Qatar’s luxury jewellery and watch market grows as global spending declines 

Qatar’s luxury watch and jewellery market is projected to grow by 2.11% from 2025 to 2029, driven by high purchasing power and rising demand from affluent consumers. Despite a global decline in luxury spending, Doha has emerged as a key hub, attracting top brands and exclusive collections tailored for the region. 

Doha: The luxury watch and jewellery market in Qatar is set to expand despite a slowdown in global luxury spending. The market is projected to grow at a rate of 2.11 per cent between 2025 and 2029, reflecting the country’s strong purchasing power and sustained demand for premium products. 

Doha has emerged as a key market within the region, with high-end timepieces experiencing significant demand. Recent data indicates that revenue in Qatar’s luxury watch and jewellery sector is expected to reach $613.50 million in 2025. This growth contrasts with the global luxury sector, which saw a decline of approximately 3 per cent in 2024, with overall luxury spending amounting to $1.54 trillion, as reported by Bain & Company. 

Qatar continues to strengthen its position as a hub for luxury consumption. The annual Doha Jewellery and Watches Exhibition (DJWE), now in its 21st edition, remains a significant event for global brands. The latest edition featured over 500 brands and attracted 30,000 visitors, including high-net-worth individuals (HNWIs) and collectors. 

David Tedeschi, Hublot Managing Director for the Middle East, Africa, and Latin America, highlighted the exhibition’s role in maintaining relationships with clients. Speaking on the sidelines of DJWE, he stated that the event is instrumental in connecting luxury brands with their customer base in Qatar. 

Qatar’s luxury sector benefits from a combination of factors, including high GDP per capita, a tax-free environment for luxury goods, and an increasing number of ultra-high-net-worth individuals (UHNWIs). These elements contribute to a steady demand for high-end products, attracting international brands seeking to establish a presence in the region. 

Luxury watchmakers such as Hublot, Rolex, Patek Philippe, and Audemars Piguet have expanded their presence in Qatar, launching exclusive collections tailored to the local market. Customised pieces, including Arabic numerals and region-specific designs, remain in high demand. Audemars Piguet, for instance, introduced the Royal Oak Qatar Special Edition, featuring a burgundy dial inspired by the Qatari flag. The timepiece is currently available through luxury reseller The Luxury Flavour for AED 367,000. 

Hublot leveraged DJWE to showcase its latest collection, initially launched at LVMH Watch Week in New York. This provided Qatari clients with early access to new models ahead of wider market availability. In addition to Swiss brands, independent watchmakers and niche luxury houses have also gained traction, catering to collectors seeking unique and bespoke designs. 

Beyond DJWE, Qatar’s retail landscape plays a crucial role in the luxury sector’s growth. Shopping destinations such as Place Vendôme, Printemps, and The Pearl-Qatar feature flagship stores of international brands. High-end retailers offer personalised services, including private viewings and bespoke customisation, to cater to affluent consumers. 

Qatar’s luxury jewellery market is also expanding, with a projected annual growth rate of 6.19 per cent from 2025 to 2029, according to Statista. Major jewellery brands such as Cartier, Bulgari, and Van Cleef & Arpels have strengthened their presence in Doha. 

The country’s increasing investment in the luxury fashion sector, coupled with the rising incomes of Qatari consumers, is positioning Qatar as a key player in the regional luxury market. Digital marketing continues to play a vital role in market expansion, reflecting broader industry trends. 

Retail Jeweller ME News