JEDDAH. The Safa Group, one of the leading Indian jewelry manufacturers and retailers, has officially announced its strategic expansion into the Saudi Arabia’s evolving gem and jewelry market. The announcement made on Sunday at a high-profile meeting attended by leading figures of Saudi Arabia’s jewelry and precious metals industry. The expansion is strategically aligned with Saudi Arabia’s ambitious Vision 2030 objectives, aiming to boost the Kingdom’s jewelry and precious metals sector, the company said in a statement.
Multifaceted Business Strategy
Safa Group’s expansion encompasses a holistic approach, with diverse projects spanning manufacturing in Saudi, wholesale distribution, retail operations, design innovation, research and industry oriented educational initiatives. Leveraging its more than three decades of industry experience, the group aims to introduce international best practices and innovative approaches to Saudi Arabia’s rapidly evolving jewelry market.
The expansion received significant support from prominent Saudi industry leaders. Faidhi Al-Hashidi, Chairman of Faidhi Al-Hashidi Group, Abdulghani Al Sayegh, Vice Chairperson of the National Committee for Precious Metals & Gemstones, and Saleh Al-Kindi, Chairman of Saleh Al-Kindi Bin Mahfooz Co. were present on the occasion.
A memorandum of understanding was signed between Ali Saleh Batarfi Al Kindi and Mohammed Abul Salam, Chairman of Safa Group. This expansion brings international expertise and innovative approaches to Saudi Arabia’s jewelry sector, a market with significant growth potential. “This is more than just a market entry. It’s a strategic alignment with Saudi Arabia’s ambitious economic transformation goals,” Said Mr. Abdul Salam.
Market Potential and Consumer Trends
Saudi Arabia presents a unique opportunity with its evolving consumer preferences, particularly the growing demand for wearable lifestyle jewelry. This trend aligns perfectly with Safa Group’s comprehensive product and design strategy, said Abdul Karim Kolthodi, Director of International Operations, Safa Group. According to a recent report by India’s Gem & Jewellery Export Promotion Council (GJEPC), the demand of studded gold jewelry in Saudi Arabia has grown by 26.05 per cent.
“We are planning to open 100 retail stores across GCC within next 20 years. We are entering the Saudi market with wholesale business of lifestyle jewelry in the beginning and will expand further to manufacturing and retailing. An institute for specialized education and upskilling in jewelry designing and managing of precious metals will also be set up in Saudi Arabia for the local talents,” he said.