Jewelers Mutual Group, the Wisconsin-based jewelry insurance company, has selected Raleigh, North Carolina, as the site for its new technology hub, following a competitive evaluation process that included 15 potential locations.
Raleigh was chosen over Dallas, Texas, due to factors such as the availability of skilled workers, local educational resources, and business conditions. The company plans to invest approximately $5.9 million in this project, which is expected to be completed by the end of 2025.
Job Creation and Economic Impact
The new hub will create 200 jobs, with positions primarily in engineering and technology, offering an average annual salary of around $169,600 – more than double the average salary in Wake County, which stands at approximately $75,000.
These new roles will contribute to the development of data-driven solutions aimed at enhancing the customer experience for jewelry retailers and consumers alike.
North Carolina’s Economic Investment Committee has approved a job development grant of up to $2.4 million, to be disbursed over 12 years, contingent on the company’s achievement of investment and job creation goals. Additional state support, including community college training, brings the total incentive package to approximately $3.2 million. Wake County and the city of Raleigh are also offering up to $150,000 in local incentives.
Strategic Location and Company Expansion
The hub will be located in the One North Hills Tower, a newly developed office building in Raleigh’s North Hills district. The area has been attracting various businesses, including international firms and large corporations, contributing to Raleigh’s growing presence as a hub for technology.
Jewelers Mutual, which has been serving the jewelry industry since 1913, provides a range of insurance products to jewelry manufacturers, retailers, wholesalers, and appraisers. The Raleigh hub will play a crucial role in enhancing the company’s digital offerings, particularly in personalized online customer experiences.
Industry Implications
For jewelers, this expansion indicates a growing focus on technology and data-driven methods within the industry. Jewelers Mutual’s investment in Raleigh underscores the growing importance of technology hubs outside traditional tech centers. It suggests potential opportunities for jewelers to leverage data-driven solutions to improve efficiency and customer interaction.
Jewelers Mutual’s decision to establish a technology hub in Raleigh reflects broader trends in the jewelry industry, where technology and data analytics are becoming increasingly integral to business operations. The company’s expansion of its digital capabilities may provide jewelers with new tools to support their businesses, potentially enhancing customer experience and contributing to industry growth.
