(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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Honoring a Legacy: How Smith & Son Jewelers Exceeded Every Goal With Wilkerson
When Andrew Smith decided to close the Springfield, Massachusetts location of Smith & Son Jewelers, the decision came down to family. His father was retiring after 72 years in the business, and Andrew wanted to spend more time with his children and soon-to-arrive grandchildren.
For this fourth-generation jeweler whose great-grandfather founded the company in 1918, closing the 107-year-old Springfield location required the right partner. Smith chose Wilkerson, and the experience exceeded expectations from start to finish.
"Everything they told me was 100% true," Smith says. "The ease and use of all their tools was wonderful."
The consultants' knowledge and expertise proved invaluable. Smith and his father set their own financial goal, but Wilkerson proposed three more ambitious targets. "We thought we would never make it," Smith explains. "We were dead wrong. We hit our first goal, second goal and third goal. It was amazing."
Smith's recommendation is emphatic: "I would never be able to do what they did by myself."
