How to Start a Jewelry Business – 5 Tips For Buying Quality Wholesale
The jewelry business is thriving as time passes. It continues to grow, morphing into a more extensive and profitable industry. People have, through the ages, relished embellishing their looks using different pieces of jewelry, with the most common choice being the fashion costume jewelry. Today, the industry has diversified to where retailers now provide rings, anklets, necklaces, belly rings, bracelets, among other pieces, and each can be made or consist of metals and precious stones and gems.
The jewelry available is so varied that the many options can have you lost for choice. If you are considering trying your hand in the jewelry business and join the trend and cash in on a growing industry, below are some tips on how to buy and sell wholesale jewelry.
1: Create Your Niche Of Jewelry Products
When dealing with wholesale jewelry, you will have several considerations to bear in mind that can help you decide what direction you want the business to take. In some states, jewelry retailers are required to have a license for their trade, while in others, purchase and importation of wholesale jewelry are possible without any legal implications.
Irrespective of the laws in place in your state, you should determine what kind of jewelry you want to buy in bulk. That means establishing a niche of jewelry that you will be your focus. Experts say that businesses tend to flow within a few months after starting because they lack a specific niche that they are targeting. Decide whether you want to sell pieces worn on the hand, which can be bangles, rings, and bracelets, among others. With a target niche, you will not have a hard time in your marketing, and this also helps you stay abreast of the latest trends within the industry.
Do your homework. Research which jewelry pieces will be the niche for your business. Go online and check out various websites and retailers as you also try and find out more about the latest trends. Figure out how many ring sizes do I need to keep in stock. You then will search for a reputable supplier for the products you are looking for, keep in mind that most wholesale vendors and global supplier sell their wares at wholesale prices. You, therefore, must consider their preferred currency, payment methods, available shipment services, and communication services when purchasing your jewelry from an overseas merchant.
2: Find A Legitimate Supplier
Once you identify the wholesale products you want and found the best supplier, you will have to consider a few essential factors that will influence your decision to buy from that vendor.
First, the merchant should offer his wares at a wholesale price showing an interest in providing small-scale retailers in the jewelry industry with products in minimum and bulk orders. The seller will request the buyer for tax ID or a retailer’s permit number; this is for legal reasons, to ensure the reseller’s business is legit.
Once armed with this knowledge, you can jump online and search for the ideal wholesale jewelry merchant. Do a product and price comparison with various vendors so that you get the best value for your money. Many of the reputable wholesalers that provide quality products are listed on the relevant Better Business Bureaus and other professional associations.
3: Find Genuine Products
Aside from making sure that you are dealing with a reputable and authorized supplier, you also must be confident that you are buying genuine products. Many fake pieces taint the jewelry market, and buyers should always be alert when making bulk purchases to ensure they acquire quality products.
Moreover, it would be best if you educated yourself on the jewelry making processes. Learn how it is constructed from or plated with metals and encrusted with stones and gems. Know the various terminologies used, learn how to describe different pieces based on their artistry, understand the difference between the chemically enhance stones and the simulated kind. Most importantly, ask the vendor question about their products. If they cannot give satisfactory answers that match their wares on their online catalog, they consider doing transacting with another seller.
4: Stay Abreast About The Trends In Jewelry Industry
To become the best in the business, you must continuously educate yourself about the jewelry products in the market. Do the research and cover all the pertinent paperwork available on your niche of jewelry so that you can answer your customer’s questions about what you are selling.
You must know all there is to know regarding the construction materials used for the various pieces of jewelry you are selling. That means you must have an in-depth knowledge of the stones used, the working of each piece, and its dimensions. It is a process that demands your utmost dedication. It might be hard work but is well worth the hassle if you are keen on building a trustworthy relationship with your buyers and make yours a reputable name in the jewelry business.
5: Identify How Your Suppliers Cleans And Repairs Their Products
Lastly, it would help if you did not forget to inquire about how the wholesale merchant handles jewelry cleaning and repair. The continuous use of jewelry renders every piece susceptible to damage. However, quality is something that differences the best from the worst.
Quality pieces of jewelry are less prone to breaking or any other kind of damage within a short period. But this also is something subject to the level of care given to the jewelry. Also, remember to ask about product guarantees and warranties before making your order so that you covered if the products you buy break or sustains any damage.