When choosing colours you need to think of their connotations, what they mean, and avoid the ones which don't work with what you're trying to achieve.
Black - If using black you need to be careful how you use it, in many cases it darkens a sets mood and tone, so wouldn't be the right choice if you wanted to make a light and fluffy fairy set, yet it would work well if you wanted to add some rockability to any set in the way of a studded bracelet for a night out or a pair of converse for a casual style.
It's also a good contrast colour, it makes other colours stand out and it gives a feeling of depth and perspective, a black dress flattens and slims the wearer.
Black is associated with;
Death and funeral attire, fear, grief - Normally a very negative colour yet it also shows elegance, formality, power (think black suits and black cars), mystery and authority
Alternatives: If you want a colour that will go with everything. like black, but don't want to darken the piece then another good choice if silver. It can give a glamorous touch to an everyday outfit or, if used with jewellery, a hint of sophistication.