How to Start a Jewelry Business

In this article today we will understand What Is the Business of Jewelry and How to Start a Jewelry Business.

Ever since the beginning of mankind, every woman is fond of wearing jewelry. Jewelry is a very important part of a woman’s decoration.

Jewelry is specially used a lot by women and because of this, Nowadays jewelry business is known as one of the most profitable businesses around the world.

You might have seen recently that some people started doing this business and within a month or two, they are earning millions(lakhs). They are now wealthy enough to afford a common lifestyle.

In India, this business runs very vigorously, because the woman in India pays a lot of attention to their ornaments. Hence, making this business one of the most profitable businesses.

So let’s understand How you start a jewelry business, and how you can select the location of your shop for this business. How can you get a license from the government to do this business.

Table Of Contents

Starting your own jewelry, there are two ways as given below:

By making yourself.
By Buying from the market and re-selling at cheap prices.

If you know How to Make Jewelry Yourself, then you can make jewelry by yourself and sell it to people around you. This will benefit you a lot because in this way you can charge them with making costs and jewelry will be also sold for a good profit.

If you do not know How to Make Jewelry, then you can buy jewelry from the market at cheap rates and sell them to the people nearby your shop. For this, you can contact any jewelry-making factory to buy jewelry in bulk at cheap prices from the market.

If you buy jewelry directly from a factory, then you are likely to get the cheapest rates than the market. With this process, you can easily earn profit in this business.

After arranging jewelry for selling purposes, Now you need to open a shop for your business so that you can start selling your jewelry from a known place.

Find Location for Starting Jewelry Business

To start this business, you can select a location where there is a lot of crowds or a type of place where people keep coming and going just for visiting purpose, but when they find something interesting they buy it.

Below given are a few suggestions where you can safely start your business:

In the city market.
Near malls/ megastores.
Near railway stations.
Near bus stands.

These are some places where we get to see a huge crowd of people all the time. If these people find something interesting or something that attracts them they try to owe it for sure.

There are lots of people visiting the market on daily basis. These people even include bloggers or fashion entrepreneurs who buy really a lots of stuffs just only for show off. These kinds of people also contribute a lot to make this jewelry business very much profitable.

A lot of people visit malls every day. Due to this they also get attracted towards jewelry and buy them, Apart from this, people are also very crowded at the bus stands and railway stations, due to which you can earn a better profit by doing your business on those sites.

For starting your business you will need a license and registration so that you can legally run your business smoothly.

Registration & License for Jewelry Business

For starting your Jewelry Business you must owe below given approved documents. When it comes to opening your own business, One should always have these approved licenses. Below given are the required registration & license details for your Jewelry business:

Current Account ( For Business Transactions).
Shop License (Gumasta License).
MSME Registration
Udyog Aadhar License

If you want to run your Jewelry Business without any police hassle or legal actions, then you need to get all these licenses for starting your business.

How to Open a Current Account for Jewelry Business

To receive payment under your Jewelry Business name you must have a current account. This account will help you to receive all types of payments directly into your current bank account. For opening a current account for your Jewelry Business you will need a shop license.

For issuing a shop license you will need your identity proof such as (An Aadhaar Card, Voter Id Card, Driving License, Etc.) and a PAN Card. If you have any of these documents available, then you can easily apply for your business current account in any nearby bank.

These are a few reliable global banks for opening business current accounts:

SBI Bank
AXIS Bank
BOI Bank
ICICI Bank
HDFC Bank

How to Get a Shop License for Jewelry Business

To get a shop license for your Jewelry Business you have to first select a location for selling ornaments. If you’re renting any market place then, you have to get a rent agreement where your Jewelry business name should be mentioned.

Once you get the place of your choice, you have to get a banner for your Shop. The banner must have your business name and address on it, a copy of your rental agreement and a photo of your business with the banner is enough for getting a shop license.

To get a Shop (Gumasta) License, you have to follow the below-given steps:

Go to the official website of your state or you can simply visit the nearby office.
After that, you have to register your business there.
After a few days of registering, your Jewelry Business Gumasta license will be delivered to your house.

After reading this, you can apply to get your shop license for your Jewelry Business.

How to Get MSME Certificate for Jewelry Business

To register your Jewelry business under govt. policies and schemes, you have to register your business under MSME facilities.

MSME stands for Micro, small medium, and enterprises. It’s an enterprise managing government that helps you to get govt. facilities for starting your own business, it even provides Loan schemes and benefits, etc.

To get your own MSME certificate for your Jewelry business you can log on to website and apply for an MSME certificate.

How to Get a Udyog Aadhaar Certificate for Jewelry Business

To get a loan for your Jewelry business from govt. Initially, you have to, register your business as Udyog Aadhaar Certified. Only this certificate will facilitate you easily for any type of govt- loan scheme and acquire subsidies in the form of bank loans.

To get a udyog aadhaar certificate for your Jewelry Business you can log on to website and apply for the Udyog Aadhaar Certificate.

Now, If you do not have money to start your Jewelry business then you can take loan for your business.

Loan Against Jewelry Business

In the Business of Selling ornaments and starting from your Shop, the investment cost is bit high, you have to buy a variety range of fancy ornaments, original ornaments and some raw metals to start your business. The price of these ornaments costs you around Rs. 989/- to Rs. 1,00,000/- [$19 – $1599].

To get a Jewellery Business loan, you can apply any of the fin serve services or banks. Many countries even accept Gold Loans as a reference for re-payment.

Before applying for any commercial loan, you will have to present the necessary information in your loan file, like your needs, how much money you want, the time of repayment, etc.

Then deposit your file in the department. As soon as your loan is passed, it will be deposited into your bank account.

How to Start Interest Business, Rules, License, Profit Loss

How to Advertise For Jewelry Business

Marketing of a business is the most important thing to grow your business. If you market your Jewelry Business properly, then you get a lot of profit from it. If you want to advertise your Jewelry Business, you have two ways to do this:

First of all, you have to contact your nearby shopkeepers and tell them that you have started a Jewelry Business nearby.
If they want they can visit your shop.
You can also show them a few samples of designs available in your shop.
You must reach all the nearby shopkeepers and contact them.

Once you get in touch with the shopkeepers, they will start visiting your shop for buying ornaments.

Apart from this, You can list your Jewelry Business on websites like Indiamart, Alibaba, eBay, etc. to start your business online.
After that people will come to your shop by themselves, to buy ornaments from you.

You can also create your Jewelry business Facebook page to start online marketing. Where you can post the best photos of designs available on your shop and put them on your page. You can also market your business on Instagram.

You can get a lot of benefits in marketing from Instagram. Because more than half of the world’s population is using such online platforms for buying such kinds of stuff. For this, you can create your Jewelry business Instagram account.

After this, you can market your business by sharing your own shop’s photo.

For offline marketing, you can also get some posters and banners related to your Jewelry business. So that the people of your local can know about your business.

You can also make a good website for your Jewelry Business. Where People can also order jewelry.

With this, you will start getting orders online as well as offline which can benefit you more. If you want, you can also join any other e-commerce websites. Like Amazon, Flipkart, Alibaba, Croma, etc.

You can register your business on these websites and list your jewelry here. In this type of selling people will see your jewelry and order them from such platforms. After which a delivery boy will come and take your packed jewelry.

After the delivery of the product to the customer, the website will give you money for your jewelry. You don’t need to make any brand of your own to do business with ornaments. You can also do this business by taking a franchise of any other brand.

Minimum Investment Needed to Start Jewelry Business

If you start your ornaments business, then you have to invest good amount of money in this business. Since, the price of these ornaments varies from very high to very low in the market and these sentiments will keep on increasing forever.

To start your Jewelry business, you will have to invest in the cost of shop and in buying jewelry. In this way, you have to invest minimum upto Rs. 10,000,000/- to Rs. 15,000,000/- [$12,999 – $19,999] initially in this business.

If you start this Business from Your Home then you get relaxation only in your rental charges of the shop. Apart from this you still need all the bank accounts, licenses and approvals as told above in detail.

If you don’t have much money, then also you can apply for loan. To start such type of giant and reliable business, the government easily grants your loan amount. If you are able to buy these ornaments at their lowest price, then you can earn a lot of profit in this business.

Tips for Buying Raw Metals

Buy jewelry and ornaments when the price is least in the market. The cost of such rare metals depends on country’s economic condition. If you buy ornaments when the financial condition of country is low, then you get them in the cheapest price.

When its rates grow higher in the market, you can earn a lot of profit by Selling these ornaments to common people. In this way, you can earn the minimum amount of atleast Rs. 100,000,000/- [$12,25,999] very easily on 1 kg of gold. You cannot generate this much profit in any other business.

Loss Possibilities Against Jewelry Business

If you bought ornaments during down economic turn and this economic down comes further again and reaches below than previous, then you have to face huge amount of loss in this business.

You will also have to pay extra taxes for keeping extra bare gold, due to which you may suffer a loss in this business. To avoid this, take good stock of your financial situation. You should be aware of when the financial condition will worsen and when will it improve.

Hoping, you have completely read the article about How to Start Jewelry Business.

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How to Start a Jewelry Business – Location, License, Loan, Profit