Jewellery and the richness in their designs had always been an intrinsic part of Indian culture. Though the jewellery craze in India goes mainly to silver, gold, or diamond-studded ones, the price hike in such jewellery has shifted the modern trend of artificial jewellery.
Recent researches show that the artificial jewellery demand has hiked up exponentially by roughly 85% in India. In fact, the artificial jewellery business in India contributes about 5.9% of the country’s GDP.
The numbers clearly show that the artificial jewellery business in India has a bright future with high growth opportunities.
Now that the global COVID-19 pandemic has created a better opportunity for entrepreneurs to conduct business online or from home, home-based jewellery-making is evolving in India with women entrepreneurs. It is a promising small-scale industry that offers businesswomen to show their art and skills.
4 Easy Steps of Starting a Home-Based Artificial Jewellery Business
There are different ways of doing the artificial jewellery business from home. You can do it with your social networking, by signing contracts with some store, making them at home, or working as a reseller if you are confused about the best way to start the business. Here we have 4 tips to make the journey easier.
1. Determine how you wish to Sell the Jewellery
To decide on the ways of selling, you need to understand your options for selling jewellery from home-
- Working as a wholesaler: If you plan to work in a wholesaler module, buy jewellery pieces directly from the manufacturer at a bulk rate and sell the procured items to direct customers or retailers. However, running a wholesaler business requires a notable amount of investment and storage space for bulk products.
- Becoming a reseller: A reseller business doesn’t require huge investment. You can work as a reseller from other artificial jewellery selling companies. Here you earn a profit margin by reselling these branded pieces of jewellery. You also don’t need to store the products. The process allows you to procure jewellery from different vendors and let them handle the product shipment. However, maintaining product quality can be difficult.
- Becoming a manufacturer: Artificial jewellery making at home and selling them through different platforms is an option for creative people. You will need specific equipment, procure all raw materials like stones, strings, etc. and sell the products to retailers, direct customers, or through e-commerce platforms.
- Selling through e-commerce platforms: When you sell online, you can manufacture your products or procure them from a manufacturer. Once the product is ready, approach e-commerce platforms like Amazon, Flipkart or similar. It is the best way to promote their jewellery brands as it reduces the cost of setting up a store.
2. Decide your Niche
If you have chosen your preferred method of starting your artificial jewellery business, it is time to choose the niche. Your business niche is the key to your business’ success. The options you get for your business are-
- jewellery sets
We suggest choosing a niche by observing the jewellery trend and understanding your preference.
3. Naming the Business
Even if it is a home-based business, you need to give it a name and get it registered. Consider these points while naming your business-
- Select a unique name
- The name should be attractive and easy to remember
- The name you choose should reflect your brand.
Once you decide your name, get your business registered and initiate with promotion.
4. Business Promotion
Setting up a business is not sufficient alone. You need to indulge in artificial jewellery promotion. Launching a website is definitely a way to initiate the promotional process. Apart from that, you can promote your jewellery through social media platforms. You can also try offline modes of business promotion.
The cost behind starting an artificial jewellery business at home
The cost behind initiating an artificial jewellery business from home varies with the mode of business you decide. Starting off as a jewellery manufacturer usually needs a lower investment. There is no establishment cost behind it if you are running the business from home through online platforms. However, if you want to run the business as a wholesaler, the procurement cost is high.
If you are starting an artificial jewellery business, it involves a capital investment of Rs. 10,000 – Rs. 1 lakh.
Does Starting an Online Jewellery Business Require any Professional Degree?
Starting a home-based or online artificial jewellery business doesn’t require any professional degree. The entrepreneur needs to have creative skills to initiate the business.
The demand for artificial jewellery is currently very high among women. From parties to daily wear, women are choosing imitation wear over gold jewellery. Artificial jewellery is an economic option for fashion has increasing demand in the market; hence, if you have a plan to start an imitation jewellery business from home. Decide on a product niche and business model and start selling them at a reasonable rate.