E-commerce, social media marketing have changed consumer behaviour in the Saudi jewellery market: Krayem AlEnezi

The Chairman of the National Committee for Precious Metals and Gemstones, Federation of Saudi Chambers feels the kingdom’s gold market needs greater effort to understand the consumer and the evolution of their purchase desires

Krayem AlEnezi, Chairman, National Committee for Precious Metals and Gemstones, Federation of Saudi Chambers, and Member, Board of Directors, Riyadh Chamber- Chairman, Commercial Committee believes that the rising price of gold in recent times has changed the behaviour of consumers, who are now looking for more modern and light jewellery pieces.

Speaking to The Retail Jeweller, AlEnezi shared his perspective about the jewellery industry of Saudi Arabia, the key challenges in the kingdom for jewellery retailers and the changes that should be implemented by key players in the gem and jewellery industry to enhance the experience for customers, sellers, manufacturers and retailers.

AlEnezi says that the growing influence of e-commerce and social media marketing have impacted customer behaviour in the gold and jewellery market, as they have different tastes and preferences now. It has become difficult for retailers and manufacturers to keep tracking this and deliver to the market, adds AlEnezi, and suggests that to keep pace with the changing preferences of customers, more effort needs to be taken to track their choices and seek their feedback. 

Talking about the scenario for the Saudi Arabia gold and jewellery industry, AlEnezi says, “I hope we have precise manufacturing that adopts and implements the new designs and concepts that customers are looking for, such as the sophisticated designs made in Italy and other well-known and world-class manufacturers. We are yet to find such high craftsmanship and designs in local fine jewellery manufacturers. As all industrial sectors in the Kingdom are witnessing development and prosperity, I hope that the gold and jewellery sector will have a major role in the industrial development by having precision manufacturing like other leading countries.”  

AlEnezi thinks it is imperative to understand consumers and the evolution in their purchase desires, be it in e-commerce or in the type of gold pieces and artefacts they prefer. According to him, the biggest challenge for the main players in this sector is to study and understand the consumer market and provide what buyers need to the fullest. 

“Saudi Arabia has ambition that does not stand on any ceiling. With unlimited government support for the development of all industries, as well as a significant increase in the number of tourists arriving in the Kingdom by nearly 20 million annually, we dream of becoming the first country in the Gulf and the Middle East to have powerful purchasing power for gold and jewellery,” AlEnezi states. “The development of the gold and jewellery industry will be a first in the Middle East, and would serve the government’s Vision 2030of prosperity in all industrial and commercial sectors in the Kingdom,” he adds.

By Bushra Satkhed

Retail Jeweller World Exclusive