Japanese Shoppers Fuel Record Luxury Jewellery Sales Amid Yen Weakness

Japanese shoppers are driving up luxury jewellery sales to record levels as consumers seek safe havens from inflation and a weakening yen.

Sales of gems, precious metals, and artwork at Japan's department stores climbed 19% in the first half of 2026 from a year earlier to ¥330 billion ($2 billion), the highest sales for the period since records began in 2008. Demand for jewellery is up as the Japanese yen weakens to nearly ¥164 per dollar, its lowest level since the 1980s.

According to Satoshi Maehara, president at Tokyo-based jewellery maker Happiness and D Co., 'It's becoming more normal for people to hold 5% to 10% of their assets in gold, rather than cash.'