Jewelry business is very profitable because it is what women use to enhance their beauty and men too. Have you noticed that some men are equally using jewelries same as women even more. There is much profit to make especially when you import your items. I will tell you how to go about that so read to the end. Jewelry business can be started with small amount and it can be sold at any location. Jewelry is available in a variety of styles from simple and elegant to flashy and hip. There is at least one to suit everyone’s personal taste and budget. Jewel is available in Gemstone or diamond, silver and gold.
Steps to start jewelry business in Nigeria
1. Capital
This is very important because it will determine the size of your business. The Capital should include money for the shop if you are using any, to buy the jewellery and other contingencies. You can start jewelry business in Nigeria with 100k on a small scale. The higher your capital the more you profits.
2. Target market
Know your target, lets say, you are a student and your target market is school environment. Then you should know what jewelry to go for. It also determine your budget and the kind of jewelry to buy.
3. Where to buy your Jewelry
There are jewelry wholesalers and dealers you can buy from. One place to buy jewelry is trade fair, Badagry, Lagos.
The most profitable is importing the jewelries from other countries like; China, Dubai, Brazil etc. You can do mini importation if you don’t have much money.
Choose a niche
You can choose the kind of jewelry to sell and stick to it. But mixing attracts more sells and profits
How to start small jewelry business
Like every other business you can start on a small scale by buying jewelries from wholesalers who travel to China or Dubai. It is easier to buy directly from them and still make good profits.
Jewelry importation
Register with AliExpress, especially if you are starting small but for large importers register with Alibaba. Better still you can register with 1688 although they use China language on their site you can translate with Google translator. There are very many sellers in AliExpress that are dubious, they will sell jewelries that are fake. And it won’t take long there will fade. Make sure you read people’s review on Jewelry sellers.
To know how mini importation is done, kindly, read my post.
Where to sell
How to sell jewelry online. These items are sold on social media and online stores, such as; Facebook, Instagram, Konga, Jumia, Olist, Jiji, Kaymu etc. You don’t have to do much except to place order and keep up updating the products you have in your stock. Clients will be calling to order for the jewelry of their choice Please be honest with your customers that’s what would sustain your online jewelry business in Nigeria. Try as much as you can not to disappoint them because some of them are also in business probably jewelry retailers and would not want to disappoint their customers as well.
Open a shop, you can sell in physical store and sell assorted jewelries.
Apart from jewelries you can add Wristwatches, body care products and other fashionable stuff. Any product you know that is fast moving. Designer Wristwatches with top brands such as; Armani, Emperor, Gucci, Roles.
As a jewel importer, note the following terms;
- gold plaited,
- wrapped silver,
- stamped,
- 925 sterling silver versus metallic silver (purity and weight),
- platinum (more expensive than gd).
- Gold karat (10, 14, 18, 22, 24 karat is also known as 99.9% pure gold.
- Gold colour/shade or tone (white gold, rose gold, black opal etc.)type of stone used on ring eg.
- Diamond (different types too, pearls etc.
Be acquainted with pricing depending on quality and weight.
Factors that affect the price of jewelries
A lot of factors affect/determine the price of jewelry in the market, they are:
- Designer label
- Material quality
- Handcrafted versus machined produced
Types of jewelries to sell
- Gold
- Pearl
- Silver
- Rings
- Chains
- Wristwatches
- Hand bands
- Bangles
- Bracelets
Is Jewelry business profitable
It is very profitable, you can earn 100% profit and up to 500% profit when you import. An earing you bought #50 can be sold #200, you can imagine.
How to start selling jewelries
Start by selling quality ear rings, bangles, necklace, wedding bind etc to friends, neighbours and family members.
