The jewelry trade is the business of creating, buying and selling gems, precious metals, and other accessories such as watches, necklaces, earrings and bracelets. Jewelry is often considered a valuable investment and is highly sought after by collectors and consumers alike. Whether you are an experienced jeweler or just getting started, learning more about the industry and how to make money in this market can help you succeed.
Start by learning about the different types of jewelry that are sold in the industry. For example, there are pieces that are made from glass or enamel; wood, including carved and turned pieces; shells and other animal substances like bone and ivory; papier-mâché; and handmade beads. Create jewelry that you know will appeal to your potential customers. For example, if you know that you have an audience that is interested in travel, try making pieces from sand that has been collected from different beaches around the world.
Register your jewelry business as a legal entity and obtain the appropriate licenses, permits and tax ID numbers. This will help you build trust with customers and may offer tax benefits. You can also protect your brand by using a trademark to identify it in the marketplace.
Attend a jewelry trade show to learn about the industry and network with other jewelers. These events are a great resource for finding new material suppliers, wholesalers and retailers. They also offer educational panels, workshops and breakout sessions to keep attendees up-to-date on the latest trends and tools in the jewelry industry.
Make sure that you have a clear understanding of your profit margin when making jewelry for sale. It is important to consider the cost of all materials, your labor fee (your time shouldn’t be free!) and any additional costs like shipping or seller fees. Once you have a clear idea of your costs and profit, you can price your items appropriately.
Research manufacturers of jewelry wholesale that are reputable and have the capacity to accommodate your volume orders. They should be able to provide you with an affordable pricing structure and allow you to purchase in bulk, which will be more cost-effective than purchasing from individual retail sources.
Sell your jewelry through your website or other online marketplaces, such as Etsy, Zibbet, eBay and others. These sites connect sellers with buyers and typically charge a fee for each transaction.
If you have a good relationship with local jewelers, they might be willing to take your jewelry in as inventory. They will likely pay a fair amount for the jewelry as-is, but will not pay the full retail value. You can get an idea of what to expect by checking prices for similar items online. You should also factor in the cost of the gold or silver used in your piece and how much it would be worth at melt value. For this reason, it is best to work with a jeweler who understands your business and has a good reputation in the community.
