How To Start a Fashion Jewelry Business? – Business Ideas
In this era of fashion and style, diving into the fashion accessory and jewelries business has proved to be quite profitable. The main reason behind it is that the fashion jewelry (from high end jewelry to thrifty items) is in vogue these days. But finding your niche market is important. Though there is a big market for this commodity but there are far too many big players already in the field.
You might want to export jewelries made by other designers, you might want to design them yourself. Whatever the case is, competition is fierce, as the buyer will always go for the best deal. So make sure to price competitively, but make sure never to under price your items.
1. Current Market
The market for costume jewelry has been growing throughout the world. The main drivers for this sudden growth are An increasing number of working entrepreneurial women and an increased interest in fashion and lifestyle amongst everyone in general. Costume jewelry has been a low priced alternative to precious jewelry, especially in France, Italy, Spain, Belgium, the Netherlands and most of the eastern EU markets.
India too has experienced a rise in fashion conscientiousness and the people from both villages and cities are getting attracted to the world of luxury, of fashion jewelries.
One of Asia’s biggest jewelry markets, Pahar Ganj (In Delhi, India), satiates not only the jewelry demand of India but also of the world. Indian jewelry items are very much in demand globally and much sought after. Take one walk through the crowded streets of Pahar Ganj and you will realize there are exporters who mean serious business.
Some of the countries to which the jewelry is exported from here are United States, Europe, South Korea, Israel and Singapore. There is a lot of demand for heavy silver jewelry abroad whereas in India people generally go for gold (especially in South India). In India, proximity to raw materials brings down the production cost.
3. How to Export?
In order to start an export business from make sure you have the required capital. Registering your company name and getting an Import/Export Code requires substantial amount of capital. In layman terms, IE Code is the license to export. Once you have got your IE Code, open a bank account against your company’s name through which you will channel your imports/exports.
Sales and vat registration number, and pan card should be against your Company’s name. Once you have all this in order, you can start exporting. You can buy wholesale and export the jewelry items or already own a fashion accessory store and also export your products.
4. Opening a Jewelers Store
Apart from a growing popularity of fashion jewelries for working women, there is also a demand for fake-fashion jewelries during festive/marriage season. Since in India, marriage is celebrated at a huge scale, this market would never decline. Copying the Bollywood/Tollywood brides, today every girl wants to look her best (rather picture perfect) on her wedding day.
So opening a jewelers store should be a good venture to begin with. Alongside you must also upload your products online on facebook and on your own website. This would enable you to showcase your products to the entire globe and thus from here you can push your business towards export as well.
While choosing/designing your jewelries two things should always be your priority: innovation and productivity. It is only if your designs are aesthetically beautiful and different that you can increase or retain your clients. Also your objective should always be to deliver fine quality products in a given time-frame and with the best customer service. By taking these measures you can successfully start a fashion jewelries business.
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