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How to Start a Retail Sale of Watches, Clocks and Jewellery Business with Meydan Free Zone
The UAE is one of the world's premier markets for watches and jewellery. Tax-free shopping, a high-spending tourist base, an affluent resident population, and a deep cultural affinity for gold and precious jewellery combine to make the UAE a global destination for this category.
The UAE luxury watch market was valued at USD 1.61 billion in 2024 and is projected to reach USD 2.21 billion by 2030 at a CAGR of 5.21%.[1] The UAE jewellery market was valued at USD 4.66 billion in 2024 and is projected to reach USD 7.65 billion by 2033 at a CAGR of 5.8%.[2] Swiss watch imports into the UAE increased by approximately 11.8% in 2024. SIRA pre-approval is required given the nature of high-value goods trading.
Who is this for?
| Audience Segment | Profile |
|---|---|
| LUXURY RETAIL | Watch & Jewellery Boutique Operators Specialist boutique retailers selling premium watches, fine jewellery, and luxury timepieces to high-net-worth consumers, gift buyers, and tourists seeking quality timepieces and jewellery. |
| GOLD & DIAMOND RETAIL | Gold & Diamond Jewellery Retailers Retailers specialising in gold, diamond, and precious stone jewellery for the UAE's large and culturally engaged gold jewellery market, serving residents, tourists, and gifting occasions throughout the year. |
| MULTI-BRAND RETAIL | Multi-Brand Watch & Clock Retailers Retailers carrying multiple watch and clock brands across luxury, mid-range, and smartwatch categories, serving the UAE's broad consumer base from high-end collectors to tech-focused younger buyers. |
4773.03 - Retail Sale of Watches, Clocks and Jewellery
Activity 4773.03 covers the retail sale of watches, clocks, and jewellery. This encompasses the full range of timepieces from luxury mechanical watches to smartwatches and wall clocks, alongside fine jewellery, gold jewellery, diamond and gemstone pieces, fashion jewellery, and related accessories.
The license covers retail in all formats including boutiques, souk-based stores, and mall-based retail outlets.
Activity 4773.03 covers the retail sale of watches, clocks, and jewellery as new goods. The commercial trading of watches and clocks as spare parts is covered under activity 4773.13.
In short: if you are retailing new watches, clocks, and jewellery through a specialist store, you are in. If you are selling watch spare parts or repairing timepieces, that falls under a different activity.
| Category | Scope |
|---|---|
| Luxury & fine watchesSwiss mechanical and automatic watches, prestige brand timepieces, and limited-edition collector watches sold through specialist retail. | Fashion & silver jewellery Silver, semi-precious stone, and fashion jewellery for everyday wear, gifting, and occasions across all price points. |
| Smartwatches & digital timepiecesSmartwatches, fitness trackers, and digital timepieces from technology and lifestyle brands. | Clocks & decorative timepieces Wall clocks, mantel clocks, and decorative timepieces for home and office retail sale. |
| Gold & diamond jewellery18-carat and 22-carat gold jewellery, diamond-set pieces, and precious stone jewellery in traditional and contemporary designs. | Watch & jewellery accessories Watch straps, jewellery boxes, cleaning products, and related accessories sold alongside timepieces and jewellery. |
Third-Party Approval
Pre-approval from the Security Industry Regulatory Agency (SIRA) is required before the business license is issued by Meydan Free Zone.
Anti-Money Laundering Compliance
This business activity is not subject to AML compliance requirements.
References
- ¹ Markntel Advisors. (2025). UAE Luxury Watch Market Size, Trends, CAGR & Share by 2030. marknteladvisors.com
- ² Grand View Research. (2025). UAE Jewelry Market Size And Share | Industry Report, 2033. grandviewresearch.com
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