As with any industry, it takes a significant amount of money and effort to launch a business in jewelers retail. New entrepreneurs must overcome a series of unique obstacles that aren’t present in other industries, such as startup costs, specialized licenses and certifications, distribution challenges and brand equity. With the right research, however, a company can gain valuable insights into its prospects and the competition, which helps them set themselves up for success.
Depending on the size of the store, a jewelry chain may purchase its diamonds or precious stones in bulk, which can lead to lower prices for consumers. However, this can also mean that pieces aren’t inspected as carefully or that the jeweler is buying from a third-party provider rather than directly from the manufacturer. For this reason, many shoppers prefer to visit a local jewelry store that offers a variety of one-of-a-kind designs and is owned and operated by a local family or business.
Jewelry stores that focus on designer or independent lines often have a wide selection of necklaces, earrings, rings and other pieces for both men and women. For example, Catbird, a New York-based jewelry maker that helped launch the minimalist ring trend, features rings made with ethically-sourced gold and diamonds. The brand has a comprehensive website that provides customers with a number of purchasing guides and other resources to help make informed purchasing decisions.
Another popular jewelry store is Kendra Scott, which specializes in pendants and other dainty pieces that are easy to mix and match with other accessories. The brand has a diverse collection of styles, including contemporary necklaces and stud earrings. The company has a wide range of price points, and its pieces are sold both in-store and online.
In addition to offering a large selection of jewelry, Kay Jewelers is known for its low price points. The company’s online store has a huge inventory of engagement rings, wedding bands and other types of jewelry. The site has a variety of tools that allow customers to try on pieces and customize them.
The jewelry retail sector benefits from a strong economy, which means there are more people looking to buy items and get them repaired or adjusted. However, job opportunities for jewelry makers and repairers tend to decline as more and more items are made by machines instead of by hand.
Whether you’re shopping for an elegant, timeless piece of fine jewelry or something more trendy, there’s a place for every style in the market. The best jewelry stores will provide you with a personalized, intimate experience that isn’t available at big-box or online retailers. They’ll remember your name, offer you drinks and treat you like royalty. If they do a good job, you’ll be coming back again and again.
