Jewellery and women are synonymous with each other. Most women are fond of some type of jewellery whether real or artificial. In recent years, the prices of metals like gold and silver have soared through the roof which has boosted the demand for imitation jewellery business. Moreover, you can go wildly creative with artificial jewellery in terms of design, length, combinations, and colours. Intricate designs in pure metals like gold and silver increase their prices. Their weight also determines the cost of the jewellery. Imitation jewellery is free of these hassles. You could even start a business at home with limited resources. Metals like gold and silver are subject to the volatility of the economy.
Though gold is a solid investment to meet requirements when the situation demands, a price drop can change the returns you expect. This has made artificial jewellery a preferred choice amongst most individuals. You don’t fear losing it, it is affordable and you can buy a mixed variety for various occasions. You can even get customised artificial jewellery. This industry is expected to grow at a rapid pace. Its contribution towards the Gross Domestic Product (GDP) of India is almost 7%, and it accounts for 15.71% of India’s exports in this merchandise.
Did you know?
One of the most popular metals used to make imitation jewellery is nickel?
Key Considerations in Setting up an Imitation Jewellery Business
If you are full of creative jewellery business ideas, you could start creating different varieties of trinkets and start to promote the same on e-commerce platforms or set up a small unit at home. Let us understand some of the primary requirements to start such a commercial venture.
Also Read : How to Start an Artificial Jewellery Business from Home
Business Plan
Every business is built on the foundation of a good business plan. However, before you make a practical blueprint of the same, you will have to decide whether you want to start operations from home or rent a place and set up a commercial unit on a small scale. You will also have to decide whether you would like to buy jewellery in bulk from wholesalers and promote their sale on social media platforms or would you be interested in creating original jewellery. The former will require you to be very knowledgeable about what is in demand and market the same accordingly. The latter will give you freedom with your creativity. Get a very interesting brand name and logo that will capture the essence of your business. Choose a unique name that will be easy to recall. Irrespective of the type of business you wish to set up, you should back it up with a good amount of research that will help you understand the current craze of imitation jewellery, and the anticipated trends.
Licences and Permissions
- You will have to obtain a trade licence.
- You will be required to register your business with The Shops and Establishment Act authority.
The registration process will require you to provide all your business details, namely:
- Details of the business – Proprietor or Partnership or Limited Liability Partnership
- Details of the brand name and sharing of the logo
- Proof of the postal address of the business
- Business classification
- PAN and Aadhar card details
- Bank account details
- Number of employees or staff members
Raw Materials
You will have to first understand where you plan to focus your energies – dainty or chunky, formal or casual, customised sets, or exclusive jewellery targeting a specific segment of society, and so on. You can resort to an extensive variety of jewellery kits that help you craft good designs. Some of these kits are exclusively for wristwear, neckwear, earrings, while others help in the process of beading. Once you have clarity on this you will require:
- A variety of artificial beads
- Artificial gemstones
- Quality threads made of silk, cotton, or other material
- Different sizes of needles
- Variety of woollen yarns
- A few sizes of quality scissors
- Quality aluminium alloy
- Machines for casting the stones and gems efficiently
Finances
The imitation jewellery business is one of the most cost-effective enterprises. If you have the skills to weave magic out of the raw materials, it can yield you good profits at a fast pace. You can comfortably start with a small sum of ₹1.5 or ₹2 lakhs and start rolling out a creative collection.
Brand-Building and Promotional Activities
Your initial marketing efforts will involve understanding the requirements of diverse individuals. You will have to research the online platforms constantly. Keep an eye on emerging trends and try to be at least ten steps ahead of them. Once you have mastered the skills of future trends, you can come up with various interesting designs to cater to those trends. Start promoting them at retail outlets, on your website as well as on e-commerce platforms. This will give you an edge over others and faster returns. It will help establish your brand and increase goodwill.
Also Read: Rules To Start A Jewelry Business
What Are the Different Methods of Selling Imitation Jewellery business?
There are numerous options. Some of these include:
- Set up a small retail business at home
- Establish an alliance with online e-commerce platforms like Amazon, Etsy, Flipkart, Myntra, Ajio, and others to market your products
- If your finances permit you, one of your jewellery business ideas could be to set up a small imitation jewellery studio. You can employ a few individuals for the craft after imparting some training to them. Your own unit will give you the liberty to experiment with various combinations and come up with unique collections. These can be different from the conventional varieties and may boost your business instantly
- You can get a website designed and upload your entire jewellery portfolio on that. You can also get a creative App that is user-friendly. This can have the entire listing of your products. Well-photographed images for the social media platforms, website as well as the App makes buyers appreciate the products better
- Practice drop shipping. If you do not wish to invest your savings or take a loan but only wish to be a reseller, you can indulge in dropshipping. Once registered with the e-stores, for every order that is placed online, you can ask the wholesale traders to fulfil the requirement. This saves you the headache of storage as well as incurring losses due to breakages or damaged goods
Conclusion
The imitation jewellery business is becoming increasingly popular across various segments of society. Indian imitation jewellery is used on a large scale in international films, especially in Hollywood as well as in Bollywood. Once you are able to establish a unique selling proposition, your business can scale new heights. This may require you to set up a large-scale unit. This industry holds multiple opportunities, and you can tap these opportunities to effect if you are keen to pursue them properly.
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