The jewelry trade includes the buying and selling of gemstones, silver and gold. Success in this field requires a strong understanding of the market, a knowledge of how to value jewelry and how to make informed purchasing decisions. Jewelry business owners must also manage inventory, plan promotional activities and attend industry events. Working in the jewelry trade can be lucrative, and there are a variety of opportunities available to qualified individuals.
Jewellery salespeople can choose to focus on selling bespoke pieces or ready-to-wear items. The latter may be sourced from a jewelry manufacturer and then sold on the online marketplace or at local boutiques and high-end retail outlets. A successful jewellery salesperson must understand the latest trends in both luxury fashion and fine jewelry to ensure he is offering the right products to his customers.
A new generation of jewellery consumers is looking to buy ethically produced and made jewellery. This means that those in the jewelry trade must stay up-to-date with the latest innovations in metal smithing, stone cutting and polishing technology. In addition to this, jewellery designers and manufacturers must be constantly on the lookout for new and innovative ways of presenting jewelry to their customers.
Getting the price right is vital to a jewellery business’s profitability. If a jewellery maker offers his pieces too cheaply he will not be able to generate enough sales to cover materials and labour costs, let alone provide a profit. The best way to price jewelry is to get a professional valuation of the piece. This will help you to establish the fairest price for your goods and will provide you with a reference point for negotiating with suppliers.
For those with a little more experience in the jewellery trade, wholesaling can be an option. This involves making bulk orders from a jewelry manufacturer at a discounted rate and then marketing these goods under your own brand name. This can be a great option for those with limited startup capital, as it does not require you to hold any stock upfront. However, it is important to find a reliable supplier who can deliver high-quality merchandise on time.
Another great source of revenue for those in the jewellery business is affiliate marketing. This involves earning commissions by promoting other brands’ jewellery on your website or social media channels. This type of marketing can be very lucrative for those with a large following or an existing email list.
Attending jewellery trade shows can be a good source of new leads and potential business partners. The JA New York fall trade show is especially valuable, as it is held just before the holiday season when many jewelry brands are trying to move their existing stock. Attending trade shows can also be a good opportunity to network with other professionals in the jewelry business.
