Japan Jewelry Market Shows Modest Yet Promising Growth

Gems News: A Market Poised for Recovery

Japan’s jewelry market is entering a new chapter marked by cautious optimism. Although recent years have brought steep declines in both consumption and production, forecasts suggest that the sector will stabilize and experience gradual expansion. According to the latest industry insights, Japan’s jewelry market is expected to grow at a compound annual growth rate (CAGR) of +0.2% from 2024 through 2035, reaching a total market volume of 839 tons and a market value of $17.4 billion. In the midst of global uncertainties and domestic challenges, this Gems News report highlights how Japan’s jewelry sector continues to hold long-term promise for investors, designers, and retailers alike.

The Japanese jewelry market still shows signs of optimism
Image Credit: AI-Generated

Consumption Trends Reflecting Shifting Demand

Jewelry consumption in Japan dipped to 819 tons in 2024, a decline of -10.1% compared to the previous year. Despite this contraction, consumption trends over the past decade tell a broader story of resilience, with an average annual increase of +6.0% from 2013 to 2024. The highest point was reached in 2021 at 924 tons, after which consumption steadily slowed. In terms of value, the market fell sharply to $17 billion in 2024, down from a peak of $22.4 billion in 2023. While this reflects volatility in consumer spending patterns, industry experts note that the long-term trend still leans toward moderate growth as luxury consumption habits evolve in Japan.

Domestic Production on a Slower Track

Japan’s jewelry production has also mirrored the broader fluctuations in the sector. In 2024, production reached 691 tons, marking a -2.3% decrease compared to 2023. Over the past decade, however, production demonstrated strong growth with an average annual rise of +7.1%. The peak was seen in 2021 at 739 tons before output slowed in subsequent years. In value terms, jewelry production dropped significantly to $13.5 billion in 2024 from $17.5 billion in 2023. Analysts suggest that manufacturers are adapting to changing consumer demands, focusing more on premium and high-value pieces rather than sheer volume.

The Okachimachi Jewelry Shops in Tokyo continue to do brisk business despite the general global economic slump
Image Credit: Okachimachi

Imports Bolstered by Global Luxury Connections

Despite local challenges, imports continue to play a central role in shaping Japan’s jewelry market. In 2024, jewelry imports totaled 189 tons, down nearly -30% from 2023. Yet, in value terms, imports surged to $3.3 billion, representing strong demand for luxury and high-end foreign jewelry. Thailand, Italy, and Vietnam collectively supplied 74% of Japan’s total imported jewelry volume. Vietnam stood out with an impressive CAGR of +21.8% in volume growth since 2013. When measured in value, France, the United States, and Italy dominated, together holding 75% of the total import market. Silver jewelry accounted for the majority of imported pieces by volume, while non-silver precious metal jewelry captured nearly 94% of the total import value.

Export Performance Facing Global Competition

On the export front, Japan shipped 60 tons of jewelry abroad in 2024, representing a -4.4% decline and continuing a downward trend after peaking at 67 tons in 2022. Exports were valued at $820 million in 2024, with Hong Kong SAR being the largest destination, absorbing 76% of the total export value. Taiwan and China followed as key markets. In terms of products, non-silver precious metal jewelry remained the top export type, making up 93% of export value. Export prices have, however, weakened significantly, with the average price per ton falling by nearly -47% in 2024.

The Road Ahead for Japan’s Jewelry Market

Although Japan’s jewelry market has endured volatility, its long-term outlook remains cautiously optimistic. A steady CAGR of +0.2% indicates that while explosive growth is unlikely, the industry’s resilience and adaptability provide a solid foundation for gradual recovery. Imports from luxury hubs, particularly Europe and Southeast Asia, demonstrate the strong appetite for premium designs, while domestic producers continue adjusting strategies to cater to evolving tastes. As the global luxury landscape becomes increasingly competitive, Japan’s jewelry sector will likely lean on its heritage of craftsmanship and its consumers’ appreciation for high-quality pieces to maintain steady growth.

The Japanese jewelry market is navigating a complex but promising landscape, and its modest expansion trajectory will likely attract both local and international players eager to secure a stake in its future.

The detailed report is available for a fee at the following site: https://www.indexbox.io/store/japan-jewellery-market-analysis-forecast-size-trends-and-insights/

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