Jewelry trade involves the buying and selling of precious gemstones, gold, silver and other metals. In addition to being a source of income, the jewelry industry is often involved in ethical and fair-trade practices. Consumers can play a significant role in driving change by buying from reputable sellers who prioritize these practices.
As a product with high resale value, jewellery tends to be expensive. A good quality piece may cost several hundred thousand dollars or more. Jewelry can also be extremely labour intensive to manufacture, particularly if it has intricate detailing or multiple components. The high costs of jewellery are often reflected in the retail price. However, a successful jewelry business can command a higher markup than other products due to its emotional appeal and high perceived worth.
The craft of jewelery-making varies according to culture and heritage. African trade beads, for example, feature vibrant colours and motifs that reflect the rich cultures of their origin. Navajo silverwork is renowned for its evocative use of turquoise and other stones. Similarly, Tibetan prayer beads are strung together from materials such as bone, shells and wood. The Arts and Crafts movement of the late 19th century influenced modern jewellery designs with simplified forms and the introduction of new materials, such as plastics and aluminium. Walter Gropius and the Bauhaus movement led to designs that were both artistic and functional, with emphasis placed on technical mastery of the craft rather than just adornment.
Jewellery manufacturers produce the jewellery that goes under their own brand names. In many cases, they will produce a range of designs and styles that can be sold in different price brackets. A tier 1 manufacturer will sell to large wholesalers who may then resell them at a premium profit to jewellers and high-end stores.
Tier 2 manufacturers produce jewellery for private label. They will work with a jeweller to create a range of designs that are marketed under the jeweller’s own brand name. In this model, the jeweller will typically provide a prototype for approval and the manufacturer will then produce the jewellery in bulk to order. The tier 2 manufacturer will then distribute it to the retail jeweller for sale.
If you are a designer, you can produce your own jewellery at home using jewellery making equipment and supplies bought from online suppliers. If you are creating more complex pieces or need a larger studio space, consider renting a workshop at your local community centre or finding shared studio spaces with other creatives.
Alternatively, you can hire a workshop in an industrial zone. Depending on the complexity of your production, you might need to invest in more equipment and tools. In such a case, it is best to discuss the investment with your suppliers and get their input on what you will need.
Once you have completed jewellery that you are happy with, show it around to people you trust. Getting feedback from friends, family and colleagues is an essential part of the jewelry trade. You might even want to try exhibiting at local art galleries and markets. This will help you find a niche and expand your customer base.
