According to the Platinum Jewellery Business Review (PJBR), jewellery sales in Japan expanded for six consecutive quarters, thanks to the return of middle-class consumers. Platinum jewellery sales maintained strong momentum, with Kihei chains, necklaces/pendants and men’s jewellery performing particularly well. Platinum Woman, the brand targeting young women, sustained high sales growth in Q3.
It is noted that, Jewellery sales in Q3 2022 recovered for six consecutive quarters by 5.2% YoY by value and
6.2% YoY by piece, with consumers in the mood of back to normal, during the summer without any behavioural restrictions. In contrast with the state of emergency period when jewellers depended on affluent clientele, middle-class consumers are returning to shopping malls and department stores, which pushed down the average price of jewellery by 0.9% YoY.
By different channels, strong unit sales growth was witnessed in department stores, where sales continued to rise by 21% YoY, following the 40%+ YoY growth in Q2 2022. Discount stores and regional retailers also saw their jewellery sales up 4%. Sales from contemporary chain stores were down 0.5% YoY by value but grew 1.9% YoY by units. Non-store sales increased by 1% YoY, with continued slower growth now that consumers are back in the stores.
In terms of unit sales by jewellery price point, jewellery of all price points grew modestly in Q3. The largest increase came from products of JPY50K~100K (+6.8% YoY) and JPY 500K~1M (+6.7% YoY), reflecting successful VIP sales events during Q3 and the continued appetite for jewellery by affluent consumers, as well as the return of consumers to regular sales outlets.
Reflecting the strength of Kihei chain demand, higher purity gold and platinum jewellery had the most robust growth, whilst lower purity items such as 10K or lower products shrank.
At, Gold and Diamond Jewellery front; PJBR said for Japan Market that, according to Yano Research, yellow gold continued to lead growth among all jewellery metal types at 10.6% YoY in Q3 2022, followed by other gold (rose gold) growing at 6.3% YoY, whilst white gold sales also rebounded by 3.3% YoY.
According to the trade survey, diamond jewellery, accounting for the majority of jewellery sales in Japan, outperformed jewellery with other stones.
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Heartiest congratulations to Team GJC on acquiring our own office. This marks a new milestone for the team. Wishing you greater success and many more achievements ahead 💐💐
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Congratulations to Team GJC on the inauguration of the new office. Best wishes from Team Heera Zhaveraat.
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