I am in a tri-state and yes New York is like nothing else. You will
be competing in 5 segment market.
Tourists - real find for a retailer. Somehow, when they get to New
York, it is shop till you drop. You must be in the right location
for this and rent is prohibitively expensive.
Super rich - they like to shop at Tiffany, Cartier, and the like. If
you want their attention, you must meet their expectations and it is
quite high. A lot of collectors, very knowledgeable.
Patrons of the 47 street - That is where everybody have a personal
jeweler. Not necessarily good, but they feel comfortable with him. If
that the market you are after, spent some time walking through the
exchanges to get the feel of it. Quite educational. There is another
world of jewelry, above the street level, but it mostly wholesale and
Canal street - step down in quality and integrity from 47 street but
more ethnically friendly. English is not a requirements to succeed
on Canal street. If you looking for $50 Rolex or 50 carat “pigeon
blood ruby” that the place where you can find it.
Borough jewelers - serving people who consider trip to Manhattan a
grand vacation which should not be attempted more than twice in
one’s life. You get the drift.
It could be very lucrative, but to paraphrase russian saying "
Measure 7 times before you cut ". I was in that cauldron for 30
Now I am internet only.
That is of course only my opinion, other may have different take on