Before we head to Japan's huge market of diamonds and jewelries, I would just like to remind you that I will be at the mineral international trade show in Berlin, reporting live.

Japan is the second largest economy in the world. With strong industries like electronics, robotics and hi-tech, it is a world leader with innovation and living quality.

Japan might be one of the world's biggest money-saving (according to banks' deposits) countries, it is the world's second jewelry consumer. As I've mention in one of my previous posts, China seems to take this consumption position any time soon.

The economic crisis didn't skipped Japan, and jewelry and diamond sales dropped. According to idexonline.com article that was publishing earlier this week, decline in Japan’s polished diamond imports continued in September this year, despite positive forecasts for the worldwide economy. Since the 90's, back and forth, Japan dealt with inner crisis of real estate and capital markets bubbles.

Harry Winston store in Tokyo

Year-over-year, imports declined 6.7 percent in value and 8.5 percent in volume. The average per-carat price inched up 1.9 percent from September 2008, indicating that price points for Japanese consumers are steady.
 
Month-over-month, imports increased by 53.4 percent in value and 23 percent by volume compared to August.
 
In the first nine months of 2009, Japan imported $457 million worth of polished, at an average value of $280.68 p/c. The data was supplied to idexonline.com by The J Club, Inc.

Japan imported 170,437 carats of polished diamonds with a stated value of $55.87 million, an average value of $327.82 per carat. Imports by Japan traditionally pickup in September and October and decline in November-December.

Source: The J Club Inc. and Idexonline.com

Even during economic crisis, the Holiday Season is always a good time for retailers, with luxury retailers gaining the most.

Diamonds have been selected as the "Jewelry of the Year" for the second consecutive year by the Japan Jewelry Association (JJA), which means that this well-established jewelry trade organization will continue to focus on diamonds in its promotional campaigns in 2010.

"The response to having diamonds as the Jewelry of the Year" has been encouraging this year so we will continue the effort and hope that we will achieve better results in 2010," said Seiichi Kato, IJA executive director.
 
For more effective marketing, the association is considering extending the term of the "Jewelry of the Year" from one year to two years, Mr. Kato added.

You can Subscribe to our blog via E-mail, or RSS, or join our social networks community on LinkedIn profile, LinkedIn group, Facebook profile,Facebook group and Twitter.