RIYADH: The luxury accessories market in Saudi Arabia has witnessed a shift in purchasing behavior in recent years.
A segment of consumers is turning to stores that offer pre-owned original pieces from global brands at lower prices, sometimes up to 50 percent less than the official retail price.
This trend is driven by rising prices at main stores and authorized dealers, as well as long waiting periods for certain items, according to market insiders who spoke to Al-Eqtisadiah.
This shift is evident on the ground in markets like Taybah in Riyadh, which now hosts a number of stores specializing in selling pre-owned international brands.
This has boosted consumer confidence and facilitated access to new or classic original pieces without going through the traditional buying experience from an authorized dealer.
80% of customers are women
According to merchants in the market, women constitute approximately 80 percent of total buyers, compared to 20 percent for men. Estimates indicate that about 75 percent of purchases are for personal acquisition, as opposed to commercial or investment purposes.
Store owners confirmed that demand is no longer seasonal but has transformed into a stable purchasing pattern. Hussein, a seller at “Nawadir Al-Safwa” store, explained that demand focuses on well-known international brands, notably Cartier bracelets and necklaces.
He pointed out that the majority of purchases are for personal use, with varying savings rates that may reach up to 50 percent on some pre-owned jewelry.
For his part, Riyad Mohammed, owner of “Al-Mojawharat Al-Alamiya” store, stated that sales vary depending on the availability of pieces and can reach up to 40 pieces per week during some periods.
He noted that women constitute the largest proportion of buyers, while demand from men is lower and often focused on watches.
Cheaper prices and shorter wait times
At the “Nawadir Al-Nokhba” store, those in charge confirmed that the most expensive piece sold was valued at SR450,000 ($119,975), which was a piece of jewelry from a global brand.
They also mentioned the existence of rare pieces whose prices may reach up to SR1 million, especially sets and limited models.
Meanwhile, Mohammed Shablan, owner of the “Qamar Al-Andalus” store, explained that some pre-owned pieces may sell for a price close to that of the authorized dealer, especially for watches with waiting lists, even if the price saving is only around 10 percent to 20 percent.
Consumers between acceptance and rejection
In a survey of female consumers’ opinions, Noura Mohammed said she turned to buying pre-owned brands after saving about 40 percent on the piece’s price compared to the dealer, confirming that the piece was in excellent condition.
Ghada Abdullah explained that her first experience achieved savings of about 30 percent and later changed her purchasing behavior.
On the other hand, Alaa Bandar expressed reservations about buying pre-owned brands, preferring to buy from authorized dealers to guarantee the complete buying experience and peace of mind despite the price difference.
Rigorous inspection of pieces
Store owners confirmed that pieces undergo rigorous inspection to verify their authenticity before being offered for sale, including matching serial numbers and providing the warranty and box in many cases.
The customer also has the right to a refund if the piece is proven inauthentic, which has boosted consumer confidence in the pre-owned market.
Salah Salem Al-Amari, with over 35 years of experience in the gold and jewelry sector, said that pre-owned brands have become popular commodities with rising prices and have grown especially through social media platforms.
For his part, Mohammed Alyan Al-Hashidi, a member of the Gold and Jewelry Committee in the Chamber of Commerce, stated that Saudi markets are among the cheapest globally in gold prices due to low taxes, giving the local market a competitive advantage in selling both new and pre-owned jewelry.
