Despite the pandemic, Tampa Bay consumers are expected to spend $164 million on fine jewelry this year. Based on projections from IBISWorld, here's what will be purchased:

• $69 million worth of diamonds
• $24 million worth of watches
• $16 million worth of gold
• $19 million worth of pearls and gemstones
• $34 million in other goods and services

Tampa 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 Central Florida 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 Tampa radio.

Next year, according to Nielsen, 138,765 people in Tampa Bay will be getting married.  Assuming that those folks are hitching-up with each other, that means there will be 69,382 weddings. 

CostOfWedding.com reports that the average cost for these pending nuptials will be $34,268 including (but not limited to) rings, dresses, tuxedos, flowers, venues, photographers, invitations, limos, and rice (or birdseed for the ecologically inclined).

This means small business owners in Tampa Bay who cater to the bridal market will be competing for a share of $2.3 billion.