Bridal jewelry is an essential part of marriage, one of life’s important milestones. Although the number of marriages in Japan is gradually declining due to the declining birthrate, the domestic market is less susceptible to short-term economic trends and is changing steadily. The average unit price in the market is rising due to diversifying consumer values and advances in technological capabilities, along with the increased development of gorgeous wedding rings in designs requiring sophisticated diamond processing technology. Primo Japan operates the largest number of bridal jewelry specialty stores in Japan. In the face of such conditions, we will continue expanding our sales base with our four brands "I-PRIMO", "Lazare Diamond", "SELEXIA" and "PROMIJE" and will continue supporting the happiness of each of our customers.
Bridal Jewelry Market Size
（Billion Japanese Yen）
*Source: Jewelry Yearbook: Market Analysis 2020 (Yano Research Institute)
In Asia, where growth is significant, the size of the bridal market has surpassed that of Japan. Primo Japan first expanded overseas into Taiwan in 2007, and we have steadily expanded our overseas business with new stores in Hong Kong in 2011 and Mainland China in 2015. In Taiwan and Hong Kong, our market share has already risen to the same level as in Japan, and we continue to see growth in our existing stores.
With 17.2 times the number of marriages in Japan (* 1), we expect to see a significant expansion in our business in Mainland China in the future as a generation of consumers with new values emerges and consumer trends evolve from consuming goods to consuming experiences. As a “brand from Japan”, Primo Japan will appeal to these changes in consumer priorities and meet consumer demand for such added value by offering our customers high product quality and comprehensive, conscientious customer service. Beginning with the Greater Shanghai area, where we are opening stores in major shopping malls throughout the area, we aim to expand to key locations in other major cities in Mainland China.
In addition, there is potential for further expansion into Southeast Asia by targeting five major countries in the region, Singapore, Malaysia, Thailand, Indonesia, and the Philippines, where the combined population has reached 3.7 times that of Japan. (* 2)
（*１：Calculated based on the number of marrying couples in FY2018 using data from the Japanese Ministry of Health, Labour and Welfare’s “Vital Statistics” report and the National Bureau of Statistics of China website.）
（*２：Total population of Singapore, Malaysia, Thailand, Indonesia, and the Philippines based on each country’s National Bureau of Statistics.）
Number of Marriages and Business Development in Asia
*The size of the round shape represents the marriage numbers in each country and region.
Our Strategy to Expand the Market
In Japan, while the purchase rate of wedding rings is close to 100%, engagement rings are less than 60%, indicating that there is still room for growth. We believe that communicating the thrill and elation of a marriage proposal — the promise of eternal love with a beautifully sparkling diamond ring — creates an excellent opportunity for expansion within the wedding jewelry industry.
Through our trustworthiness and achievements, PRIMO Japan has built good relationships with our extensive network of more than 1700 wedding ceremony venues, dress shops, and wedding production companies nationwide. By collaborating with different industries and by utilizing diverse media such as Internet advertising and specialist wedding magazines, we are working to spread the culture of the marriage proposal in order to improve our brand recognition and contribute to revitalizing the market for wedding jewelry.