Having an eye for quality and style helps jewelers identify jewelry that will sell. They also know the value of certain stones and can use these gems in their creations to help set prices for their pieces. In addition to being able to identify what sells, a jeweler should be aware of current jewelry trends, and this can help them anticipate what customers will want in the future. Then, they can plan accordingly.
While a jewelry store can focus on marketing its own merchandise, it can also benefit from collaborating with other sellers in the industry. This can provide the opportunity for new ideas and strategies for growing sales, as well as gaining a reputation for excellence in customer service. When a jeweler has relationships with other retailers, they can also refer customers when they are looking for something special.
Jewelers can also collaborate with other companies in the jewelry trade by attending virtual trade shows that take place online. These events allow them to expand their reach during times when in-person trade shows are impossible due to weather, security or other issues. Virtual trade shows can also be more affordable than a travel-heavy in-person event, which is helpful for smaller businesses.
A jeweler can find a large variety of jewelry to sell at their store by visiting flea markets, yard sales and pawn shops. They can also buy jewelry at auctions and from other jewelry stores. These sources are all great ways to acquire unique jewelry that is hard to get at a brick and mortar store.
If a jewelry piece is damaged, it can negatively impact its resale value. This is especially true of pieces with gemstones, as scratches and other imperfections can decrease their resale value. However, a damaged piece of jewelry can still be sold if it is in otherwise good condition.
When selling used jewelry, jewelers can either offer a retail price or scrap price. They may decide to refurbish a piece of jewelry, so they can sell it for its original retail price. If they decide to sell it for scrap, they should be able to receive close to the melt value of gold or silver.
When reselling jewelry, it is important to write powerful product descriptions that tell a story and evoke emotions. This can increase conversion rates, as consumers are more likely to buy a product that they connect with emotionally. In addition, it is essential to avoid selling counterfeit or fake products. This could lead to legal action, as a recent lawsuit filed by Cartier against a social media influencer and 8 other businesses demonstrates. If you want to be sure that you are selling genuine merchandise, consider partnering with a manufacturer that offers accurate sketches and 3D renderings of your designs, as well as technical specifications for fabrication. They can even handle the production process for you, which reduces the amount of hands-on work needed to start your business.
