How to Harness The Business Potential of Jewelry

January 6, 2022 | Sakshi Sharma

Women, men, and children have a hard time resisting that feeling of shiny, attractive trinkets when they see it on themselves. Gone are the days when precious metals like diamond, platinum, gold, and silver were the obvious choice for people to purchase ornaments to adorn themselves or even as investments in assets. Today, jewelry is an industry unto itself owing to the sheer variety of items it offers to jewel junkies.

Welcome to the business of gems, jewelry, and accessories that can help you make a fortune by cashing in on the value of beauty and bling.

Immense business potential

Pearl, glass, bead, gold plated, leather, paper, plastic, seashells…the scope for jewelry business ideas is immense. What’s more, you can even sell colorful necklaces made of colorful edible pasta (not boiled, of course).

If you are the kind who enjoys bling, then don’t hesitate to start a jewelry business.

An initial investment of anywhere between $20,000 to $100,000 is required to start the business, depending on factors such as type and style of jewelry, target consumer, location, etc.

Then, choose a category such as kids, teens, women, men, workwear, casual wear, party wear, formal wear, engagement and wedding jewelry, and even costume jewelry. The ambitious can go all out and have all the above categories under one roof, like a jewelry superstore!

And now that the internet and online shopping have taken over our lives, we don’t need to be dependent on having a jewelry shop on a busy street or inside a popular mall.

Instagram and TikTok are the new world that fits right into our palms and has our fingers liking, commenting, posting, buying, and selling stuff.

Just create your account, inform friends and folks, amp the number of followers, upload shots, videos, and descriptions of your products, and, voila, your online jewelry business will scale new peaks.

You may use Instagram and or TikTok as a super add-on medium to boost sales or leverage e-commerce leaders such as Amazon, eBay, Etsy to sell your jewelry online.

Jewelry is the deal

If you have the passion and perseverance you could earn big bucks as a jewelry business owner. According to salary.com, a jewelry store owner earns an average salary of about $40-50,000 as of October 2021.

The mind-boggling stats on Savemycent speak glowingly of the immense potential of the jewelry industry in the US.

    It’s estimated that by the end of this year, the online jewelry and watch sales market size will reach $7.6 billion

    Diamond, a 45.52-carat bluestone, is worth $250 million (you read that right)

    Further, it adds that last year, high-end fashion houses such as Louis Vuitton, Dior, and Hermes tapped into this burgeoning industry, making jewelry an integral part of their brands

Glass facades to Ipads, how times have changed…

Many entrepreneurs create their own products too. A jewelry designer creates beautiful, attractive, and trendy patterns for various accessories worn by people. They may first come up with samples of a particular product such as a bracelet and test them for style, comfort, durability before producing large quantities.

There was a time when ‘window shopping’ was a favorite pastime as people walked on the pavements while looking at shoes, garments, jewelry, bags, and alluring accessories displayed behind glass facades.

The new age window is the iPad screen, iPhone, or any mobile handset that has a plethora of apps which makes window shopping for customers a breeze right from the comfort of their couch.

Thus, it makes ample sense to invest in developing an app for your jewelry business that will help customize and grow your business and expand your customer base. Positive customer ratings and feedback can scale up business turnovers phenomenally eventually making it a brand.

Having a Jewelry app development company has several pay-offs:

    Seamless digital viewing, shopping, payment, and delivery solutions to ensure customer satisfaction

    Adequate technical support to ensure that the business has a safe, secure, and glitch-free online presence

    Wider recognition and reach of the business across the globe

Observing the world around, staying tuned to changes and emerging trends, and adding creativity to the process could work magic. Old coins, for example, can be refurbished to make some pretty pieces of jewelry and accessories that may actually be worth a fortune given the value of ancient collectibles.

How ‘different’ you are might make the ‘difference’

Successful jewelry businesses profit by identifying a niche in the market. If a product/service is rare, unique, and has value then the business is likely to expand. Marketing strategies and clever use of social media to draw audiences and followers translate into a huge business volume over a period of time.

Given that there is already so much out there in fashion coupled with fast-changing trends, getting into a jewelry business would mean entering a highly competitive market. Hence, it’s advisable to develop a detailed jewelry business plan.

You may find the following steps to start a jewelry business useful:

    Survey the market to understand trends, consumer behavior, needs, and values relevant to the product/service

    Be creative, think out-of-the-box solutions and ideas. Figure out how an existing concept can be different and appealing to people

    Develop a plan, keeping in mind all the necessary logistics for building the business such as the acquisition of raw materials, machinery, technology, having a workshop, having a skilled workforce

    Have a marketing plan. Tap into all social media tools to enable wider access to an audience for marketing and sales

    Acquire sources for funding the business through multiple channels such as savings, loans, credit cards, investors, corporates, and crowdfunding

Being an entrepreneur and owner of a jewelry business is a potential massive success venture for those with a zeal to make it big. You need an experienced technical team as well to set up a jewelry designing business. Our highly experienced team of web and app developers can give your jewelry business the stimulus it deserves. Don’t hesitate to dial +1.408.621.8481 or email us at team@sdi.la to discuss how we can do it together.

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