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How To Start An Artificial Jewellery Business At Home

How to start jewellery business - Blog

 

“If it is not right do not do it; if it is not true do not say it. “

– Marcus Aurelius

 

 

Are you someone who always had a passion for jewellery and likes to style people with different types of jewellery?

 

Have you always dreamt of having your own jewellery business but have feared thinking of the fundings, scope of this business and several other things?

 

If yes, then you are in the right place!

 

In this guide, we are going to discuss how to start an artificial jewellery business from home.

 

Table of Content

 

1.   Overview Of Artificial Or Imitation Jewellery Business In India

 

2.   Different Ways of Doing Artificial Jewellery Business

 

                      a.   Wholesale Business From Home

 

                      b.   Retail Business From Home

 

                      c.    Artificial Jewellery Store Of Your Own

 

                      d.   Sell On Online Platforms

 

 3.   Find Your Niche

 

 4.   Business Planning and Funding

 

                          a.  Write a summary

 

                          b.  Opportunity

 

                          c.   Execution

 

                          d.   Business Management

 

                          e.   Financial Plan

 

                          f.    Appendix

 

 5. Raw Materials For Artificial Jewellery

 

 6. Jewellery Making Kit

 

 7. Find a Workspace

 

 8. Build a Team

 

 9. Jewellery Photography

 

10.  Create an Online Store

 

 11.  Marketing & Branding

 

 12. Sales

 

 13. Educational Resources for Artificial Jewellery Business

 

 14.  Conclusion

 

 

1. Overview Of Artificial Or Imitation Jewellery Business In India

 

artificial jewellary business

 

 

Jewellery has always been a part of Indian culture and therefore there is a huge demand for it in the Indian market.

 

In earlier days, jewellery made from gold, silver, diamonds and other precious jewels was in higher demand, but with the continuous hike in the prices of these jewels, the interest of the people have shifted from those traditional gold and silver jewellery to the modern and stylish artificial jewellery.

 

There is a rise in demand for artificial or imitation jewellery by 85%. India’s artificial or imitation jewellery business is one of the largest in the world which contributes GDP at 5.9 per cent in the Indian economy. It is estimated to grow by leaps and bounds in the coming years.

 

People these days seem to be more practical in their shopping choices. A lot of them go with artificial jewellery as they are affordable and also offers a wide variety.

 

There are a lot of opportunities in this sector. With the rapid increase in the usage of online media, artificial jewellery business is gaining more popularity.

 

The future of jewellery business in India is very bright.

 

Read – How a self taught jewellery artist made her hobby, A profession

 

2.  Different Ways of Doing Artificial Jewellery Business

 

We have seen that artificial jewellery business has a lot of scope in the coming years but do you have any idea how to start it.

 

Before taking up any business, you must be clear with the approach that has to be used for doing the business.

 

There are so many different ways in which you can do a jewellery business. You should go for the one that suits you the best.

 

       a. Wholesale Business From Home

 

wholsale jewellary business

 

If you want to start an artificial or imitation jewellery business from home, then one of the things you can do is to have a wholesale business.

 

You need to buy the stock from the manufacturers at a wholesale rate and sell artificial jewellery to different retailers or either directly sells it to the customers.

 

Now, let’s talk about some of the drawbacks of having a wholesale business –

 

  • Capital

Any wholesale business will require a lot of investment as you have to buy the goods in bulk. So, make sure you have a good capital budget to do this business.

 

  • Storage

It is obvious that when you buy goods for wholesale, you need a very large space to store it.

 

  • Quantity

When you buy items at a wholesale rate, the quantity of items bought will be huge. The disadvantage here is that you don’t know whether all these goods will be sold or not.

 

  • Labour

To maintain such a big amount of goods, you also need some people to look after it.So, labour cost will be an addition.

 

     b.  Retail Business From Home

 

retail jewellary business

 

 

The other way is to do retail business. You will buy the goods from wholesalers and sell it to the customers.

 

The benefit it offers is that you don’t need to buy the goods in bulk. You can get them according to the requirements of your customers.

 

The drawback of having a retail business is –

 

  • Competition

In retail business, there is a lot of competition. People have so many options, you have to make efforts to convince them to buy the jewellery from your business.

 

  c.  Artificial Jewellery Store Of Your Own

 

If you are really good at making jewellery by yourself, then you should try your hands on it and create your own label.

 

Instead of buying jewellery from other manufacturers and selling them, you can use your talent and create your own designs. This will give you an identity and also allows you to experiment with your designs and make something different from others.

 

The disadvantages here are as follows –

 

  •  More efforts

The struggle here obviously is that people should like your work. You have made your jewellery with so much creativity and dedication, but what if people don’t like it.

 

  • Time constraint

It will obviously take more time for any creator to make the jewellery by himself as compared to any trader who just buy and sell goods. Customers have to be a little patient for the delivery.

 

  d.  Sell On Online Platforms

 

Online Platforms like Flipkart, Amazon and smaller ones like Bulb and Key don’t have their own stores.

 

There are several traders and small business owners registered on these platforms and sell their products on these online platforms.

 

This is one of the best ways to sell artificial jewellery online.

 

  • You don’t need to have your own website, you can use these online platforms and sell your products on it which is much more convenient and easy.

 

  • The setup cost of the business is very less as you are using someone else’s platform for selling your items.

 

  • You can also try dropshipping. When you are registered as a seller on these online platforms but you don’t have your own store. You have tied up with some traders and small business

 

  • owners who provide goods for you. So, whenever any order comes for you, you will ask these people to supply the required amount of products for you.

 

Some of the drawbacks here are –

 

  • Product return

Due to lack of physical contact with products, a lot of times when the product is delivered and customers don’t like it, they return it back.

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