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How to Buy Wholesale Gemstones on a Budget
Whether you need quality gemstones for your own jewelry designs or for resale, you must have a wholesale gemstones source. You already know that handcrafted jewelry is a profitable but competitive market. Your competitive edge depends on creating unique designs from high-quality gemstones you source at an affordable cost.
Buy from the Original Source
It takes expertise, knowledge and experience with the market to obtain the finest gemstones at the lowest prices. The best sources manufacture their own or acquire gemstones directly from the cutting centers. Preferred sources for semiprecious gemstones feature high-quality cuts and a wide selection in unusual shapes as well as the traditional shapes: oval, round and faceted.
If you are a jewelry maker that has only worked from beading kits, it can be nerve-racking moving up to buying wholesale gemstones and supplies. We’ve all been there. There are two reliable approaches to getting started.
Sketch your design and then start looking at what wholesalers offer to bring your creation to life within your budget. Or browse through what is offered to spark ideas for your next creation. Either way, take note of product numbers that interest you.
When You're New to the Gemstone Market
Jewelry makers aren't the only people in need of a source for wholesale gemstones. Typical buyers are either jewelry makers or retail sellers of jewelry materials. Both types of entrepreneurs find success by collaborating with wholesalers.The ideal wholesaler adds value to your business by offering trendy new concepts in gemstones as well as stocking a full line of traditional products. You take it to the next level with original designs that set you apart from other jewelry craft businesses.
Although not known as the world's oldest professions, jewelry design is one of civilization's earliest crafts. It's known to be at least 7,000 years old with roots in Egyptian and Mesopotamian societies. Early jewelry was dominated by gold and silver metals until Theophilus Presbyter (c. 1070–1125) became one of the earliest documented gemstone cutters. Back in his day, crafted jewelry was only commissioned by nobility and the church. Today and for the past few centuries, it has bejeweled common people all over the world.
Starting Your Retail Jewelry Business
Beginning your own jewelry business can provide you with extra cash or a full-time income. The total craft and hobby retail sector represents some $27 billion annually in industry revenue. Jewelry crafting composes a significant portion of the industry with a large number of people making repeat purchases. This is a great opportunity to turn your jeweling hobby into a profitable business.A jewelry business has many venues available to make sales. Included are brick and mortar stores, online sales, craft fairs, street fairs and private classes to generate sales of gemstones and accessories. A side business is a great way to write off tax deductions that ultimately help finance your own hobby.
When starting your jewelry business, keep in mind that not managing cash flow is the No. 1 downfall of new businesses. This makes it critically important to not only document all tax deductions but also control your budget by sourcing gemstones and other supplies from a wholesaler.
A Typical Wholesale Account
Good wholesalers offer discounts that form the budget foundation for retailers. As with most wholesale businesses, discounts vary depending on the size of the order. This works to your advantage when placing your first orders. Since you have no existing stock, your first wholesale order should be substantial enough to take advantage of larger discounts for larger orders.Setting up a wholesale account is much easier than most people realize. The most important step is obtaining a Resale Tax ID number. Where you register your business determines the government agency that issues this number. There are also government offices to guide you through successfully setting up other aspects of your business.
Once you have your Resale Tax ID number, purchasing your first wholesale gemstones is easy. You provide a copy of the tax document to the wholesaler, and the wholesaler can then approve your discount purchases. Generally, taxes are not collected at the wholesale level. Rather, these taxes are collected at the retail level.
Tips for Your Successful Jewelry Business
With your wholesale account set up, you'll want to consider other areas of your business needing attention to assure success. This is a highly creative business. You need a business logo that brands everything from your business cards to your jewelry displays. Your logo must be memorable and speak to the fact that your designs are unique.This often means targeting specific market segments such as teenage girls who are very different from high-end customers. You might decide to have different logos for different lines of your products.
Social media is an outstanding way to market your business and products. You must aggressively market on Facebook, Twitter, Instagram and Pinterest. Jewelry is a visual art form. Grabbing customer attention is especially powerful, so be sure to showcase your products on image-centric Instagram and Pinterest. Your successful business budget depends on having the right gemstone wholesaler as the cornerstone of your business.
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