Are you looking for the next great business idea? Well, so are millions of others. While there’s been a shift towards the tech and software industry, there are many other increasingly lucrative and profitable sectors. One such industry is the jewelry industry. Jewels have long been a favorite of cultures across the globe and the trend has not changed. If you are looking for a lucrative business idea, you might want to look into the jewelry industry. Here’s why:
Culture
One of the biggest drivers of the jewelry industry is the tastes and desires of people. Different generations have varying tastes and as culture evolves, so do jewelry trends. The good news is that the culture, both in the East and the West, is perfect for this industry. Date nights and ceremonies like weddings have made jewels a must-have. Other cultural trends also favor the use of jewelry. For instance, the piercing craze has created a niche market for certain types of jewelry.
Wholesalers
Most people start this business because they are passionate and skilled at making all kinds of jewelry from beads, bracelets, and necklaces. However, you don’t need to be a star jeweler to run a business. All you need is a good wholesaler. Excellent jewelry wholesalers often have a wide array of jewelry in stock. You can buy large quantities for a reasonable price in order to make a profit when you sell. Working with a wholesaler is also a great idea because you can easily get stock when yours runs out and you can get a variety of products at a go.
Online Stores
The advent of e-commerce stores has been a game-changer in the jewelry industry. Now, you don’t need a brick and mortar business to parade and sell your jewelry. All you have to do is to set up a website or an e-commerce store and start advertising and selling. Amazon and eBay are the top e-commerce stores in the US. Setting up a store on these platforms can give you access to millions of customers.
There are other platforms such as Ruby Lane, Amazon Homemade, and Bonanza which are tailored to meet the needs of businesses in the craft industry. Selling online is a relatively easy and convenient way to do business. Once you get the hang of it, you’ll be able to sell faster and make profits. However, take note that these platforms come with commissions and sign up costs. You should consider making inroads into the Asian market. Countries like India, Hong Kong, and China in particular are huge jewelry markets to explore. That’s why platforms like Alibaba and Aliexpress are good options to consider.
Consistent Growth
One sector that has seen consistent growth over the last few years is the jewelry sector. According to a study by Grand View Research, the sector is one of the quickest-growing divisions in the luxury sector, and it is projected to reach $480.5 in value by 2025. Some of the factors contributing to this consistent growth include high numbers of digital buyers, an increasing female population, and an increase in the middle class. That means that if you can set up a jewelry business and do your marketing right, you won’t lack customers.
Go for it
If you’re still mulling over starting a jewelry business, you may be wasting time. Of course, there are no guarantees that your business will become the next Tiffany or De Beers. However, if you take the right steps, you have a good chance of being successful. Before you start, conduct due diligence; find out what opportunities in the market and how you can provide solutions. Talk to anyone you know who is involved in the business and ask for counsel and direction. Such conversations will help you avoid pitfalls.
