Adorning oneself with jewellery or gifting jewellery in special family rituals has become a convention now. People rather invest in buying gold and silver ornaments than endowing insurance policies. Owing to which, the jewellery has become a status symbol in the society. Even, the lower middle-class people who are gradually rising to upper-middle-class stature seek jewellery adornment as a display of their affluence.
According to IBEF (Indian Brand Equity Foundation) report, Increasing disposable income of the middle class is driving the demand for the sector. In 2017, India was the second largest consumer of gold in the world. The sector (Gems and Jewellery industry) is advancing in investments supported by increasing expansion of domestic companies.
The increasing demand for the jewellery shows that the market has a huge potential and hence, initiating a jewellery business would be profit-making for aspiring entrepreneurs. Whether online or offline, the demand for the latest jewellery designs is invariably higher in the Indian market. As according to Statista, China, the United States and India are the three most important jewellery markets in the world.
To get the jewellery business off the ground, one needs to imply effective strategies and work on important elements contingent for establishing the enterprise.
3 Tips to Start the Jewellery Business with Ease
Strategies are essentially needed to kick-start a business without facing hassles. To impart the useful knowledge to aspiring entrepreneurs, there are important recommendations to adhere while planning a jewellery business.
The demand of present generation is diverse as some people seek classic designs whilst others seek trendy latest jewellery designs. Keeping this in mind, a jeweller should keep varied kinds of jewellery designs, which suits customers' taste and also fits in his budget. Accordingly, the aspiring entrepreneur needs to decide jewellery business investment in the initial stage. The investment is the core element in the business outline and hence, an entrepreneur should be certain what budget he has or how much he can invest.
Promotion is the imminent way to grab the attention of the customers and publicize your brand. For this, the jeweller can wear his brands jewellery and also, team the jewellery with different outfits to enhance the silhouette.
Furthermore, the jeweller can capture his stunning pictures in the gold, silver and gem-studded ornaments. The pictures can be posted on social media profiles or framed as well as exhibited in the jewellery store. Promotional activities like these are cost-effective as well as workable.
With specificity, it means dealing in the specific jewellery types which may include antique jewellery, bead jewellery, bridal jewellery, custom jewellery and fashion jewellery. By adding special varieties in the store, customers will be visiting the jewellery store to ascertain authentic jewellery designs, which nowhere else would be easily available.
Adhere to these strategies so as to establish a beautiful jewellery store.