In the jewelry trade, a designer or jeweler can make money by buying raw materials and creating finished pieces for resale to other businesses. These businesses might be other jewelry designers, pawnshops, and even retailers like JCPenney. Jewelry makers often sell their creations through their own websites, e-commerce platforms like Etsy and Amazon, or through physical locations that they own and operate. It is a good idea to register your business, which can help establish your credibility and offer tax benefits, before you start selling your work.
If you are looking to buy raw materials and create finished pieces for resale, finding buyers can be difficult. If you are selling in a local market, this may not be an issue, but it’s important to understand your target market and who your competitors are. You can do this by attending local trade shows and events, or by getting to know the owners of other businesses that are in your area.
For example, if you are a goldsmith, knowing which jewelers buy wholesale will allow you to find the right outlets for your products. Some jewelry stores will only buy from reputable suppliers, while others will only buy from a specific region. You can also try to build relationships with these companies by visiting them in person and offering to do repairs for them. This will get your name out there, and may result in a sale down the road.
In addition to establishing the types of customers you are targeting, you will want to determine your pricing strategy. It is generally best to set your prices slightly above retail, as this will give you the opportunity to turn a profit with each sale. However, you must be careful not to price your jewelry too high as this can drive potential customers away.
When it comes to determining your jewelry’s value, the quality of the gemstone and its rarity are important factors. For example, a ruby that has a documented history will be worth more than one with the same characteristics but no known origins. Other vetting methods can include original sales receipts, photographs, and appraisals.
Once you have created a collection of pieces that you are satisfied with, it’s time to show them to other people. This can be done through local shows and events, or by approaching jewelers and asking if they would be interested in carrying your designs in their shop. If you are able to secure a relationship with a jeweler, you can begin making regular sales and growing your brand. You can also try to get your pieces in front of more consumers by using online marketing techniques, such as creating content or hosting webinars about the jewelry industry and your product line. These strategies can also help you build loyalty with customers and increase your chances of repeat purchases.
