Jewelry is a popular consumer product, as it appeals to women and men of all ages and cultures. Whether it’s made from gold, gemstones, shells or beads, jewelry is available in a variety of price points. As a result, the jewelry trade is highly competitive and requires entrepreneurs to make sound decisions when setting up their businesses. This includes choosing a business structure, registering trademarks or patents (if applicable), procuring supplies and equipment and applying for resale certificates with state and local retailers.
As you develop your jewelry line, you’ll need to decide how much of your production will take place in-house versus with a third-party manufacturer. If you choose to outsource your production, research the industry and look for trustworthy wholesale distributors that are willing to sell to you at a lower unit cost than local jewelry stores. You may also want to consider getting a reseller certificate so you can forgo paying local sales taxes when purchasing materials in bulk.
Once you’ve figured out how much of your jewelry to produce in-house, it’s time to think about marketing your brand. Establishing a website with product photos is an excellent start. Be sure to use high-quality photographs and hire a professional photographer if you can afford it. You can also create a Facebook page and/or Instagram account, which is an effective way to connect with customers.
While social media is a great tool for marketing, it’s also important to establish physical locations that will give potential customers the chance to view your products in person. A brick-and-mortar store will provide a more traditional experience, and is typically the best option for selling high-end or designer jewelry.
If you don’t want to invest in retail space, an online jewelry marketplace can be a good option. These sites are trusted by thousands of buyers and allow sellers to connect directly with customers. As with any ecommerce platform, it’s crucial to have compelling product photos and strong, persuasive copy.
Another option for those who want to sell their jewelry is to trade it in at a local jeweler. While most jewelers will resell your piece for more than they paid to acquire it, they’ll still need to turn a profit in order to remain in business. If you’re interested in trading in your piece, research the prices that similar pieces are selling for and make a counteroffer that is close to their offer.
In addition to jewelers, some pawn shops buy jewelry for cash and even offer a loan program. If you’re looking to get quick money, this is an option worth considering. However, it’s imperative to work with a reputable pawn shop that will pay you fairly for your jewelry. Look for those that offer free, door-to-door pickup and full insurance on all transactions.
