The Jewelry Market: Present and Future (Part 1)

*This article is a summary of the January 21, 2026 episode of the HASUNA podcast, "Gemstone Journey: Let's Travel with Gems."

What is happening in the global jewelry market right now

Hello, this is Natsuko Shiraki from the jewelry brand HASUNA.
Today, I would like to take a bird's-eye view of the current state of the global jewelry market and where it is heading. Having been involved in this industry for about 17 years, I have seen many waves of change, but perhaps there has never been a time as dynamic as the present.

The global jewelry market is estimated to have reached approximately 232.9 billion dollars, or about 35 trillion yen, as of 2024. The growth rate is relatively stable, with forecasts suggesting an average annual growth of about 5.1% until around 2032, positioning the "jewelry" category itself as a solid growth industry globally.

Asia's power is driving growth

When you hear "jewelry market," many people might think of the United States or Europe, but it is the Asia-Pacific region that is currently strongly driving growth. The presence of China and India is particularly significant, and the expansion of the middle class, not just the wealthy, is a major driver pushing demand.

In India, there has always been a very high demand for jewelry, especially gold jewelry, and there is a culture of wearing many rings and bangles in daily life. It is also common to wear earrings or nose rings from a young age, and it is characterized by being loved not as "jewelry only for special occasions," but as something deeply rooted in daily life, prayer, and identity.

On the other hand, while it is said that China has begun to see some economic slowdown over the past few years, especially since around 2025, the market size remains large in the medium to long term, and it remains an important player supporting the growth of Asia as a whole.

What is happening in Europe and America

The European jewelry market, while not experiencing flashy rapid growth, gives the impression of continuing a steady upward trend. A diverse range of brands, from traditional high-jewelry maisons to contemporary brands, coexist, and a foundation that values craftsmanship and design supports stable demand.

On the other hand, the situation in the United States is a bit different. Influenced by rising prices and the cooling of consumption after the pandemic, there has been a series of news about store closures and layoffs, similar to brand shops and apparel. While the shift to online is certainly progressing, jewelry has a high unit price, and there is always an inherent "anxiety about not being able to see the actual product." Therefore, I feel that while advancing e-commerce, how to provide a real experience that gives customers peace of mind is a major challenge.

The Japanese jewelry market and the tailwind of inbound tourism

So, what about the domestic jewelry market in Japan? The Japanese jewelry retail market in 2024 is estimated to be approximately 1.0953 trillion yen, an increase of about 4.7% from the previous year. The recovery from the COVID-19 pandemic and the return of inbound demand significantly boosted this growth.

Even walking through Omotesando, I can feel that the number of customers from overseas has increased significantly, and it is clear that more overseas visitors are dropping by at pop-ups and department store events. With the weak yen and the soaring prices of gold and bullion pushing up unit sales prices, there is an aspect that has worked positively for sales in terms of numbers. In particular, purchases of high-end jewelry by the wealthy are steady, and it seems that "high-end jewelry" continues to be received with strong needs.

Even so, I want to make jewelry a more familiar presence

When you hear that the overall market size is growing, some may feel that "it's great that the economy is good," but at the same time, I hear voices saying that they feel a bit of distance. In fact, while high-end jewelry for the wealthy is performing well, it is also true that when looking at brands in the mid-price range and below, or the purchasing behavior of the younger generation, completely different ingenuity and approaches are required.

At HASUNA, we want to deliver jewelry not as "something for only a special someone," but as a familiar presence for many more people, where they can entrust their own identity and thoughts. To that end, we will continue to carefully deliver our price range design, the creation of online and offline experiences, and above all, the story of "why wear this jewelry now."

Today, I talked about the overall picture of the global and Japanese jewelry markets while incorporating macro figures. Next time, I will delve into themes such as "what is being asked of brands now" and "what kind of jewelry with what values will be chosen from now on" in a more concrete way, so I would be happy if you could look forward to it.