Jewelers, whether they repair jewelry or make it, have many opportunities to advance in their careers. They can work in a chain store or they can go into business for themselves. They can create their own designer lines of jewelry, sell their creations at a retail or trade shop or send large or rare pieces to an industry auction. They can also consign items, or sell them to a local pawn shop for quick cash.
Regardless of what route a jeweler takes to increase their sales and profits, they need a reliable source for the jewelry they are selling. Finding the right supplier is an important part of the process and it can be done by visiting a local trade show, looking through online marketplaces or by using a website host like SaleHoo. SaleHoo offers a database of over 8000 quality suppliers who have been vetted and verified and can be easily found by entering your product search criteria into the Market Research Lab.
Another way to find a good jewelry supplier is by visiting local pawn shops and asking around for recommendations. If they have a high customer satisfaction rating and a great reputation in the community, they can often give you a better deal than a bigger chain or independent jeweler.
One of the biggest ways to improve your chances for success in the jewelry business is by creating a niche for yourself. Consider the age group, sex, income level, lifestyle and profession of your target audience and then design jewelry that appeals to that demographic. For example, if you know that a significant percentage of your customers are environmentally conscious, then making your jewelry out of recycled or repurposed materials may draw them to your store.
As with any retail business, a jeweler can never guarantee that they will get the best price for their merchandise. However, a jeweler should always be willing to negotiate. It is the best way to ensure that they will sell their merchandise at a competitive price. When negotiating, it is important to bring along the documentation that supports your item’s value. This includes appraisals and certificates of authenticity, as well as any other documentation that will support the jewelry’s value or history.
A trade-in is an efficient way to unload a piece of jewelry you no longer wear and subsidize the cost of a new purchase. In addition, it can be a convenient alternative to consignment and allows you to get your hands on the jewelry you want immediately. The down side of a trade-in is that the jeweler will take a larger cut than they would with a cash sale. This is understandable since they are taking a risk on something that might not sell. They will also likely have to pay for shipping and insurance. This is an extra expense that a buyer may not be willing to pay. It is therefore important to shop around and compare prices before making a decision.
