Japanese consumers are driving luxury jewelry sales to record levels as the weaker yen and higher living costs encourage shoppers to place more of their money into products they may view as stores of value. Sales of gems, precious metals and artwork at Japan’s department stores increased 19% year over year to 330 billion, or about $2 billion, in the first half of 2026, marking the highest total for the period since records began in 2008. This growth significantly outpaced the 3.2% increase in overall department-store sales, while duty-free sales also rose 3.2%, suggesting domestic shoppers have been the main force behind the surge.
