend by offering a range of high-quality products to meet the demand.
With this, Oman Convention and Exhibition Centre hosts Muscat Jewellery exhibition showcasing a wide range of authentic gemstones, attractive gold and fabulous diamond from Oman and overseas.
The increase of jewellery imports and exports also indicates the recovery of the jewellery sector from the Covid-19 pandemic, as imports are close to the pre-pandemic rates, as it reached 600 kilogrammes in 2019 valued at RO 191.2 million while the pre-pandemic exports in 2019 reached 190 kilogrammes valued at RO 87.99 million.
The increase in jewellery imports and exports in Oman is a clear indication of the country's growing importance as a hub for the jewelry trade in the region. With the government's support and the rising demand for luxury goods in the Middle East, Oman's jewelry industry is set to continue its upward trajectory and contribute to the country's economic growth and diversification efforts.
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