Ruwi sees a revival, reclaims its status as Oman’s premier gold souq

Prominent jewellery retail stakeholders such as Cochin Gold and SeaPearls jewellery reveal big plans for Ruwi, with the latter set to invest 15 million Omani Riyal for a new store, testifying to resurgence of the once prominent commercial hub for gold

Muscat:  Ruwi is experiencing a revival as Oman’s premier gold souq, with over 50 jewellers now operating in the area, a significant increase from just a dozen in the past. Once a prominent market for gold, Souq Ruwi has transformed into a vibrant hub for retail and bullion trade, featuring many new entrants while traditional shops have dwindled.

Jagajith Prabhakaran, Managing Director of Cochin Gold, highlighted Ruwi’s evolution into a key gold trading center. “The area’s accessibility for businesses and customers, along with lower operating costs compared to nearby locations like Dubai, is driving this trend,” he stated. The growing competition among small jewellers and larger bullion dealers has contributed to lower prices, benefiting consumers and increasing transaction volume.

In addition to independent shops, several branches of well-known international brands are now present in Ruwi, reinforcing its status as Muscat’s gold hub. Mohammed Riyas of SeaPearls Jewellery, one of the oldest jewellers in the area, noted, “Ruwi was once home to only 10 to 12 shops, but now many international players have entered the market, and local businesses are diversifying their offerings.”

Salim bin Hamad al Araimi, owner of SeaPearls, is set to invest RO 15 million to open Oman’s largest jewellery showroom in Ruwi, further solidifying the area’s prominence in the jewellery sector. Ruwi has also attracted jewellers from Lebanon, Syria, Pakistan, Bangladesh, and northern Indian states, making it the preferred destination for gold and diamond shopping in Oman. As the market continues to flourish, Ruwi’s reputation as a major player in the region’s jewellery trade is firmly re-established.

Retail Jeweller ME News