The jewelry trade is a lucrative business, so there are several ways to make your presence felt. Many buyers seek out trade shows to see new items and get advice from regional jewelers. Trade shows can also be helpful if you have sales quotas. In this article, we’ll explore some of the advantages of attending trade shows. But before you get started, you should know what to expect from these shows. Here are a few of the most important things to consider.
The value of your existing jewelry needs to be double the price of your new purchase to qualify for a trade-in or upgrade. If your jewelry is worth $500, you must spend $1,000 on a new piece to get the full amount. In addition, you won’t get store credit if you trade in your jewelry. Unlike selling it for cash, you can buy a new piece at the same time. If you don’t have the time to sell it, you can trade it in to the jeweler.
A jewelry trade-in can be a great way to get rid of unwanted pieces and get credit for your new purchase. It’s a better way to sell your jewelry than to consign it, where you have to wait for it to sell. And the benefits of a trade-in outweigh the disadvantages of a consignment. Instead of waiting for a buyer, a trade-in option allows you to get your old jewelry quickly.
Often, a jewelry buyer will remount the stones and melt them down to make new pieces for the customer. This means that the jewelry price reflects the cost of the stones and metal, and the value of the jewelry as a well-designed item. Retail jewelers must ensure their customers get exactly what they pay for. While diamonds and precious metals are easy to spot, colored gemstones, such as rubies and emeralds, are a bit more difficult to detect. Heat treatment, for example, will greatly reduce the value of a ruby.
In the fast fashion world, flexible companies reap the benefits. Innovation-driven jewelry players will emulate the fast-fashion apparel industry. They will react quickly to trends and reduce product development cycles. They will need to work with their partners to achieve these objectives. The jewelry trade is an industry that rewards innovation. The future of the jewelry trade is bright – if you can anticipate and capitalize on these trends, you will be far ahead of the rest. The best way to do this is to read McKinsey’s Perspectives on Retail and Consumer Goods, and learn from the future of the jewelry trade.
To enter the jewelry trade, you must first research your market. Learn about successful companies and how they market their products. It’s helpful to read up on their marketing tactics, pricing strategies, and niches. If you know how to find these markets and vendors, you’ll be in good stead to establish a successful jewelry business. This will help you avoid making the mistake that many beginners make – cold calling. Cold calling is risky, and can lead to rejection.