Whether you’re selling handmade creations or reselling antique jewelry, there are plenty of opportunities to make money in the jewelry trade. You can sell through marketplaces like Etsy or build a stand-alone online store, using a website builder like Shopify or BigCommerce to manage your ecommerce platform and streamline the process of adding new products. You can also create a TikTok or Instagram storefront to reach customers on their preferred platforms and serve them without them needing to leave their apps to complete the transaction.
To maximize sales and profits, it’s essential to establish a clear brand and consistent messaging that sets you apart from your competition. Jewelry is an expensive commodity, and the price a customer will be willing to pay for a piece depends on its perceived value and how well it fits with their lifestyle. It’s important to carefully weigh your production costs, wholesale prices and markup when pricing your jewelry. Typically, you’ll want to add 2-4X your wholesale cost to establish an appropriate retail price.
In addition to establishing your brand, you’ll need a strong supply chain and reliable marketing channels. Getting in front of a wide audience can be challenging, especially if you’re just starting out. One way to quickly expand your audience is by participating in local fashion shows or events where you can showcase your jewelry to potential buyers. This is a great option for small brands that can’t afford to invest in full-scale trade show booths, but still want to generate some initial buzz.
Another great option for building a jewelry business is to join a buyer group, which allows retailers to purchase inventory in bulk at discounted rates. These groups often have a strong network of suppliers and are often able to negotiate better discounts than individual stores can on their own. Depending on the group, you may have to pay a membership fee, but the savings on inventory can easily offset this expense.
In order to sell your jewelry, you’ll need to take high-quality product photos. It’s a good idea to hire a professional photographer if possible, as quality images will help entice shoppers and boost your conversion rates. You’ll also want to include lifestyle shots, which show the jewelry on a model to demonstrate scale and encourage customers to buy multiple pieces to create an outfit.
As the jewelry industry continues to evolve, it’s more important than ever for businesses to embrace sustainable practices. By reducing the demand for raw materials, you can reduce the impact of your business on the environment. Many jewellery brands are embracing sustainability by offering jewelry exchange programs that allow customers to bring in their old jewellery for credit toward the purchase of new pieces. Reputable jewelry exchanges offer a fair appraisal process and clear information about the current market value of old pieces, allowing customers to make informed financial decisions. This eco-friendly practice can also lower the risk of overstocking and wasting inventory.
