Jewellery and watches account for 46 percent of the Gulf luxury market, according to KPMG’s study Le luxe reprend la main, published in September 2026 with market data from Statista. Fashion follows at 25 percent, cosmetics and perfumes at 15 percent. In the United States and Europe, the same category represents barely a fifth of the market.
Here is what the study says about that balance, how it compares with the rest of the world, and what our own price readings reveal for buyers between Dubai, Riyadh, Doha and Kuwait City.
Key figures
- €11 billion: the Gulf luxury market in 2025, projected at €13 billion in 2030 (KPMG, Statista)
- 3 percent: the average annual growth expected to 2030
- 46 percent: the share of jewellery and watches, against 21 percent in the United States and 23 percent in Europe
- 30 percent: the decision-makers surveyed by KPMG who name the Gulf countries among their main growth drivers for the next five to ten years
- 40,130: the price of a Breitling Navitimer B01 Chronograph 43 in dirhams, Saudi riyals and Qatari riyals alike (WATCHESPEDIA Gulf price index, 5 October 2026)
Why the wrist dominates in the Gulf
KPMG’s chart places the luxury market of the Gulf countries at €11 billion in 2025. Within it, the category that combines jewellery and watches is by far the largest, at 46 percent. Leather goods account for 9 percent, and eyewear for 5 percent.
The study does not attribute this balance to a single cause, but its portrait of the region provides the context. KPMG describes a very strong concentration of high and very high incomes, an expatriate clientele, dynamic luxury tourism, heavy investment in retail and premium destinations, and a marked appetite for bespoke pieces and ultra-luxury. It notes that luxury consumption in the region is closely linked to social standing and is moving increasingly towards experience, lifestyle and high-end wellbeing.
Two markets stand out in the study. Dubai and Abu Dhabi are listed among the world’s growing luxury hubs, for retail, lifestyle and luxury tourism. Saudi Arabia, KPMG writes, has seen its luxury market develop strongly in recent years, with increasingly refined retail, easier market access and demand driven by local rather than international clients.
How the Gulf compares with the United States, Europe and Asia
KPMG applies the same breakdown to each region, which makes the comparison direct. In the United States, a luxury market of €113 billion in 2025, jewellery and watches represent 21 percent, while fashion leads with 34 percent. In Europe, €116 billion, the figures are 23 percent and 38 percent. In both cases, fashion comes first and the wrist second.
Asia-Pacific is the only region that resembles the Gulf. Its luxury market, the largest in the world at €181 billion, devotes 48 percent to jewellery and watches and 21 percent to fashion. Cosmetics and perfumes weigh 15 percent there, exactly as in the Gulf.
The Gulf is smaller in value: KPMG credits the region with 3 percent of worldwide luxury revenue in 2025. Yet the share it devotes to jewellery and watches is more than twice that of the United States or Europe, and the region holds a clear place in the industry’s plans. Asked which regions will drive their growth over the next five to ten years, 30 percent of the 200 decision-makers surveyed named the Gulf countries, alongside China at 31 percent and ahead of South-East Asia at 23 percent.
What the prices tell us
Market shares describe what the region buys. Prices describe what it pays. WATCHESPEDIA’s Gulf price index, published monthly, records the prices displayed on the official websites of the maisons in the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Bahrain and Oman. Its first edition was read on 5 October 2026. Three findings stand out.
Breitling: one number, three currencies
The Breitling Navitimer B01 Chronograph 43 is listed at 40,130 in the UAE, Saudi Arabia and Qatar, in dirhams, Saudi riyals and Qatari riyals respectively. Since the three currencies are not worth the same, the identical figure hides real differences: about US$10,930 in the UAE, US$10,700 in Saudi Arabia and US$11,030 in Qatar. Kuwait is the exception, at KWD 2,730, or about US$8,890: some 17 percent less than in Saudi Arabia and 19 percent less than in Qatar. The Chronomat B01 42 and the Superocean Automatic 44 follow the same pattern.
Cartier: Kuwait ahead of Saudi Arabia
The classic yellow gold Juste un Clou bracelet costs SAR 39,200 in Saudi Arabia, about US$10,450, and KWD 2,770 in Kuwait, about US$9,020: close to 14 percent less. The classic yellow gold Love bracelet shows the same gap, at SAR 33,800 against KWD 2,390, or about US$9,010 against US$7,790.
Rolex: the Emirates and Saudi Arabia
Rolex publishes official prices for the UAE and Saudi Arabia. The Submariner 41 in Oystersteel is listed at AED 40,350 and SAR 44,700, which makes it about 8.5 percent more expensive in Saudi Arabia once converted into dollars. The Datejust 41 and the Cosmograph Daytona show the same ratio, within a tenth of a point. The gap is close to the difference between the two countries’ VAT rates, 5 percent in the UAE and 15 percent in Saudi Arabia, although the brand websites do not state whether tax is included. Dollar equivalents throughout are indicative, converted at the fixed dollar pegs of the Gulf currencies, except the Kuwaiti dinar, which is not pegged to the dollar alone (indicative rate of KWD 0.307).
What this means for buyers in the region
For anyone choosing a watch or a piece of jewellery in the Gulf, the first lesson is simple: compare in a single currency, never the number on the tag. A Breitling priced at 40,130 is not the same purchase in Dubai, Riyadh and Doha.
The second is that the geography of prices differs from one maison to the next. In this first edition, Kuwait offered the lowest converted prices for the Breitling and Cartier references we followed, while Rolex prices in the UAE sat below those in Saudi Arabia.
Our index covers prices published online only. Pre-owned listings are not included: KPMG notes that second-hand luxury is growing by 7 to 12 percent a year worldwide, depending on the source, two to four times faster than new luxury. Boutique conditions and the availability of each reference should always be confirmed with the maison or its authorised retailer. For a wider view of the market, see our selection of the best watch brands in Saudi Arabia, and our pages dedicated to Cartier and Rolex.
Frequently asked questions
What share of the Gulf luxury market do jewellery and watches represent?
According to KPMG’s study Le luxe reprend la main, published in September 2026 with market data from Statista, jewellery and watches accounted for 46 percent of the Gulf luxury market in 2025, ahead of fashion at 25 percent and cosmetics and perfumes at 15 percent.
How large is the Gulf luxury market?
KPMG values it at €11 billion in 2025 and projects €13 billion by 2030, an average growth rate of 3 percent a year.
How does the Gulf compare with the United States, Europe and Asia?
Jewellery and watches weigh 21 percent of the luxury market in the United States and 23 percent in Europe, against 46 percent in the Gulf. Asia-Pacific is the only other region at a similar level, with 48 percent.
Is a Breitling or a Cartier less expensive in Kuwait than in Saudi Arabia?
In the first edition of WATCHESPEDIA’s Gulf price index, read on official brand websites on 5 October 2026, the Breitling Navitimer B01 Chronograph 43 cost about US$8,890 in Kuwait against about US$10,700 in Saudi Arabia, and Cartier’s Juste un Clou and Love bracelets were close to 14 percent less expensive in Kuwait. Dollar values are indicative.
Which Gulf country is the most accessible for a Rolex or a Cartier?
For Rolex, the UAE: on 5 October 2026, the Submariner 41, the Datejust 41 and the Cosmograph Daytona 40 were about 8.5 percent higher in Saudi Arabia, the only other market where Rolex prices could be read. For Cartier, Kuwait for the classic yellow gold Love and Juste un Clou bracelets, and Qatar for the Santos de Cartier medium model and the Tank Must large model. Dollar values are indicative.
Do the prices on the brand websites include VAT?
The brand websites do not state whether their prices include VAT, so WATCHESPEDIA’s index shows prices as displayed. VAT is 5 percent in the UAE and Oman, 10 percent in Bahrain and 15 percent in Saudi Arabia; Qatar and Kuwait apply none.
Sources: KPMG, Le luxe reprend la main, September 2026 (market data Statista, Inc.); WATCHESPEDIA Gulf price index, official brand website prices read on 5 October 2026.
