The jewelry trade, like many other arts and crafts, is a business of supply and demand. When times are good, people buy more jewellery; in the dark days of adversity, they’re just as likely to sell or pawn their jewels. As a result, it’s important to find ways to diversify your income streams. Depending on your interests, this might mean adding a teaching component to your business or expanding your wholesale and auction offerings. Alternatively, you could offer bespoke pieces or collections at different price points to appeal to a broad range of consumers.
Some jewellers work with a wide variety of materials, including gemstones and metal. Others specialize in a particular technique or product line, such as ring settings and castings. In order to make their products, you’ll need a number of tools and supplies. A well-organized multi-compartment storage system is essential, as is a jeweler’s bench. In addition, a flex shaft will be helpful for drilling, polishing and other tasks. For safety purposes, be sure to wear protective glasses and a face mask when working with your equipment.
A successful jewelry business relies on marketing skills, as well as the ability to craft persuasive copy. Unlike other products, jewellery is not easily examined or felt by customers, so it’s important to take the time to create high-quality images and write persuasive descriptions. A strong brand and compelling copy can help you command premium pricing that’s often beyond the markup of competitors.
For those who want to run a jewelry business on the side, dropshipping is an option with low startup costs. However, it’s essential to understand the risks of dropshipping before jumping in. The main risk is that if the supplier fails to deliver, you will be left without inventory or sales. For this reason, it’s essential to choose a reliable and experienced supplier.
Other ways to scale a jewelry business include wholesale partnerships and expanding your retail footprint. For example, Corinne Biko, founder of Gunner & Lux, began selling her designs through local boutiques before landing larger partners. In fact, wholesale accounts for the bulk of her company’s revenue.
Some jewelers also operate online and are able to reach a global customer base. If you have a strong online presence, it’s possible to earn substantial revenue from your website alone. However, it’s important to understand that you’ll need to invest in a website designer and pay for marketing campaigns.
It’s also important to avoid committing any fraud or false advertising. For instance, claiming your jewelry is made of gold when it’s actually plated can lead to fines and even lawsuits. In addition, describing your jewelry as “organic” when it’s actually synthetic can also get you into trouble. To avoid pitfalls, be sure to only sell genuine organic jewelry and check with your suppliers. They should be able to provide you with a certificate of authenticity. Also, read up on jewellery fraud so that you know what to look out for.
