Business Overview

Entrepreneurs who enter this industry are usually passionate about metalworking and gemstones and have a good eye for value. Jewelry businesses usually specialize in the fabrication and sale of unique jewelry pieces. They also resell estate or secondhand pieces. Some jewelers will also accept pieces on consignment.

 

Who is this business right for?

This business is suitable for individuals who have a passion for metalworking and are experts in the trade.

The jewelry business is also influenced by the gemstone and precious metals industry, so business owners should also be metals enthusiasts and enjoy watching the metals and gemstone markets.

What happens during a typical day at a jewelry store?

Business owners typically work late hours and spend a lot of time creating jewelry, taking inventory, and managing supplies.

What is the target market?

Ideal customers are those shopping for an engagement or wedding ring. Alternatively, those who are interested in and can afford luxury jewelry or custom pieces are also ideal customers.

How does a jewelry store make money?

A jewelry business makes money by fabricating and selling jewelry. Customers typically pay a set price for the piece which is based on the cost of metal, gemstones, labor for fabrication, and jeweler’s markup.

What is the growth potential for a jewelry store?

Being a jeweler is a low overhead business. You can run it out of a home or garage or rent a small office or building. Small jewelers are usually owner-operated and focus on custom jewelry and pieces for the general public. Large retailers may or may not do many custom pieces and often focus on mass market appeal.