The success of the silver jewelry industry usually begins with the appreciation of exquisiteness, the appreciation of beauty, and the desire to spread beauty as far as possible. However, it is useful to have an aesthetic inclination, but, like any industry, it is not enough. Although certain general business rules apply to this field as much as other fields, as a large-scale jewelry retailer, there are some special points to remember before starting. To this end, we have edited a short guide on how to succeed in this industry.
Know your supplier comprehensively
Perhaps the most common trap encountered in the jewelry wholesale industry is that you often encounter a supplier who is not honest enough about what he sells. In short, the pure silver content of silverware products must be at least 92.5% before they can be sold in the US market under “silver”, “pure silver” or any other similar label. Make sure your supplier can provide all the documents they sell to you to prove whether the product is genuine. In addition, avoid small batch purchases, as most suppliers will charge you higher prices. Finding a supplier that can provide you with the lowest market price when purchasing large quantities is the cornerstone of your profitable operation.
Comprehensively learn about silver
You can’t purchase silver for retail purposes unless you know the basics of this precious material, at the very least. Aside from the fact that sterling silver is a metallic alloy, which uses pure silver and other metals, included into the mix in order to make the jewelry resistant, there are plenty of things you will need to know about the proper storage and maintenance that silver items require. It’s usually advisable to invest in canvas satchels or pieces of cloth in which you can individually wrap each item. This way, you’ll avoid unsightly scratches or dents that would basically make your products unsellable. Along the same lines, forget the myth which says silver is best cleaned with toothpaste—avoid all abrasive cleaning products (such as toothpaste) when you’re cleaning out your jewelry.
Keep up with fashion trends
Since the silver jewelry business is essentially a branch of style, beauty and fashion business, you need to understand your own trends. When was the last time Selena Gomez wore silver? What type of earrings did Justin Bieber wear this week? What does the latest royal wedding ring look like? Your client base is mainly young women. They want affordable and fashionable jewelry, which will help them establish a popular and updated personal style. In order to reach this customer base, you first need to understand what they like.
Target bridal market
Some insiders will quickly declare that silver has long lost its former glory in the wedding market. It is replaced by exotic-looking rose gold, or the noble (but expensive) platinum, palladium, and white gold. Although this may be true, because these materials are currently regarded as very chic, remember that the decline is far from over, people’s usual wedding budget also needs wedding bands, engagement rings, dress cufflinks and other accessories, add what you need Sparks every wedding ceremony. Since ancient times, silver has been used in jewelry manufacturing. It is far from obsolete and much cheaper than most precious metals.
Smart marketing methods
Last, but not least, selling silver rings, pendants, necklaces, bracelets and other jewelry requires some smart marketing and presentation skills. The market is currently monopolized by many Southeast Asian companies. These companies do provide affordable prices, but the distance between them and their customers hinders their development. Work for your best interest: participate in local and global jewelry fairs. Follow the major jewelry retailers on social media platforms, communicate with them, and invest in the setup and design of your showroom, as well as packaging and display lines. Last, but certainly not least, remember why you entered this industry in the first place: because you know that this noble material that has been used by mankind for thousands of years will not be out of date in a short time.