- According to research, the jewellery business would be worth 307 billion dollars in 2026. This implies that those in the industry are likely going to benefit from a huge amount of profit.
- Research has also shown that most women prefer to receive a gift of jewellery. It is a known fact, that the majority of women all over the world wear jewellery like a ring or necklace. This is an indicator that anywhere in the world, selling gold jewellery would be a profitable business.
- About 29million purchases of jewellery are made globally per day, which shows that there is a ton of money in the jewellery market to be made. Hence, an opportunity for you to excel in the business because of the lack of top competition.
- Many people in the market will tell you that gold has never lost its value, unlike money and other materials. Thus, with the right skill, you will hardly risk losing your money in the jewellery industry.
- The movement of jewellery from one location to another is not as cumbersome as other products.
- Once you can find a beautiful product that fits the trend of the consumers in your location, you are likely going to earn a huge profit.
- Gold jewellery is a precious stone and is not as fragile as other products that can easily break. Thus, there is no risk of losing a product(due to breaking) while shipping it to another location.
- On some occasions, the customers demand a specific custom of jewellery with their preferred encryption. This is an opportunity to charge more on a product and earn more profit.
- Many couples use gold as both an engagement and wedding ring which means you can hardly run out of customers.
- Many people see gold as an investment strategy. Thus, going into the gold business is not a bad idea, as your customers might see it as a commodity.
- In countries like India, they value gold during marriage rituals. Therefore, if you hail from India, this is a lucrative business to go for.
- Pure (24 karats) Gold doesn’t fade. Once you buy it, it remains the way it’s forever until you decide to change its design. However, jewellery is mixed with other substances that pave way for its tarnishing with time. It’s expected to tarnish after 2years.
- The three top countries that make gold purchases are India, China and the USA as of 2019. Statistics have shown that the USA jewellery market is worth 76bllion dollars between 2015 to 2020. It’s very important to start with a large amount of money if you wish to make a noticeable profit.
- By learning from an experienced person in jewellery in the field, you will learn how to handle many issues like importation, customer transactions, product value and many more.
- If you are creative, committed, and talented. The business is a good idea as the fashion industry keeps changing regularly. Are you a tech person? Having a good understanding of marketing your products online can attract more customers and boost your audience globally.
After reading the article, you should be familiar with 15 Facts on Gold Jewellery Business You Need to Know
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