Editor’s Note
This analysis of Japan’s jewelry market reveals a complex 2024, marked by a sharp domestic contraction in both volume and value, alongside a surge in import prices that dramatically increased the cost of foreign goods. The long-term forecast, however, points to a return to modest growth over the next decade.
Japan’s jewelry market is forecast for modest growth to 856 tons in volume and $6.7 billion in value by 2035.
The market experienced a sharp contraction in 2024 with consumption falling 9% to 829 tons and value dropping 32.4% to $6.3 billion.
Import volume fell 30.2% to 186 tons but value surged to $3.3 billion due to a 67% increase in average import prices.
France, Italy and the United States are the highest-value suppliers, while Thailand leads in import volume.
Export value declined to $765 million with Hong Kong SAR as the primary destination, accounting for 66% of export value.
Driven by increasing demand for jewelry in Japan, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated compound annual growth rate (CAGR) of +0.3% for the period from 2024 to 2035, which is projected to bring the market volume to 856 tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +0.5% for the same period, which is projected to bring the market value to $6.7 billion (in nominal wholesale prices) by the end of 2035.
Jewelry consumption in Japan dropped to 829 tons in 2024, shrinking by 9% on the previous year’s figure. Overall, the total consumption indicated a prominent increase from 2013 to 2024: its volume increased at an average annual rate of +6.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by 10.4% against 2021 indices. Jewelry consumption peaked at 924 tons in 2021; however, from 2022 to 2024, consumption stood at a somewhat lower figure.
The revenue of the jewelry market in Japan dropped significantly to $6.3 billion in 2024, waning by 32.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). In general, consumption, however, saw a strong increase. Jewelry consumption peaked at $9.3 billion in 2023, and then declined rapidly in the following year.
Jewelry production in Japan dropped modestly to 691 tons in 2024, which is down by 2.3% against the previous year’s figure. In general, the total production indicated a strong expansion from 2013 to 2024: its volume increased at an average annual rate of +7.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by 6.5% against 2021 indices. The growth pace was the most rapid in 2014 with an increase of 59% against the previous year. Over the period under review, production hit record highs at 739 tons in 2021; however, from 2022 to 2024, production remained at a lower figure.
In value terms, jewelry production declined rapidly to $10.9 billion in 2024 estimated in export price. Over the period under review, production, however, posted a modest increase. The pace of growth appeared the most rapid in 2023 when the production volume increased by 60%. Over the period under review, production reached the maximum level at $20.7 billion in 2016; however, from 2017 to 2024, production stood at a somewhat lower figure.
In 2024, the amount of jewelry imported into Japan contracted remarkably to 186 tons, waning by 30.2% compared with the previous year’s figure. In general, total imports indicated a measured expansion from 2013 to 2024: its volume increased at an average annual rate of +3.0% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when imports increased by 17%. Over the period under review, imports reached the peak figure at 267 tons in 2023, and then dropped dramatically in the following year.
