By: Dayna Winter
Introduction
For many people with a passion for jewelry making, this hobby serves as a wonderful way to relax after a long workday. But what if those creations start attracting the attention of friends and even strangers? At this point, you may ask yourself: “Can my hobby turn into a business?”
Learning how to start a jewelry business requires an understanding of the industry. In fact: there is intense competition in this field. The global jewelry market is expected to reach $418.9 billion by 2026. However, there is still room for newcomers who can find an untapped niche or offer a fresh perspective on the craft.
If you’re looking for a creative way to make money, keep reading. This comprehensive guide to starting your own jewelry business includes tips from professionals, tactical advice, and inspiration from accredited designers and business owners.
How to Start a Jewelry Business in 9 Steps
1. Find a Gap in the Jewelry Industry
There are several categories within the jewelry market – from cheap plastic beads to precious metals and gemstones. One of the first questions you should ask yourself is: What will I sell?
You can choose luxury jewelry or costume jewelry (also known as fashion jewelry) or something in between. Each of these categories has its materials, production processes, price points, and customer profiles: Luxury Jewelry?
Luxury jewelry is at the upper end of the market and can be recognized by the following traits: made from precious and semi-precious metals and gemstones, higher price points, crafted with excellent workmanship, usually not mass-produced, targeted to customers looking for luxury, weddings, and special occasions.
Fashion or Costume Jewelry?
Fashion jewelry is the type of jewelry you see everywhere in stores and online retailers at mid-range prices. You can identify it by the following characteristics: typically follows fast fashion trends, made from cheap or lower-cost materials (beads, wire, plated metal, plastic, synthetic stones, etc.), lower price points, can be mass-produced (and often is), aimed at everyday customers.
Artist-designed Jewelry?
This category includes everything in between. Here you’ll find handcrafted jewelry that requires specialized skills and mid-range materials. This jewelry also features the following traits: materials range from cheap to precious (fabrics, metals, semi-precious stones, wood, 3D printing, etc.), unique designs (collectible, custom-made, one-of-a-kind), skilled craftsmanship, price points vary but are usually in the mid to high range depending on the artist’s reputation or the amount of labor involved, suitable for customers who care about design, collecting, and gifting.
Camille Enrico’s jewelry is known for its unique balance of metals and fabrics, making the pieces distinctive and harmonious with one another.
Once you’ve defined the general category of your new jewelry business, it’s time to identify a gap for your products. Start by pinpointing your ideal customer (classic, trendy, bride, socially conscious clients, etc.) and decide whether your products are intended for a specific occasion (wedding, party, everyday wear, etc.). These factors will dictate how to market the products to your target audience.
Enso found its niche with an audience looking for alternatives to metal rings – active customers and those with metal sensitivities. Enso
Jewelry Products and Categories
Once you decide on your market, consider whether you will sell a variety of product types or focus on one item. For example, you might want to specialize in engagement rings or choose from a range of trendy, diverse pieces.
Keep going
In considering the following products for your jewelry company:
– Rings (measured or adjustable)
– Necklaces (chokers, pendants)
– Bracelets (bangles, cuffs)
– Earrings (drop, hoop, stud)
– Engagement and wedding rings (engagement, for men)
– Watches
– Finger rings and body chains and other body jewelry
– Piercings (nose, navel)
You should also consider complementary products and categories. The jewelry brand Wolf & Moon sells its own styles in hair accessories and bags as well.
2. Research the market and trends
To successfully launch your brand in the jewelry field, it requires an understanding of trends and thorough market research. Before you start developing your brand and products, it is vital to know your target audience and gather inspiration. Keep up with jewelry trends.
Researching trends is a way to identify (and confirm) the direction you’ve chosen. Read fashion and jewelry blogs and follow influential fashion and jewelry industry figures on TikTok to keep up with trends each upcoming season. Look for other jewelry designers for inspiration.
And don’t hesitate to leverage some data. Using Google Trends, you can also see the overall global search volume for a particular term.
Alternatively, you might explore adjacent consumer trends, such as the desire for customizable experiences like engraving. Or capitalize on the growing trend of sustainable shopping habits by using ethically sourced materials.
But business owners shouldn’t just follow trends – you can also use your jewelry business to start your own trend. This is what Biko’s founder and designer Corrine Anestopoulos did when she launched her collection based on personal style. Biko Jewelry sits somewhere between everyday and luxury jewelry, selling high-quality designs meant for daily wear.
“I felt like I stumbled upon a market for something new unintentionally,” says Corrine. “But it was my personal taste.” When she started, Corrine was working with a brass touch. “No one else was doing that,” she says, noting that shiny silver was the trend at that time.
Now, although her collections evolve with jewelry industry trends every year, the common thread is the distinctive look that defines her brand and ensures customer repeatability.
3. Define your brand
All successful jewelry companies share one thing: a strong brand. Remember, branding is different from graphic design. Branding is your voice, your message, your vision, and your brand’s story. It tells potential customers how they should feel about your products. Fashion buying is often tied to emotions, and emerging brands can win customers by connecting on a personal level, even through something as simple as the business name.
Telling your brand story and finding your voice
Branding principles will guide you in everything you do as a brand. This foundational document will capture everything from voice and tone to messaging and values. It will be helpful in maintaining consistency in your communications even as you grow.
Best practices for jewelry brands:
– Understand your audience. How do they speak? What is the tone and colloquialism that will resonate with them?
– Establish the brand voice and tone. Tell your story through your “about” page.
– Add yourself to your social media posts by sharing the process and inspiration behind your designs.
The “about” page of Anice Jewelry tells the story of owner Britt.
Packaging and brand identity
Packaging refers to the tactical elements that visually represent your brand: your logo, packaging, business cards, and your website.
Once you determine the aesthetics for your products, choose a business name that fits your audience, and align with your customer profile, it should be easy to define an overview that will shape your brand. This is a crucial step, even for small businesses, so do not rush it.
Tasks
Branding design to be completed as a new jewelry business owner:
– Decide on fonts, colors, and visual aesthetics. Develop the logo yourself using a free online logo maker or hire a professional.
– Create a library of brand assets, including multiple versions of your logo and other design elements that will appear on packaging, social media, and your website.
– Choose a recognizable domain name to help customers find and remember your website.
– Design creative product packaging and shipping materials to match your brand.
Frank Darling’s branding is consistent across every touchpoint with customers, from packaging to social media content.
For larger budgets, you can work with a designer to translate your vision into a complete branding design package for your business – from the logo and website to packaging and marketing materials. Browse Shopify design professionals’ portfolios to find a designer whose work matches your taste.
? Tip: Remember you’ll also need to budget for professional product photography. We’ll discuss the importance of jewelry photography later in this article.
Writing a business plan for a jewelry company
A formal business plan may not be necessary if you do not plan to present your idea to investors or seek other forms of external financing initially. However, it might be helpful to take a look at some business plan templates to help you understand your target audience, objectives, business model, costs, and growth plan. It is also useful while learning how to manage a jewelry business.
Your business plan can clarify your brand’s mission and values, helping you align with the right investors for your business.
? Success Story: A Passion Project Became a Successful DTC Brand
Brittany Hawkins started her business by selling some of her creations on Etsy. After achieving success, she moved her jewelry business to Shopify and opened a retail store. ? Read Brittany’s story
? Essential Reading: How to Start Your Own Brand from Scratch in 7 Steps: A Guide to Brand Storytelling [Free Workbook]
4. Producing (or Sourcing) Your Jewelry Products
How you develop your products – by hand or in a factory, at home or outsourced to others – depends on the complexity of the design, price point, materials required, and level of skill needed. In this section, we will discuss how to start a jewelry business through five methods of production and sourcing: Handmade jewelry production: Luxurious and unique Handmade jewelry production: Trendy and ordinary Jewelry production: Factory outsourcing Jewelry production: Print on demand Assembling jewelry: Dropshipping and resale
1. Handmade jewelry production: Luxurious and unique
Producing luxurious and unique jewelry can be one of the most complex and distinctive production methods. Some methods for producing luxurious and unique jewelry require specialized training/certification and expensive equipment. You may need to learn some of these techniques, including: Silver/gold fabrication welding 3D printing Casting Laser cutting Leather forming Beading Gemstone setting
? Tip: You might consider starting with free online lessons to learn jewelry making. You can then upgrade to paid lessons or apprentice under an experienced craftsman to expand your skill set.
2. Handmade jewelry production: Trendy and ordinary
Creating trendy handmade jewelry often involves assembling pre-existing elements – chains, wires, beads, cast pendants, etc. – and does not require special training or equipment beyond basic hand tools.
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This type of business is easier to scale, as you can buy items in bulk and create templates for assembly by a hired production team.
If design and production are the elements that bring you joy in your work and not the actual task of making jewelry, hire others or employ other people to help you expand the creative business.
Biko Corrine connects with local universities that have popular fashion communication programs to look for interns. “I’m not looking for anyone interested in design,” she says. “What I need is someone to help me save my time so I can design more.” ? Success story: How a young entrepreneur built an empire from beads
Riley Keenan Peterson started disassembling old jewelry and reassembling it when she was five years old. Now, her brand Gunner & Lux is sold in global stores like J.Crew. ? Read her story
3. Jewelry Production: Manufacturing Outsourcing
Instead of making jewelry by hand, you can have someone else manufacture your designs. This is not ideal for luxury, custom, or one-of-a-kind jewelry, but it can be cost-effective for trendy jewelry produced in larger quantities. There are two main options for outsourcing jewelry manufacturing: domestic and overseas.
Domestic manufacturing has attractive benefits like “made locally” and offers easier opportunities to build relationships and monitor quality at the factory. Disadvantages may include higher costs, limited selection, and production size constraints.
Overseas manufacturing can be a good solution if you want to reduce costs (for those doing bulk) and have more options in manufacturing facilities. You may face challenges in communication, less oversight, and coordination issues due to supply chain delays.
Accurate drawings or 3D models of your designs are essential if you’re outsourcing jewelry manufacturing. There are many options depending on your skill level and budget:
– Hand design tools: pens, drawing paper, jewelry design templates ($)
– General 2D or 3D design software: Photoshop, Illustrator, SketchUp ($$)
– Jewelry-specific design software (best for luxury jewelry): RhinoGold, MatrixGold ($$$)
4. Jewelry Production: Print on Demand
The least effort-intensive way to produce is to upload your designs to a print-on-demand app. Your original designs are printed in 3D or recreated in stainless steel, wood, plastic, gold, or silver and shipped directly to your customers.
The Shopify app store is full of businesses that can turn your designs into a range of products, from mugs to t-shirts and jewelry.
5. Assembling Jewelry: Dropshipping and Reselling
If you’re not creative but still have a passion for jewelry, consider reselling and assembling pieces of jewelry from other designers to sell in your own online store. You can carry inventory and ship it yourself or choose the dropshipping model for jewelry.
With dropshipping, there’s no need to hold any inventory. Sell products through your jewelry business online, and orders are shipped directly to your customers by the supplier.
5. Setting Up a Studio or Workspace for Your Jewelry Business
If you decide to make jewelry at home, you will need a workshop space for yourself and your team. When setting up this space, consider the following points:
– Portability. Look at the flow of the space, especially if assembly requires multiple steps – do you move from station to station in a logical sequence?
– Safety. Some chemicals or tools used in jewelry-making require proper ventilation and safety precautions. Check local laws regarding the use of these materials and processes.
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Storage. Organized multi-section storage is essential for small parts.
“The jeweler’s bench and the flexible shaft and your safety will be the most important considerations,” says Jillian Johnson, founder of the Canadian jewelry brand Hawkly. “The flexible shaft is a fantastic and versatile tool you can use for drilling, finishing, and polishing your pieces.” She also recommends wearing a mask and protective eyewear – and for those who have sensitivity to…
Source: https://shopify.com/blog/203365449-start-a-jewellery-making-business
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