Custom jewelry manufacturing business means to have your original jewelry design mass-produced so that multiple copies of it can be sold. Starting your own jewelry store is neither a small business deal nor a joke.
Jewelry has always ruled the hearts of women all around the world. It holds a major significance from economic point of view and is one of the best sources of investment. Women are inclined towards jewellery and women in India are especially crazy about it whether it is gold jewellery, diamond or platinum. It is due to this fact that India is the largest consumer of gold with 25% share in total consumption of gold.
Jewellery as a Business –
Jewellery business from economic point of view means a business which has lots of profit affording potential on account of the high demand. The risk quotient in this business is the least since the price of the metal used in making jewellery has a tendency of increasing only. In case there is no demand for the jewellery even then there is huge profit in the business and this is by selling the metal only.
Scope of Jewellery Business –
In Jewellery business there is not much scope to earn fortunes. Jewellery business can be divided into various sectors. A decision should be made on the basis of your likings and interest on the area of Jewellery which suits you. Some of the areas of business where huge profits can be made are –
- Processing of Gems and metals.
- Designing Jewellery
- Manufacture of Jewellery
- Retail of finished Jewellery
- Supply chain of Jewellery
Extraction of Jewellery Material –
Jewellery material can be grouped in to two areas – Gemstone Mining and Metal Mining.
Gemstone mining – Gemstone mining is further grouped in two sections – Diamond and Non Diamond mining.
Diamond mining – Diamond mining incurs huge cost and hence cannot be done on a small scale. To enter these areas you need to make large investment.
Non Diamond mining – Material for Non Diamond mining is done at low cost. It is thus a great source to income for people of developing countries who do mining at small scale. Non Diamond mining is done by some of the countries like India, Mali, Tanzania, Brazil, Sri Lanka, Madagascar and Thailand. Non Diamond mining is popular basically in rural areas.
Metal Mining – Metal mining includes gold, silver, platinum, stainless steel, titanium, tungsten, rhodium, etc. All these metals are used in manufacture of jewellery. All these metals vary in price, strength and other factors.
Processing of gems and metals –
Business of Jewellery industry is very complex and every stage involves many businesses. Hence in this industry, processing and manufacturing has been divided. There are basically two areas in the processing stage namely –
- Cutting and Polishing of gems
- Finishing metals.
Companies should thus focus on one core areas and achieve specialization in that area to incur heavy profits.
Designing Jewellery –
Once the gems and metals are processed the next is the designing of the Jewellery to give it a final finishing. The services of professional jewellery designers are hired to make exclusive designs by the company since the best design in Jewellery is sold easily. Designing in Jewellery is a unique art.
Manufacture of Jewellery –
Manufacture of Jewellery means to give real shape to the blueprint made in the jewellery designing phase. This is the stage where the final product of the jewellery business is prepared.
Retail of finished Jewellery and consumer markets –
Once the Jewellery product is ready then the next step is to make it available to the consumers and this needs a proper distribution channels. The distribution is dominated mainly by small and unbranded retailers. Of course there are some of the branded retailers too, but they are less in numbers.
Supply Chain of Jewellery –
The whole process of Jewellery manufacturing includes small traders also and there trading relations are confidential and hardly known to general public. This enables to hide the supply source and destination source from competitors and from general public too. If one wish to enter in Jewellery business, then one can enter on their own personal interests and skills required for the particular field.
Limitations of Jewellery Business –
You may find that this is an easy source of making huge money but there are some limitations too in this business which cannot be ignored while planning to enter into Jewellery business.
- Quotient of high risk – The Jewellery business should be undertaken by people who are daring enough to take large risks.
- Strict Licensing – The companies who wish to be in mining industry in Jewellery business need to have a license to start the business. These companies need to follow rigorous international standards.
- Limitation of perfect competition – There is a close competition in retail sale of Jewellery. A competition is perfect when there is large number of buyers and sellers which leads to uniform pricing and low margins.
- The small scale mining impacts – The small scale mining have positive impacts like employment in rural areas. Some of the social and environmental drawbacks like poor health, child labor, safety hazards, etc. Large scale mining also leads to many negative impacts like ground water contamination, waste management, low labor cost, acid rock drainage and pollution.
Customized jewellery business in India involves large scope of creativity and ideas needed in the designing aspect which will lead automatically to higher and higher profits.
Get set and churn for higher and higher profits through Customized Jewellery Business.