Jewelry trade is the process of buying and selling items of jewelry. The industry is booming, especially in the United States where it is estimated that around 30 percent of the population has some type of jewelry. The business is lucrative because it allows entrepreneurs to make money by either creating, or purchasing and reselling items of jewelry. There are a few important considerations to keep in mind when getting into the jewelry trade.
Choosing the right business model for your jewellery trading company is essential. There are several different options, from running an online store to operating a brick and mortar boutique. Each option has its own advantages and disadvantages, and deciding which one is right for you will depend on the type of jewellery you’re selling and your budget.
Aside from choosing the correct business model, it’s also important to familiarize yourself with the laws and regulations surrounding the jewelry trade. For example, if you’re planning to sell fine jewellery on the internet or in a physical shop or stall then you must first obtain a licence from your local council. This is because the sale of fine jewellery typically involves high-quality photographs and persuasive copy, which require more time and effort to create than the lower-cost fashion pieces that are commonly found on the high street.
It’s also important to ensure that any materials you use are safe to trade, and this means getting your jewellery hallmarked. This is a process by which jewelers verify the purity of metals and gems, and it’s necessary to comply with European Union regulations regarding the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH). If you aren’t comfortable going through this process yourself then it may be possible to purchase hallmarked jewellery from established manufacturers that comply with REACH.
Selling jewelry online is another great way to make money, but it’s vital to understand the marketplace and price your pieces fairly. There are a lot of scammers out there who will try to take advantage of uninformed buyers, so do your research and be careful. You can use sites like eBay or Facebook Marketplace to list your jewellery, and you can run auctions where buyers compete against each other to drive the price up.
Trade-ins are a great way to save money on new jewellery, but it’s important to remember that the amount of credit you receive from a jeweler doesn’t necessarily equal the resale value of your piece. Jewelers have to mark up the purchase prices they pay for your old jewellery to cover expenses such as rent and salaries, and to make a profit.
If you’re thinking about getting into the jewellery trade, be sure to show your creations to family and friends for feedback. Once you have a few pieces that you’re happy with, you can start to market them and find customers. Also, don’t be afraid to get out and network, especially at jewellery shows and events. This can help you find the right people to help you succeed in your jewellery trade!