With millennials influencing the way we buy and sell jewelry, the jewelry trade is a tough market to survive in. With an ever-shrinking pie, the industry is struggling to remain relevant. To stay competitive, many companies turn to a one-stop-shop such as the Jewelry Association of New York (JANY) trade show. A full lineup of equipment, high-end bridal, and international pavilions makes the JCK show the ultimate destination for jewelry buyers.
Not everyone knows how to utilize the power of social media and networking to their advantage. This is where buying groups come in. Buying groups often offer reduced travel expenses and provide discounts to members of their network. These groups are particularly attractive for small mom-and-pop shops, which are unlikely to attend many shows on their own. Still, these groups often compete with each other for attendees, vendors, and buyers. In some cases, buying groups may have the edge.
Before you start selling your jewelry, it’s a good idea to sell to friends and family. Word-of-mouth marketing can open doors and help your business grow. If you don’t know where to start, consider joining flea markets or craft fairs to meet other local jewelry sellers. You can also approach local retailers and sell on consignment or pop-up shops. Make sure to create a business card with your contact details and links to social media accounts.
When selling your jewelry, make sure to consider whether you’d prefer a cash sale or a trade. If you’re selling your jewelry for trade, be prepared to accept less than the full price. However, if you’re selling it for cash, make sure to keep it in good condition. Otherwise, you’ll risk getting ripped off. So, take care not to overprice yourself and your customers. The jewelry trade is a great way to sell your jewelry and get paid in the process. If you have a lot of jewelry to sell, you can consider selling it to a professional jewelry store.
Before you begin making jewelry, you need to purchase wholesale supplies and tools for your business. Ask other jewelry makers for recommendations. Research the wholesale suppliers and get a reseller license. Purchasing in bulk also allows you to avoid paying local sales taxes if you are buying in bulk. Once you have the tools and materials, the next step is to find a place to sell your inventory. Most jewelry makers sell their products via an online store. Using an online store helps you sell your inventory without the hassle of going to a retail location.
A good rule of thumb is that jewelers should separate their discounts and trade-in offers. Usually, trade-in prices are lower than regular prices, which means that you can get more for your jewelry. For example, a jeweler who offers a $200 trade-in may offer a $100 trade-in value for a $500 diamond. If you don’t get more than that, you might want to look elsewhere. There are plenty of places you can get your jewelry at a reduced price.