Jewelry market size in Japan 1991-2024

In 2022, the retail value of the jewelry market in Japan exceeded one trillion Japanese yen for the first time in decades. Forecasts expected the market size to remain on the same level in the following years until 2024. As part of the Japanese luxury goods market, the jewelry segment has been affected by the drop in consumer confidence since the burst of the economic bubble in the 90s. While the market has stabilized in the last decade, it has not seen the same demand as before the financial crises.

Jewelries and accessories

A Japanese multi-person household spent on average four thousand Japanese yen on accessories like rings, necklaces, and earrings in 2022. While fine jewelry contributes a significant share of the market value, it targets primarily wealthy luxury goods consumers and, as a niche market, the wedding and bridal market. On the other hand, pieces made from semi-precious metals like copper, stainless steel, and titanium are enjoying popularity for their affordability and wide range of designs that complement casual fashion.

Japan’s jewelry demand

Jewelries are a pillar of the Japanese luxury goods market, comprised of a range of mass-produced semi-precious metal accessories and carefully crafted fine jewelries. Precious metals were mined on a large scale domestically in the past, but the depletion of most deposits reduced metallic mineral production to gold and silver mining. Nonetheless, imports of gold and silver are necessary to cover demand across various industries, which drives up the prices of fine jewelry. As such, young adults were very unlikely to have experience with buying gold or jewelry made of the precious metal, which is more common among financially more stable older consumers.