(PRESS RELEASE) CARLSBAD, CA — THE MVEye, the premier market research firm for the gem, jewelry and watch industries, has released the ground-breaking report:
Crafting Unity, Adorning Diversity – Cracking the Code to Engage High Income African American Buyers in the Luxury Jewelry Sector
The report is based on a collaborative and comprehensive research study conducted by THE MVEye and Stephanie Coleman, publisher of Tré Magazine, delving into the unique world of high-income African-American jewelry consumers in the USA. By concentrating on those who self-identify as Black/African-American, and further affirming their Black heritage, this report captures a unique perspective from participants aged 20-59 with a household income of $100K and above.
The findings offer an in-depth look into both past jewelry buying and potential future shopping behaviors. Moreover, it looks closely at preferences that consider the nuances of the participants’ heritage, ensuring a comprehensive understanding of this influential market segment.
Stephanie Coleman announced: “With these findings, we aim to emphasize the distinct preferences and purchasing behaviors of high-income African-American jewelry consumers. Their choices are deeply rooted in cultural resonance and a demand for inclusivity, underscoring the need for industry adaptation.”
Key Findings from the Report Include:
- High-income African-Americans are proactive consumers. A notable 63% actively seek brands reflecting or promoting their cultural heritage.
- A significant 56% of African-American respondents emphasize the importance of sustainably produced jewelry, particularly in relation to conflict diamonds.
- For 76% of participants, “feeling welcome” was the most critical factor influencing fine jewelry purchases, overshadowing price, selection, and even the expertise of in-store salespersons.
- In-store expertise is a strong influencer; 54% of respondents highlighted the significance of knowledgeable in-store salespersons during their fine jewelry purchases.
- Birthstones resonate deeply, with 59% of African-American respondents purchasing them as statement pieces.
- Awareness of lab-grown diamonds (LGDs) stands at 64% among African-American consumers, trailing the overall market’s 80%.
The complete report of findings is now available for download on THE MVEye’s official website.
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Closing With Confidence: How Bailey's Fine Jewelry Achieved Outstanding Results With Wilkerson
When Trey Bailey, President and CEO of Bailey's Fine Jewelry, decided to close the Crabtree location in Raleigh, North Carolina after 15 years, he knew the decision needed to be handled with intention and professionalism. The goal was clear: exit the location while maintaining financial strength and honoring the store's legacy.
Having worked with Wilkerson successfully in the past, Bailey understood the value of their comprehensive approach. "They understood both the emotional and financial sides of the store closing sale," Trey explains. "Their reputation for professionalism, results and care made it a very easy decision."
The results exceeded expectations. Wilkerson helped Bailey's sell through significant inventory while maintaining the dignity of the closing process. "They don't just run a sale, they help close a chapter in the best way possible," Bailey says, strongly recommending Wilkerson to any jeweler facing a similar transition.
