How to Start a Jewelry Store
Starting a Jewelry Store is not a joke, neither a small business deal. The following is my personal experience and I want to share the way I earn with this business since 2003.
The date was March 2003 when I found a unique sterling silver ring in one of the dropship sites based in Albuquerque, New Mexico. I asked them that I like the design and I wanted to buy a single piece. They don?t sell in pieces so I was obliged to purchase 10 pieces in different designs. The plan was for my personal use.
How I started my Own Jewelry Store
My co-employees wanted to buy some of my rings and they asked me where I got those rings. I did never tell them, instead, I asked them to purchase from me. Because I am a Supervisor and there are around 120 people under me, at least 15 of them ordered some sterling rings in different designs. A business idea came into my mind. I placed an order in bulk with the same company and the good supplier gave me some discount. The mark-up was pretty high and aside from that, the designs are not available in our locality. The good news about my silver jewelry came up and many co-employees placed orders with me. Some are doing selling outside and some prefer to buy for personal use.
It was around September of 2003 when I decided to resign from my 7-year old job and decided to open a Jewelry Store in one of the most populated areas in our town. The amount of money that I earned since March was awesome and I did never expect such a big turnover.
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My sister owned an old Dress Shop in our Town. She was so generous to offer me a free space and put 3 Jewelry Displays. After having my own business permit and needed documents, I started full-time.
Here are some steps that I have done.
- Registered a good Jewelry Store name at the Bureau of Internal Revenue Office.
- Opened a separate Bank Account for my Store.
- Have all of my initial stocks insured with a reliable insurance company.
- Since I already started selling when I was employed, advertising was not a problem.
- I have had a very good supplier until now and the price is the lowest among others so I also have the lowest price against other competitors. I have good and unique designs but with lower costs.
- My business plan includes a monthly sales target (that I continuously increase every month when the target is hit), calculation of expenses including my share of my sister’s electricity bill.
- I also created a site that includes my featured products, new arrival, and an updated product catalog.
- I have some printed business cards and flyers and hired some teens to distribute those materials to schools, malls, and some public places.
I transferred to my own shop (in front of my sister’s Dress Shop) and have 2 regular employees and a Security Guard last year. My store is earning beyond my expectations and now selling all types of jewelry including gold and diamond.
Jewelry Store business is the most profitable business if you know how to do it.
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272 Comments
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- Hi, I am Gold & Silver Jewellery Manufacturer from India. We export too. If anybody want to start or want to get product may contact asenkolwb@gmail.com with your full contact details. Thank you.
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- Hello, I am very inspired by your story. I always want to open a jewelry shop near my location, Cambridge, MA. Could you give me some information about your wholesaler. Thanks. Jie
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- Hi, I am always dreaming and planning to put up a gold jewelry business but I do not know how to start? until now I'm still hoping that somebody could give a nice advise and idea to start with it, I live in florida, I never work because I'm staying home mom with three kids, I want to see myself one day to become success to start first in a gold jewelry business, please help me and I am willing to listen to ur advise. Thank you and I'm looking forward to hearing from your good advice. my email address: zheid_2000@yahoo.com
- I have started the imitation jewellery with my friend in Mumbai. We can provide all types of jewellery at best prices. You can e-mail at foramtrivedi.9@gmail.com for the above.
- In West Bengal at howrah (15 minutes from Kolkata)I want to start a imitation jewellery shop. I need a good supplier who will supply me city gold imitation jewellery at lowest price. Also I want to know what is the minimum amount I have to buy a at a time to get the minimum price and how to pay.
- Arijit I reside in mumbai currently i have my own jewellery showroom here i do wholesale in imitation jewellery also u can contact me my cell no is 9867722991
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- Hi I am from malaysia, we are gold & silver manufacturer wholesale & retail store, we try to share our experience to open the new store, we also have diamond, gemstone n other, manufacturer we have antique high, medium n low range item. email to me when you interested : andyleekenwah@gmail.com. THANK YOU FOR NOT SERIOUS PERSON!
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- Hi, I am a diamond jewelry manufacturer specialized is customized jewelry. I am looking for jewelery wholesale buyers and retailers. Pls contact me at pinky.j23@rediffmail.com. Regards, Pinky J
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- i want to start my jewellery business. i am new to this business and need guidance on how should i start and from where can i get jewellery at wholesale rates.
- Nigeria need information of good suppliers of costume, romnniel jewelries
- HI we ArE the growing entrepreneurs, who deals in the business of gold as we are searching for some buyers who could provide us some order, we deals mostly in gold bangles, we have our own designs, but we can make any of the design provided by you. if you are interested in working with us we will provide you the best quality in best rates. REGARDS, PRAGATI, 91+ 9582705721, JATIN KAPOOR, 91 9897907934, INDIA pragatikathuria00@gmail.com
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- Good day. I am from india, manufactures silver jeweleries, particularly silver anklets and can supply sterling silver from singapore. Interested , please contact me at mrt.thilagam@gmail.com
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- Hi , frnds. this is sundram jeweller. Who is manufacturer as well as retailer from last 20 years. so anyone who want to make his order or purchase of gold n diamond jewellery. Contact no.9835467222.email id :simple_sundram@yahoo.com.
- i am running to beauty saoln in patna (BIHAR, INDIA), I want to add jewelry, i have small place, i look wholesale.
- Hey, We are a diamond jewelry manufacture and provide all sorts of gold and silver jewelry. WE are located in Mumbai, India. We also deal in loose diamonds and colored stones. I've done my GIA from carlsbad, USA. We also have an export business of jewelry in Houston. So if anyone has a jewelry order or wants loose diamonds let me know.
- Hello My name is Prashanth and am from Hyderabad. I was thinking of starting my own business as i was thinking i got an idea of starting my own jewellery store which i thought i will earn good money and leave my current job. I do not know how to go about it. Can you please do help me out. Regards Prashanth
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