Jewelry trade was started as a form of personal adornment in prehistoric times. The caveman fashioned beads from sea shells or pierced animals’ claws, teeth and bones for a little sparkle. Over time, people have discovered that certain gemstones and precious metals retain value. As technology advances, it has made it easier to create and distribute pieces of fine jewelry. Even so, there is still much work to be done in the industry as it continues to evolve.
One of the best ways to start a jewelry business is to set up shop online and sell directly to customers. The startup costs for an online store are low and the sales process can be very simple. Many people use eBay as their platform of choice but Etsy has become a popular alternative with lower startup costs and transaction fees. There are also newer e-commerce platforms that have gained popularity like Bonanza and Squarespace.
In addition to selling online, a jewelry maker can try to establish herself at local markets. These events are a great opportunity to showcase your pieces to a built-in audience and validate your business idea in the marketplace. Corinne’s handmade jewelry business began at a local market, where she sold out of her product on day one of the two-day show. This was the validation she needed to turn her hobby into a career.
Other ways to make money in the jewelry trade include retail arbitrage, which involves buying clearance items at thrift stores and garage sales for resale at higher prices. However, this method is challenging to scale and requires a lot of time hunting for bargains.
Another option is to work with a consignment boutique. These establishments typically pay 20-40% of the final sale or auction price to jewelry sellers. If you choose to work with a consignment store, make sure it is highly-rated and has been in business for several years.
Lastly, you can sell your jewelry on wholesale websites that cater to independent jewelers. These sites provide a wide variety of inventory and require low minimum order quantities for most products.
A jewelry designer can also consider a more complex business model by opening a brick-and-mortar boutique and hiring staff for production. This allows for a high degree of brand control and the ability to charge premium prices.
The jewelry business can be an incredibly rewarding endeavor but it takes hard work and dedication to succeed. The key is to focus on the aspects of your business that bring you joy and not the ones that are just necessary for survival. For example, if you love designing jewelry but find the production processes tedious or difficult to scale, outsource those parts of your business. Then you can focus on the creative side of your business.
