Starting a Jewellery Business

If you enjoy designing and making jewellery, then starting a business selling it could be a very lucrative idea. The great thing about this type of work is that you do not need a degree and you can be your own boss.

Many people create jewellery as a hobby and do not realise that they are actually making viable products. It is an ideal job option for those who are creatively inclined and like to work with their hands. It does not matter how high your skill level is. Modern jewellery can be made and sold by practically anyone.

The Saturated Market

However, before you embark on this career path, it is essential to be aware of its limitations and complications. Just because you manage to sell your items, does not necessarily mean that you will be able to make a living from this business. The sad truth is that it is a very crowded market out there.

Every year, the jewellery industry generates billions of pounds in sales. Fine jewellery, in particular, makes up the bulk of this revenue. The market is so saturated that new independent jewellery sellers can struggle to find customers. If you are going to succeed, then you will need to find a niche which appeals to a section of the general public.

Choosing a Jewellery Category

One of the first important tasks you need to do is narrow down the category of jewellery which you will be producing. Each type will require different production processes, price levels and materials. The customers to target will also be different.

Fashion and costume jewellery are popular options to go with. The metals and gems being used are relatively inexpensive, and this allows sellers to mass produce much cheaper products. The styles of fashion jewellery are continually changing, and therefore the products being sold have to be regularly redesigned. This type of jewellery is often sold to trendsetting customers.

Fine jewellery, on the other hand, has a much higher price point. It is made from valuable precious gems and metals. This means that the makers will have to invest a significantly higher amount of capital. Fine jewellery is created by experienced craftsmen who are competing against others with the same high skill level. These businesses will have customers who buy jewellery for unique and luxury occasions, such as weddings.

There is also a third option of starting a business which caters to a market in between these two. Mid-range jewellery puts an emphasis on the unique designs of their products. The items are still made by skilled craftspeople, but also utilise less expensive materials and techniques. This is an ideal business model for those who make more quirky forms of jewellery.

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