Press Releases

MVEye African American Luxury Jewelry Consumer Research Released

Ground-breaking research highlights preferences and buying behaviors.

Published

8 months ago

September 10, 2023

Press Releases

MVEye African American Luxury Jewelry Consumer Research Released

(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.

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”