If you’re interested in making jewellery and want to know how to milk money from it, then read on for our list of the 10 most profitable jewellery business ideas and opportunities.
The global jewellery industry was valued at $70 billion in 2016, per The Huffington Post, making it one of the most attractive businesses to explore today. But while it’s true that this market has plenty of opportunities for people who want to dip their hands into entrepreneurship, it’s not all glitz and glamour. Similar to other industries, having a jewellery business can be complex. Some factors that you have to consider before setting up your shop include operational and manufacturing costs and finding your target market. This article will put you one step closer to your goal by offering insight into the most profitable jewellery business ideas and opportunities today.
Thanks to the rise of e-commerce, building your own jewellery business has become cheaper and easier than ever. You can start selling through online sites such as Etsy Inc. (NASDAQ:ETSY) and eBay Inc. (NASDAQ:EBAY), and promote your products via social media. Accessibility through online shops, however, has given rise to more competition. To stay competitive, you must ensure that you provide the best shopping experience and excellent customer service, along with offering an attractive product line.
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In this article, we adopted the 10 most lucrative jewellery business ideas listed by Muvsi, an online resource platform for Indian startups. India has one of the most vibrant jewellery markets today, focusing not just on gold but on diamonds, platinum and gemstones as well. In addition, India’s local jewellery industry plays a crucial role in its economy. In fact, India is now the world’s largest gold jewellery market, according to the India Brand Equity Foundation. This is primarily fueled by both cultural and sentimental demand, with jewellery and other accessories being regarded as staples in a Bollywood outfit. Hence, many of today’s fledgling jewellery entrepreneurs can and should take cues from India.
Based on Muvsi’s list, the 10 most profitable jewellery business ideas and opportunities are beaded jewellery making, costume jewellery business, diamond processing unit, dokra jewellery business, glass bangles making, gold-plated jewellery making, jewellery shop, lac bangles making, leather jewellery making, and online pearl jewellery store. See how they ranked beginning on the next page.
If you like our list of the 10 most profitable jewellery business ideas and opportunities, head on over to the 10 best jewelry stores in the world for further reading.
10. Beaded Jewellery Making
Requiring only a small amount of capital, beaded jewellery making is a good place to start for your jewellery and ornaments business. This home-based venture requires a certain type of skill in making the accessories, which can be sold through online marketplaces. There is no standard capital required before starting your beaded jewellery making store. In fact, a female entrepreneur from Nigeria invested only $3 to start her beaded necklace business back in 2006. After seven years, her miniscule seed capital had grown to about $30,000 in profit.
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9. Costume Jewellery Business
Also known as fashion jewellery, costume jewellery targets a wide range of clients. These items cater to women who are looking for jewellery pieces to complete their outfit, and to men who buy them as gifts. To distinguish yourself from the competition, decide on your specialization. Should you concentrate on vintage fashion jewellery, jewellery for teens or handmade costume jewellery? Some of the well-known brands in costume jewellery are Monet, Napier, Kim Craftsmen, Dior, and Chanel.
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8. Diamond Processing Unit
With the polished diamond market estimated to rise at a CAGR of 4% through 2022 per Muvsi, diamond processing can be a lucrative business opportunity. This type of business venture requires moderate capital and certain business compliance such as a trade license, tax registration and trademark application. It also needs a secure workspace, whose area depends on the scale of your business. A medium-scale unit usually covers 1,000 square feet.
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7. Dokra Jewellery Business
A traditional handicraft in India, dokra jewellery is starting to gain worldwide popularity due to its intricate details. Selling this type of accessory does not require too much capital. It can even be done at home through online marketplaces such as Etsy.
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6. Glass Bangles Making
Bangles are considered a must-have accessory, as they never go out of style. Starting this type of jewellery business offers a wide range of opportunities. In India, bangle-making has become a household business, while hundreds of factories mass-produce this accessory.
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5. Gold-plated Jewellery Making
Making gold-plated jewellery can start with a small-scale workshop unit. If you are just starting to learn how to make this type of accessory, there are different tutorials and online kits available to help you. For amateurs, certain processes like enameling could be tricky. You may also need special equipment to produce the type of design that you want.
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4. Jewellery Shop
Setting up retail shops is the more lucrative approach to selling jewellery. You can grow a loyal client base, especially among customers who appreciate going to physical stores instead of buying through e-commerce sites. To have a successful jewellery shop, you have to consider your location. Malls are ideal for setting up this type of business as they already have the necessary foot traffic.
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3. Lac Bangles Making
Lac bangles are another type of fashion ornament that is embedded in the Indian culture. They require master craftsmanship with their intricate details. Making lac bangles involves heating and iron pressing, and requires modest capital investment. You can also offer custom-made lac bangles for your clients.
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2. Leather Jewellery Making
Leather jewellery making appeals especially to the younger demographics but client preferences may also vary depending on your designs. These handcrafted items are ideal if you are passionate about do-it-yourself accessories. Making leather jewellery items is an ideal side business, as it can easily be done at home.
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1. Online Pearl Jewellery Store
Setting up an online pearl jewellery store rounds off our list of the 10 most profitable jewellery business ideas and opportunities. Pearls remain one of the timeless and most elegant pieces of jewellery one can have. Many pieces of pearl jewellery sold today are made of cultured pearls, which means they do not have the same natural limitations that gold and diamonds have, which makes pearls more affordable. Amazon and eBay are just a few e-commerce sites that you can use to start selling pearl-based jewellery.
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