As far as the jewelry business goes, you can never go wrong with gold. This precious metal is loved and recognized by the world over for its aesthetics. It’s also associated with wealth and good fortune. In essence, gold jewelry almost sells itself.
If you are looking to get into this trade, you need to find ways to ensure that you buy and sell profitably. This is one of the ways to ensure business success and longevity.
Not sure how to go about it? Here are some pointers.
Time The Market
One of the most important things to do when buying gold is timing the market so you buy the best quality gold jewelry at the lowest price. Indeed, gold prices are always soaring, but you can also notice some fluctuations during certain times.
By studying the market well, you can tell when the prices are at their lowest and make your purchases. If you price at market rates to be at par with your competitors, your markup will still be significantly higher.
Find The Right Supplier
One main thing your business will be largely dependent on is a good supplier. This being a business dependent on inventory, it’s essential to ensure that you are well-stocked at all times.
A good supplier is key in this.
The right supplier is one that:
● Has a wide array of jewelry to choose from
● Keeps up with market trends
● Offers good wholesale process
● Delivers to your location
● Is reliable in terms of quality and delivery timelines
Determine Who Your Client Is
You can choose to be a retailer or a supplier. Retailers typically sell to the end-users and move several pieces at a go.
On the other hand, suppliers move bulk as they supply gold jewelry in bulk to retailers or wholesalers.
It is important to determine what business model you are going for from the beginning, as this will help determine numerous other things.
The first is location. Retailers are best situated in malls and busy streets where buyers can easily spot them and buy. However, suppliers and wholesalers do not necessarily have to go this route. Once they have established business connections with people to supply to, they can operate from anywhere.
The other is capital requirements. Retailers can start small with minimal stock and get more as their business grows. However, suppliers have to have a larger capital overlay to enable them to buy in bulk.
Having a wide variety of Jewelry at excellent prices is great. However, it does nothing for your business unless people come into your shop to make purchases.
This is where marketing comes in. Once you determine your clientele, you can then find the best channels to reach them and the most effective ways to craft your message.
Buy in Wholesale Online
Many gold jewelry entrepreneurs buy their wholesale gold jewelry online, which allows them to make massive cost savings.
If this sounds ideal to you, here is a guide on buying gold jewelry online.