Have you been wondering how to start a jewellery business in India? This lucrative business idea is an excellent venture for entrepreneurs. According to reports, households in the country hold up to 25,000 tonnes of gold, primarily jewellery. Suffice it to say—Indians love jewellery, and the demand for gold has always remained high, making a gold jewellery business an excellent idea.
This article delves into the types of jewellery businesses in India, the benefits of starting such a venture, and the steps you can take to set up your own business.
Simple steps to start a Jewellery Business in India
Follow these simple steps to start your gold jewellery business in India:
Step 1: Conduct your research
The first step to setting up a successful jewellery business is to know your market, target audience, ongoing trends, what type of jewellery and materials you require, and more.
Step 2: Decide your niche
Determine what materials you want to use, the designs you wish to follow, and your aesthetic. For example, do you want to focus on traditional gold and diamond Indian jewellery, or do you prefer to keep up with trends?
Step 3: Create a business plan
This step is crucial for determining your target audience, business goals, finances, and more. During this step, you should also source your materials and establish relationships with suppliers.
Step 4: Create a brand and register your business
Create a name and brand easily recognisable by your audience, and ensure you obtain the necessary permits and licenses.
Step 5: Market your brand
Establish a social media presence, set up your own website, and leverage traditional advertising to reach your audience.
Benefits of starting a jewellery business
There are many benefits to starting a jewellery business in India. These include:
– Jewellery has a lot of cultural significance in the country. Therefore, this venture can benefit from consistent demand.
– A jewellery business offers high profit margins.
– It is relatively stable since the demand for jewellery is not affected by market fluctuations.
– Jewellery designs vary greatly, and different people like different styles. This allows business owners and entrepreneurs to express creative freedom.
– Unique, high-quality products can ensure strong customer relationships and lead to repeat business.
Market size of the Jewellery Industry
The jewellery industry in India is massive. Here are some key facts and figures about the industry:
– The jewellery market is worth approximately USD 85.52 billion. It is estimated to grow at a CAGR of 5.7% between 2024 and 2030.
– The market is currently witnessing a rise in demand for traditional gemstone and gold designs, which reflect India’s unique culture and heritage.
– India accounts for almost 25% of the world’s gold demand.
– India is also a major exporter of diamonds and gold and one of the largest diamond cutting and polishing centres in the world.
Jewellery Business Types
There are 4 significant types of jewellery businesses in India. These include:
– Brick-and-mortar jewellery store: Brick-and-mortar stores can be highly profitable since many consumers like to see, feel, and test products before purchasing them. However, these stores have many additional costs. These include furnishing, rent, electricity, storage, security, sales staff, and more. However, many financial institutions, such as Tata Capital, offer simple funding options for businesses.
– Online jewellery store: Online stores are an excellent way to reach a wider audience. They are also less labour- and capital-intensive than traditional brick-and-mortar stores. However, it is vital to invest in marketing and advertising and create a strong brand identity. An online store can also be an efficient way to test your business before opening a physical store.
– Gold import and trading: Gold import and trading can be an attractive option for those wanting to start a business related to jewellery. These businesses involve importing gold or trading the metal. However, adequate financing is required for storage, logistics, cross-currency payments, trading margins, and more.
– Jewellery making: Another excellent option for entrepreneurs wondering how to open a gold jewellery shop is to get involved in the manufacturing process itself. This would involve sourcing gold, filtration, heating, moulding, testing, packaging, storage, and more. However, this process needs to be rigorously monitored to create high-quality, saleable products. Entrepreneurs will also require adequate funding for this process.
Conclusion
So, the answer to this question, “how to start jewelry business” or “how to start a jewelry business online” can depend on the type of business the entrepreneur is aiming at. However, the more important part is financial readiness that can be built initially by availing credit facilities.
Tata capital can be an entrepreneur’s perfect dream partner, with its pre-approved business loan facility, pocket-friendly rates, and easy repayment options. With its structured EMI plans, entrepreneurs can focus on “how to start a jewellery business” rather than “where can one draw funding from.”
FAQs
Some of the most profitable types of jewellery are gold and diamond products. This is because these materials have very high value retention, and business owners can benefit from very high profit margins.
If you’re wondering how to open a gold jewellery shop, the cost depends on several factors. These include the type of business you choose to start, the inventory required, setup, advertising and marketing, and more. The amount could range from Rs. 2 lakh to Rs. 10 lakh.
Currently, the trends in the jewellery market include unique personlised pendants, initial necklaces, eco-friendly and sustainable materials and designs, lab-grown diamonds, minimalist designs, chunky gold jewellery, and modern and traditional fusions.
Entrepreneurs wondering how to start a jewellery business in India must obtain a license from the Bureau of Indian Standards, or BIS. This license is crucial for hallmarked gold and silver jewellery or artefacts.
Currently, the country with the highest market for jewellery is China. This is closely followed by India and the United States of America, making up the top 3 countries with the highest market demand for jewellery.
23 April 2025
5 mins read
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