Jewelry makers are in a unique position to make a significant income. The industry is highly profitable, especially for small businesses, and offers high margins at 70%+. Jewellery is also easy to ship and store, making it a great product for online retail. There are many ways to make a living from jewellery, from teaching to running a wholesale business or even just selling supplies. The key to success is to find your niche and create multiple streams of income.
In the gem trade industry, there are two primary tiers of buyers: The wholesale market and the collector marketplace. The wholesale market buys large quantities of raw gemstones from miners and then marks them up to sell to the retailer. The collector market, on the other hand, buys rare stones and sells them at auction or directly to museums. In this way, the collector market is independent of (though influenced by) the wholesale and retail markets.
Regardless of the tier a gem is sold in, there are several factors that determine its value: Size, clarity, color, and rarity. In addition, a gem’s provenance can increase its value. For example, a ruby that was once owned by the Czar will bring more money than a similar ruby with no documentation.
Jewellery has been worn as a sign of wealth, status, and culture for thousands of years. It is a highly versatile medium that can be used to communicate a wide range of emotions and messages, including love, power, and devotion. Throughout history, jewellery has evolved to reflect cultural norms and trends. For instance, earrings were once seen as effeminate for Western men and are now considered an icon of masculinity. The popularity of hip hop culture has led to the slang term bling-bling, which refers to ostentatious jewellery.
Most modern commercial jewellery continues traditional forms and styles, but designers such as Georg Jensen have widened the concept of wearable art. New materials, such as plastics and Precious Metal Clay (PMC), have also pushed the boundaries of what is possible to create with precious metals. This has put jewellery within the economic grasp of a much larger segment of the population.
It is critical for jewellers to be clear about their products and to maintain a close relationship with their manufacturers. This is especially true for plated jewellery, as failing to disclose that it is not made from pure gold could land you in legal trouble. Also, if your product contains lead or other materials that are hazardous to health, you must be very clear with customers.
Keeping in touch with your customers all year round is a good way to make sure they choose you the next time they want something special to wear. This might be through regular social media posts, blogging each week, or email communications. It is important to have a consistent communication schedule with your customers, so that when they are ready to purchase jewellery they immediately think of you.
