MARKET INTELLIGENCE 市场情报 JNA July/August 2024 | 49 Ring from Kajita Co Ltd’s Kajita Love Collection Kajita Co Ltd的Kajita Love系列戒指 the same time, dainty fashionable jewellery and silver accessories are becoming more prevalent in the market. These pieces cater to buyers who prefer trendier designs that are not as pricey as gold. “The challenge is to secure highly skilled craftsmen and designers who are capable of producing high-end jewellery and bread-and-butter products, and striking a balance between these productions,” noted Hori. Distinctive pearls Japan's pearl exports have been on the rise over the past two years amid a global pearl boom. Natural and cultured pearl exports reached more than 45.5 billion yen (around US$289.2 million) in 2023, up from 23.8 billion yen (around US$151.3 million) in 2022, with Hong Kong as Japan’s largest pearl export destination, according to the Ministry of Agriculture, Forestry and Fisheries of Japan. Nagahori Corp affirmed this robust performance. Masayuki Sanada, Nagahori's managing director, said, “Akoya pearls and related jewellery products boosted our overall sales. We expect Akoya pearls to further grow in popularity amid declining annual production.” Apart from Akoya pearls, pearl variants with distinctive shapes and colours are also becoming highly sought after in the market. Sanada highlighted the company’s heart-shaped golden South Sea pearls, exclusively sold in Japan by Nagahori. “These pearls witnessed an incredible surge in demand last year, captivating consumers with their one-of-a-kind characteristics,” he said. Meanwhile, Seibido Pearl Co Ltd, which specialises in high-quality loose pearls and pearl jewellery, is shining the spotlight on its iconic Super Peacock Tahitian pearl. Koji Isowa, president of Seibido Pearl, said these multicoloured black-lipped pearl necklaces are especially liked by buyers from China. “Our business has been thriving throughout the past year. Supply and production struggled to keep up with overwhelming demand for premium-quality pearls,” he added. Isowa also noted a shift in consumer preferences. “In the past, there was solid interest in round and unblemished pearls, even if these lacked lustre. Nowadays, highly lustrous pearls are more popular while surface and shape imperfections are becoming more acceptable. Buyers are willing to pay a premium if the pearls are of good quality.” Beyond Japan Japanese jewellery manufacturers traditionally focus on the domestic market, but some changes are underway. According to companies interviewed by JNA, Japan remains a primary market, but they are also actively exploring international destinations. "We have experienced a significant growth in overseas markets, particularly from mainland China, Hong Kong and Taiwan, which saw solid sales last year. Moving forward, we aim to expand our presence in the European, Southeast Asian and Middle Eastern regions,” shared Sanada of Nagahori Corp. Kuwayama Corp is also training its sights on foreign markets, specifically East and Southeast Asia. Hori noted, “In particular, consumer preferences in South Korea and Taiwan closely align with those of Japan. Our sales are steadily rising in the Philippines, too, since 18-karat gold jewellery pieces are highly favoured there.” The company is likewise eyeing strong sales of platinum chains in India. “Although it is traditionally a market for gold, there is a certain level of demand for platinum jewellery,” continued Hori. Kajita, for its part, has successfully established a presence in a Singaporean department store under the brand Fujimori Kajita since 2019. The company aims to utilise Singapore as a base to explore opportunities in Southeast Asia and Europe. “We should focus more on overseas markets based on business prospects we have observed at Hong Kong jewellery shows. We must build strong networks within the industry and gemstone-producing regions to tap new opportunities,” Kengo of Kajita said. He also pointed out that the industry faces challenges such as aging craftsmen and lack of successors. Rings from Kajita Co Ltd’s Kajita Love Collection Kajita Co Ltd的Kajita Love系列戒指
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