Sales of gems, precious metals and artwork at Japan’s department stores climbed 19 percent in the first half of 2026 from a year earlier to $2 billion, signaling a sustained appetite for tangible luxury assets.
The yen’s prolonged weakness has made luxury goods comparatively more expensive for Japanese consumers, yet the category has defied broader economic caution. Department stores across Tokyo and Osaka report that jewelry counters remain among the strongest-performing segments within their luxury floors.
What makes this surge notable is its breadth — it spans fine jewelry, precious metals, and artwork, suggesting a structural shift in how Japanese consumers allocate disposable income. Rather than trading down to accessible luxury, buyers are consolidating spend around the most permanent, value-retentive categories.
As long as the yen remains under pressure and global economic uncertainty persists, jewelry’s role as a store of value will likely sustain this momentum. The question for the industry is whether these buying habits outlast the current currency environment.
Gold and diamond purchases have outstripped leather goods and ready-to-wear in year-on-year growth. The $2 billion figure represents combined sales across the country’s major department store chains, marking the highest six-month total in a decade.
