Valuable jewelry has emerged as a newfound favorite among tourists exploring Japan due to the sustained weakening of the Japanese yen.
Recently, the Japanese yen has been continuously depreciating, reaching its lowest level since December 1986. The yen's depreciation has fueled a growing interest in visiting Japan among international travelers. With the prolonged high price of gold, many foreign tourists are taking advantage of tax-free benefits and eagerly purchasing gold and jewelry products in the country.
Located in Tokyo's posh Ginza district, a brand jewelry store with nearly 80 years of history primarily sells gemstones, pearls, and precious metal jewelry targeting younger consumers, in addition to wedding rings and couple rings.
In the past, around 70 percent of the customers visiting the store were Japanese consumers. However, there has been a noticeable increase in the number of foreign customers, according to the store manager.
"Compared to the same period last year, the number of foreign customers visiting the store has doubled, and sales have tripled. Due to the current high gold prices, foreign customers are more inclined towards purchasing gold-related items. Additionally, there is a demand for Japanese Akoya pearl jewelry and diamond accessories," said the manager.
Affected by the rising prices of raw materials such as gold, pearls, and diamonds, this jewelry brand increased the overall product prices by approximately 10 percent in April this year. However, foreign tourists who believe gold jewelry to be on a path to continued price increases have helped sustain demand.
"I've been here before many years ago, it was more expensive and now it's a little more manageable," said a tourist.
"I think it's beautiful. I love jewelry, like you can see. So I think it's very trendy, very nice. And I love it. The price is very good. I like it, I like it. I'll come back tomorrow for more," said another tourist.
Similarly located in the Ginza district, staff from a secondhand jewelry store stated that they have witnessed a noticeable increase in the number of foreign customers and their purchase volumes recently. The average transaction value per order is approximately 500,000 yen (about 3,110 U.S. dollars). Among them, secondhand jewelry from well-known brands, due to its high-value retention, particularly attracts European and American customers.
Yen depreciation attracts tourist gold, jewelry purchases in Japan
