Despite the pandemic, Metro Detroit consumers are expected to spend $224 million on fine jewelry this year. Based on projections from IBISWorld, here's what will be purchased:

• $94 million worth of diamonds
• $33 million worth of watches
• $22 million worth of gold
• $26 million worth of pearls and gemstones
• $47 million in other goods and services

Southeast Michigan business owners will now have an easier time capturing a bigger share of jewelry expenditures as a monster competitive force disappears.

This week, Signet, the largest jewelry retailer in the country, announced that by December, it would be closing over 380 stores.  Signet's brands familiar to Detroit consumers include Kay, Jared, Zales, and Piercing Pagoda.

To successfully compete for the void created by fewer Signet stores, local retailers will need to advertise, especially between now and the end of the year. This is when 63% of all fine-jewelry sales traditionally occur.

By any metric, the best way to reach local jewelry buyers is by advertising on Detroit radio.