Editor’s Note
Japan’s jewelry market is poised for significant growth, with projections indicating it will reach USD 26.9 billion by 2033. This expansion reflects evolving consumer trends and economic factors shaping the industry.
The size of Japan’s jewelry market is projected to reach USD 6.9 billion in 2024 and expand at a compound annual growth rate (CAGR) of 3.90% during the forecast period from 2025 to 2033, reaching USD 26.9 billion by 2033.
Entry of Foreign Companies Drives Growth
The entry of foreign companies into the Japanese jewelry market is considered one of the most significant factors revitalizing the industry and filling it with new competition and diverse products. These companies inject the latest technology, innovative designs, and unique brand stories into the sector, attracting Japanese consumers who value high-quality goods. Prominent brands are strengthening their position in the country by leveraging the high income levels and luxury orientation of the population.
Competition stimulates domestic brands to transform and raise their own barriers to entry, benefiting the entire industry. Collaboration between foreign and domestic companies allows for the exchange of ideas and development of the field. Therefore, the entry of new foreign companies expands the range of choices available to consumers, ensuring the sustained prosperity of the Japanese jewelry market and its global recognition. For instance, in March 2024, the Chinese jewelry brand KIRI opened its first store in Japan as part of its global expansion plan. Previously, KIRI operated in Japan through the multi-brand retailer LISTER. These factors are expected to drive the growth of the Japanese market during the forecast period.
High Cost of Jewelry Materials Constrains Market Growth
Ornaments made from diamonds, platinum, gold, and sometimes silver are considered luxury items due to the high cost of materials. Although the final price fluctuates daily, it typically remains in the high-price range, making them less accessible, especially for people with limited incomes or other priorities. Furthermore, there is a growing segment of people whose interest in material possessions is waning, with a stronger tendency to spend money on experiences such as travel and vacations. This trend of shifting priorities towards valuing experiences may constrain the expansion of the jewelry industry. Therefore, these factors are expected to impact the growth of the Japanese market during the forecast period.
Design Innovation Accelerates Market Development
The development of the Japanese market is primarily driven by design innovation. The combination of traditional Japanese craftsmanship with modern aesthetics attracts a wide range of customers, from young fashion enthusiasts to affluent connoisseurs. Domestic brands such as TASAKI Co., Ltd. and Kataoka Co., Ltd., as well as foreign companies, continue to push the boundaries of imagination by introducing new forms that align with contemporary styles. For example, in March 2023, Primo Japan Co., Ltd. launched a new diamond engagement and wedding ring set named “Ulysses” under its brand “Ai Primo”. These rings are lightweight and naturally fit any finger, providing consumers with the satisfaction of owning their preferred ring regardless of size, thanks to Ai Primo’s proprietary “Comfort Fit Manufacturing Method”. This collection is sold at all of the brand’s domestic stores.
Furthermore, technological advancements such as 3D printing and computer-aided design (CAD) have enabled the manufacture of intricate designs that were difficult with traditional methods, representing significant progress. Additionally, the use of experimental materials and environmentally friendly manufacturing methods strongly appeals to environmentally conscious consumers. Moreover, the expanding possibilities for personalization allow consumers to design their own jewelry in collaboration with designers, leading to increased customer engagement and satisfaction. Therefore, all these factors are expected to support the growth of the Japanese market during the forecast period.
By Material
In the Japanese jewelry market, the gold segment is expected to dominate during the forecast period. The growth of this segment is attributed to its cultural significance and enduring appeal among consumers. Historically associated with wealth and success, gold is deeply rooted in Japanese tradition, making it an ideal choice for special occasions such as weddings and anniversaries. The harmonious nature and intrinsic value of gold attract individuals who purchase jewelry as an investment.
Famous brands and international giants offer diverse gold collections catering to a wide range of tastes and budgets. Furthermore, the diversity of gold designs, from modern and minimalist jewelry to traditional and intricate patterns, enhances its appeal. Innovations in goldsmithing, such as new design techniques and alloy compositions, contribute to its popularity among the younger generation who embrace fashion.
The continued dominance of gold in the market clearly demonstrates its importance in both cultural practices and modern consumer preferences, and it is expected to continue leading the market. For example, in August 2023, IO, a key member of the hip-hop group Candy Town, launched the jewelry brand “Laid Back”. The brand, with the theme of “jewelry you just want to wear,” offers products made from Japanese 18-karat gold, with the entire manufacturing process conducted domestically. Such factors are expected to boost the growth of this segment in Japan during the forecast period.
- Kaji International Co., Ltd.
- Mikimoto & Co., Ltd.
- TASAKI Co., Ltd.
- AHKAH Co., Ltd.
- Richemont Japan Co., Ltd.
- Vendome Yamada Co., Ltd.
- Ponte Vecchio Hotta Co., Ltd.
- SAZABY LEAGUE Co., Ltd.
- Tiffany & Co. Japan Inc.
- Kataoka Co., LTD.
The Japanese jewelry market is segmented based on product type, material, gender, category, end-user, and distribution channel.
By Product Type
- Necklaces & Chains
- Earrings
- Rings
- Bracelets
- Others
By Material
- Gold
- Silver
- Platinum
- Diamond
- Others
By Gender
- Female
- Male
- Unisex
By Category
- Branded
- Private Label
By End User
- Adults
- Children
By Distribution Channel
- Online
- Company Websites
- E-commerce Websites
- Offline
- Exclusive Showrooms
- Supermarkets/Hypermarkets
- Others
