An industry that was valued at approximately 280 billion US dollars just two years back and is expected to triple in value over the next decade. Yes, we are talking about an industry that is none other than the jewelry industry. Just the size of the market alone makes it lucrative enough for anyone to try and get a portion of the serving. When looking to start a business in the jewelry industry, you will need to proceed with caution. So, you better prepare yourself before you begin this endeavour. Many investors get it wrong right at the beginning while Buying Wholesale jewelry for resale and end up losing money that could have been turned to profit. You can arm yourself with the proper knowledge before venturing out in the market to avoid making costly mistakes.
One of the best ways to get into the jewelry industry is to find the right jewelry maker buy in bulk and resale. Not that hard is it? I would be wrong if I use the word “easy” to describe it for you. Still, the jewelry industry is one of the most challenging industries to survive in as the trends keep on changing, and the demand for fresh designs and materials is difficult to keep up with.
So here are some ways you can ensure that you make the right decisions while buying jewelry in wholesale.
Learn how to spot a fake
The easiest way to con someone in the jewelry industry is to sell them something that worth pennies in thousands of dollars. To make it in the game, this is the first thing you need to learn. You should be able to spot a fake in the middle of a thousand pieces that’s how good you will need to be if you want to make it. No piece is cheap jewelry is costly even if you get conned for a single article keep in mind that the particular piece could be worth a couple of hundred bucks if not more which is enough to put a small dent in the pocket. Moreover, the end customer will give you a hard time if the article sold by you turn out to be fake! Check for the description of products carefully, the weight and size of the jewelry along with the material can be a good starting point for you. As you get involved in buying more exclusive and rare materials you will need more authentication for the legitimacy of the piece.
The right supplier
You should give enough time to verify your supplier. Some of the things that you can do to make sure to confirm your supplier include testing out a few of their products yourself, checking for their registration number and testing their customer support services. Other simpler ways include contacting their past customers to check for their reputation; this will give you a pretty good feel of the kind of service that your prospect supplier offers. In the long run, a reliable supplier will provide you with genuine products that will help in retaining customers. Also, it is always nice to have a backup supplier so that you do not lose sales when demands are high.
Make sure that before you make any purchase that is worth a significant amount of money, you should check the return policies of your supplier. Be thorough about small details like can you return single units or what happens to the defected pieces from the lot. These may not seem like much, but the costs can add up over time and put you under a whole lot of unearned money. Also, find about the time limitations of returning a purchase that you made and how long will it take for you to get your money back. These processes may seem easy but are complicated and take up a lot of time blocking your money for a significant amount of time.
It is easy to make a hasty decision while investing in any business, make sure that you fully understand the pros and cons of the company before you step into the market. Only go for the best choices as the factors as mentioned earlier will result in happy customers as well as guarantee business in the long run.