Retail jewelers design, decorate and create rings, earrings, watches, pendants, bracelets, broaches and necklaces using precious metals and stones. They also offer consultation, adjustment and repair services to customers. Some retailers specialize in wedding rings and custom jewelry. They also sell heirloom, novelty or gift items such as dinnerware, flatware, table linens, figurines and clocks.
Independent local jewelers typically have much lower markups than big chain stores. This is because they are not paying for expensive property rental and high staff salaries to operate a brick-and-mortar store. Plus, they often don’t have to shell out money for dazzling interior decorations and flashy displays like big box chains do.
The best way to avoid high markups is to shop around and find other small, independent jewelers selling similar pieces. This will help you determine how much your work is worth.
A good rule of thumb is to multiply your materials cost and your packaging cost by four to get the minimum retail price that you can charge for your work. This will allow you to make a profit without overselling your products.
You can also use social media to promote your jewelry. This will allow you to reach a larger audience, and you can also create promotional campaigns that give existing customers a discount on their next purchase.
One of the biggest advantages of being a small jeweler is that you can provide personal service to each of your clients. This is something that is not easily found at big box jewelry stores, and it is especially important for small businesses.
Having the ability to communicate with your customers in person allows you to understand their needs better and to provide them with better customer service. It can also allow you to build trust with your clients and make them feel more comfortable.
It can also help you track your inventory and sales more effectively. For example, you can track inventory and sales by type of jewelry or even by the date it was purchased. This will give you a clear idea of which items are aging, which are selling well and which ones aren’t doing so well.
In addition, you can track all your orders in one place and manage them with ease. This is a great way to keep your inventory up-to-date and ensure that you always have the right amount of jewelry on hand.
When it comes to your jewelry, you want to be sure that it is of the highest quality. This is why you should shop with a reputable jewelry retailer that is known for providing exceptional service and offering free returns on all jewelry purchases.
This way, you can be assured that your purchase will last a long time and will not break down easily. And, you can get a warranty that will cover repairs and replacements, in case anything should happen to the piece.
Lastly, a jeweler that is certified with a third-party organization such as the Responsible Jewellery Council will be able to guarantee that the pieces they sell are both ethically sourced and conflict-free. This is a huge plus for those who want to protect themselves against the risks of buying from a company that uses unsavory practices.
