Jewelry trade includes the manufacture, sale, purchase, and distribution of gemstones and metals to retail outlets. The industry is highly competitive, with consumers often choosing the lowest price. To remain competitive, jewelers must carefully consider how they invest their resources. In addition, retailers must continually monitor changing consumer tastes to identify opportunities for growth.
Jewelry has been used to express wealth and social status throughout history. The Renaissance Revival prompted a renewed interest in classical culture, inspiring a return to more elaborate designs and the use of precious metals. The Age of Exploration opened new trade routes, bringing gold and other minerals from the Americas to Europe. The Mughal influence in India cultivated exquisite craftsmanship, resulting in intricate enamel work and the use of gemstones. The Industrial Revolution in the 19th century ushered in mass production and affordability, making jewelry available to more people.
A jewelry business can start small, with only a few pieces in inventory. To grow, you can hire employees to assist with production or offer a broader range of products and prices. If you want to expand your brand, you can also invest in a website or online store with secure payment processing through Moneris. Effective marketing strategies and targeted advertising can help you gain visibility in the crowded market.
You can also sell your jewelry at local fairs and markets. Look for events with a proven history of artisan sales to maximize your chances of success. Research your audience and make sure you know what types of jewelry they prefer before you commit to an event. You can also sell your jewelry on online marketplaces, such as Facebook Marketplace, which allows you to post clear photos of your product with a description.
Many jewelry shops accept trade-in merchandise. A customer brings in their old or unwanted jewelry in exchange for merchandise of equal value or a cash payout. The process can be time-consuming, but it can help you keep your inventory updated and attract more customers.
Corinne, founder of Biko, grew her jewelry business from consignment and wholesale agreements. To find suppliers, she contacted local jewelers directly and spoke to them in person. The approach can have a high rejection rate, but she persevered, focusing on building trust and offering a unique product to stand out in the market.
If you have a piece of jewelry that you’re confident in selling, show it to friends and acquaintances. Ask them if they’d be interested in purchasing it, and humbly request their feedback. Showing your jewellery around can open doors you never expected, bringing you more sales and helping you scale your business. Other ways to generate income include teaching jewelry-making classes, writing projects and tutorials for jewellery magazines, or selling supplies and materials. You can even offer bespoke pieces and private commissions.
