Why now is a great time to start a jewellery business

If you’re a creative individual, chances are you could succeed in the jewellery industry. Besides being able to transform precious metals and stones into wearable art, you would also need to have a business savvy side.

The main advantage of starting a jewellery business is that you don’t necessarily have to be a certified gemologist. It’s enough to simply be passionate about designing and creating pieces of jewellery. In order to stay ahead of the competition, all you have to do is survey the market as often as you want to launch a new collection. Find out what people want to wear and be among the first to create those pieces.

A successful company is a profitable company, regardless of the niche it’s operating in. Luckily, when it comes to the jewellery industry, turning your investment into profit is almost ensured, as long as your creations have the required quality. Moreover, by starting your own business, you have the advantage of being your own boss and setting your own working hours. As if that wasn’t enough, you also get to pursue your own designs, without having to have them approved by someone in upper management.

Why now is a great time to start a jewellery business

According to a research paper published by McKinsey, one of the world’s largest business consultants, the global jewellery industry’s revenue is expected to experience a steady growth of 5-6% per year for the next five years. This will take the expected sales within the industry to a whopping £220bn by 2020.

While the industry experienced a serious loss of revenue due to the global recession, it is currently bouncing back at an accelerated rate. The growing demand for high-quality jewellery means that now is a great time to start a jewellery business. If you play your part right, you could easily tap into these sales and create a decent profit for your new company.

The trick is to develop and follow a dynamic and responsive business model. You have to always listen to your customers and create what they’re looking for faster than the competition. Being the first to reveal a line of products based on what customers want will get you ahead of rivals. You might not get ahead of Tiffany & Co. or Cartier in terms of revenue, but your profit will be more than enough to allow you to further develop your company whilst also living a great life outside of the office.

Essential jewellery business insights

Regarding costs, it very much depends on the type of business that you want to run. If your new jewellery business will be home based, you could start it with as little as £90 a month. If you’re looking to open a store as well, the costs will significantly increase based on size, location, and required staff. Expect costs of up to £17,500 for opening your own brick-and-mortar store.

Once you’ve set up shop, you can start looking for customers. The best places to showcase your products are craft fairs, trader’s markets, and consignment shops. Pricing your jewellery should be done according to the cost of the materials and the time it takes you to create the piece from scratch to finish. According to Beyond4Cs, you should price your products at around three to four times the cost of the materials and your labour. A typical jeweler gets paid at least £13-15 per hour. Don’t sell yourself short.

If you’re looking to further expand your business and start buying diamonds for your jewellery pieces, the most important thing you should know is that you need as many connections as possible. The diamond industry is profitable in all its steps: mining, dealing, trading, cutting, and selling. Initially, you should focus on a single step and build from there.