The jewelry trade is the buying, selling, manufacturing, and merchandising of fine gems and metals. While many jewelers design their own jewelry and produce it in-house, other designers and entrepreneurs rely on a wholesale distributor or purchase jewelry-making supplies from reputable suppliers. Whether you choose to work in the retail, wholesale, or manufacturing side of the industry, there are many opportunities to make a successful living from your craft.
You may want to start your own jewelry business or expand an existing one. It’s important to set up a legal structure (such as an LLC), obtain the proper permits and licenses, register any trademarks or patents, formalize agreements with vendors and manufacturers, and abide by employment laws. Once you’ve established a sound foundation for your business, it’s time to begin making money.
Jewelry manufacturers use a variety of tools to find new customers and make sales, including trade shows and online marketplaces. Trade shows are a great place to meet face-to-face with potential buyers and discuss your product line. Online marketplaces allow you to connect with customers from around the world and are usually safe, secure, and reputable. However, it’s still important to do your research before choosing an online marketplace to partner with. Some have seller commission fees and listing charges that you should consider before signing up.
Regardless of how you sell your jewelry, it’s imperative to have a clear, concise description for each piece. This will help buyers understand exactly what they’re purchasing, preventing any unnecessary disputes down the road. It’s also helpful to provide a list of the materials used in each design up front so buyers can make informed decisions before they buy.
The Jewelry Trade
Some people own valuable, rare, or historic jewelry pieces that have been passed down through generations and are unable to find a buyer for them. These items can often be sold at auction houses such as Christie’s or Sotheby’s. The best option for a collector is to work with a trusted jeweler who can handle the appraisal process and ensure that their precious possessions are well taken care of.
Some jewelry stores will buy your old gold or silver and resell it for profit. The amount they pay will be less than what you would get if you sold it to a jeweler for its retail value. It’s important to look up the current melt values of gold and platinum before visiting a pawn shop so you can make sure you are being treated fairly. Also, beware of places that require you to leave your jewelry with them and then tell you they will call you when they have a buyer. This is a red flag for a scam. They will most likely give you low prices, and if you don’t accept their offer they may hold your jewelry hostage until you call them back to let them know you’ve accepted another offer. This can be very frustrating.
