- Jewelry Industry in 2020
- Who Is It Suited to Run a Local Jewelry Business?
- 5 Guidelines to Run a Local Jewelry Business
- 4 Best Jewelry Suppliers for Local Jewelry Business
- Conclusion
The jewelry industry is one of the industries that has grown over the years. This is mainly attributed to the fact that jewelry has been incorporated into mainstream fashion and hence more people are into the trend of adding jewelry pieces to their outfits.
Jewelry Industry in 2020
Jewelry consists of small accessories that are worn for decorative purposes they include pieces such as necklaces, earrings, rings, brooches among so many others.
The history of necklaces dates back several years this fact has been supported by the discovery of over 100,000-year-old beads made from Nassarius that were discovered by archaeologists.
Earlier jewelry served a functional purpose while in recent years jewelry has been used for decoration or status symbols. Much like art jewelry has also undergone many changes in terms of style, make and fashion and the changes are taking place even today.
In recent years jewelry trends have been catching up at a very fast pace to those of the apparel sector. The consumer needs for jewelry have increased so much over the years hence increasing the demand for jewelry products all over the world. The drivers of the current trends in jewelry include innovations and an increase in disposable income.
The global market for luxury jewelry totaled to about 21 billion Euros with China taking the lion’s share of the market followed by the United States, Japan, and India. The entry of well-known apparel retailers into the fashion jewelry business has also contributed to the huge boost of the industry.
Branded jewelry items account for 20% of the total jewelry market today with most brands rushing to ensure that their pieces are unique and distinctive. This has therefore increased the competition to produce new trendy pieces and that can be readily accepted in the market.
The online scene has also shaped the industry like all other industries in the world. Manufacturers are now using online platforms to convey information about their products, shape their brand identity, and build consumer relationships. The local offline stores are not being left behind as most brands are coming to terms with the fact that, to prevail in the market both your online and offline presence should be felt.
Recently the lines between fine jewelry and fashion jewelry are starting to blur, this means that the jewelry industry is starting to see the inception of fine pieces of jewelry into normal fashion. This has then forced the industry to shift focus and change how they make the pieces.
The acceleration of the supply chain process has also caused the jewelry industry to cope with the speed at which products sell out in the market, though the fine jewelry sector is not much affected by this, the fashion jewelry sector has to be flexible enough to satisfy the market.
Who Is It Suited to Run a Local Jewelry Business?
Running a jewelry business, like any other business can be a profitable venture to undertake. The only aspect that you require to run a jewelry business is to have some passion for the business, this will ensure that you will be able to stick through all the steps required to run a successful business.
Some of the attributes that you need to run a local jewelry business include:
Being competitive ensures that you come up with new and innovative ways to attract and maintain clients.
Discipline
In order to run a successful business, you need to have the right amount of discipline to ensure that you perform your business in a way that will increase the trust between you and your customers. Discipline comes in many forms some of which include delivering quality products in good time, coming up with prices for products, and also interacting with clients.
Creativity
You need to be creative in your business in order to provide services that are unique and crafted to satisfy the needs of your clients. Creativity is also important when coming up with new ideas that will help you run and sustain your business.
Entrepreneurial
Having a passion for business is important as you will be able to have the determination and commitment to run your business. An entrepreneur possesses organizational, marketing as well as financial skills that are important in running a business.
Competitive
As a business person, you need to be able to run your business in such a way that you stay on top of your competition. This attribute is important as you will be able to easily stay in the market for a long time.
Being competitive ensures that you come up with new and innovative ways to attract and maintain clients.
Flexible
As a business person, you need to be able to change with the upcoming trends as most people are into the trend culture and will quickly shift their preferences based on the new trends. Flexibility allows you to change your business structure to conform to what is currently trending.
People Skills
To succeed in any business you need to be able to be a person who can easily relate to people. This aspect allows you to interact with new clients and also maintain old ones as they can easily relate personally to you and your brand.
Management Skills
Any business needs good management to succeed. To be successful in management you need to be able to practice good managerial skills and be able to update your knowledge on what it takes to manage your business so as to make profits.
Marketing Skills
To make money from a business you need to have good marketing skills. This will enable you to push and expand your business. Marketing skills are also important so as to know which platform can easily gain clients so as to grow the business.
5 Guidelines to Run a Local Jewelry Business
After setting up your business it is important to find creative and profitable ways to run the business. Below are some guidelines that you can use to successfully run your business. Update Your Business Plan In the course of running your business you will need to ensure that your business plan is updated to put into consideration some of the changes you may have put in place when starting and operating the business.
Find and Keep the Right Employees
If you choose to hire people to help you out, select people that understand your vision and goals. The employees are the heart of the business as they are the ones who will interact with the customers and help build your brand.
It is therefore important to choose people who will drive your business forward.
Update Your Business Plan
In the course of running your business, you will need to ensure that your business plan is updated to put into consideration some of the changes you may have put in place when starting and operating the business.
Stay Relevant
Once your business is up and running ensure that your presence will always be felt in the marketing scene. This can be done by ensuring that you continuously advertise your brand and ensure that the pieced you supply are trendy in the market.
Be Creative
Always look for ways to stay relevant in your business. This will make you stay above your competition and also offer ways in which you can improve your business.
Be Consistent
Consistency is key to making any business successful. You need to be able to ensure that your business satisfies the clients’ needs every time.
4 Best Jewelry Suppliers for Local Jewelry Business
Nihaojewelry
Nihaojewelry is one of china’s top jewelry wholesalers in the world. With a wide variety of products to choose from the company is a reliable, fast, and efficient way to source all types of jewelry products to run your business.
The website is up to date and easy to use which allows you to have a smooth buying experience. With a worldwide reach, Nihaojewelry is a one-stop-shop for all your fashion accessory needs.
DHgate
The site contains a wide selection of Chinese suppliers to choose from. DHgate is a site that you may use to connect to a variety of sellers. With a variety of products to choose from the site is a sure way to find pieces that you may need for your business. The company ships worldwide so wherever you are you can trust that you will be able to access a wide range of products.
The Welman Group
This is a leading jewelry wholesaler based in the US. The company offers a wide selection of silver jewelry products for clients to choose form. Typically delivered in less than 24 hours by directly shipping the products, the company ensures that it provides excellent customer service to clients from all areas.
Jewelry World
This is a wholesale jewelry business based in the UK. With a market experience spanning over 20 years, the jewelry world can be trusted to supply quality products to the clients.
The jewelry world provides a wide selection of jewelry products to clients at affordable prices and also offers customizable designs that your clients will love.
Conclusion
The evolution of the jewelry industry over the years has seen an increase in the demand for jewelry products among people from all walks of life. The ability to provide jewelry pieces that are trendy and unique will ensure that your business stays in the market and makes a profit.
Jewelry businesses that can anticipate and capitalize on the changing trends will be able to then compete in the dynamic market.
