The Japanese jewelry market has seen increased demand for pearls from a surprisingly unexpected clientele – men, causing prices to spike.
According to a spokesperson for luxury retail company Isetan Mitsukoshi Holdings, while pearls have been widely associated with women, a booming fashion trend is gaining momentum in Japan where “demand for pearls is increasing especially among men in their 20s and 30s.”
Across Japan, jewelers have stepped up their marketing campaigns to appeal to the male population by calling them “pearl boys”, as reported Nikkei Asia.
In September 2021, pearl jewelry retailer Mikimoto collaborated with French fashion company Comme des Garçons and launched a unisex jewelry collection called passionblack.
About 30% of customers passionate the pearl collection are for men, according to a Mikimoto representative, who noted that the trend is a “great opportunity to highlight the appeal of pearls as a fashion accessory”.
However, in addition to consumer demand, a shortage of Japanese pearl production has contributed to the price hike.
According to 2020 data from the Japanese Ministry of Agriculture, Forestry and Fisheries, pearl production decreased by 10% based on a two-year difference.
Besides the COVID-related reasons for the decline in production, a “mysterious event” that killed millions of Akoya pearl oysters in 2019, largely affected production numbers.
Quality pearls have already seen their wholesale prices increase by 10-20%.
The impacts of lower production could further boost prices this year, as it may take more than two years for production to stabilize.
Oysters take two years to grow before they start producing pearls and another year or two for a pearl to fully form before they can be harvested.
Japan was the purveyor of pearl farming in the early 20th century.
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