When owning or managing a jewelry business, eventually your priority is finding trending designs at the right time. Due to the ever changing trends and increasing number of picky shoppers, big businesses like Tiffany & Co. have dropped in jewelry sales by 34%.
People are no longer buying just for the sake of it. They want every purchase to be perfect. Here are some tips to make sure you choose the best jewelry for your customers.
1. Be Careful of the Jewelry Type
When you are looking for wholesale silver jewelers, you must be attentive to the type of jewelry you’re choosing. You may be buying qualitative designs – but unless they have the potential to be purchased, they cannot be called “best.”
For example, if your store is located in an area where the majority are elderly, it doesn’t make sense to stock up on septum clips or belly rings.
So consider the demographics and the jewelry that resonates with your audience.
2. Consider the Packaging
Unboxing is one of the crucial contributors for brand building. Often, people buy jewelry as gifts for others, hence at that moment presentation becomes as important as the jewelry for the buyer.
For example, imagine buying earrings as a gift to a loved one for Christmas. Would it matter if the jewelry was handed to you in a plastic ziplock pouch?
Packaging is one of the key tools for building brand loyalty. However, make sure to find the sweet spot between buying presentable packaging and maintaining a competitive selling price for your jewelry.
3. Get Appraisal
As a jeweler, you can’t afford to go on a limb and trust that you will be provided quality pieces. When you are dealing with a new supplier, it is always recommended to get an appraisal first. This process will likely cost extra money, but it will spare you any delays or legal issues with the clients. Even if the jewelry is real, an appraisal will ensure you are not overcharged for the items.
4. Look for Hallmarks
As a jewelry shop owner, you should be able to recognize the hallmarks of a quality piece. For example, silver jewelry will have specific marks that will brand it as an authentic piece.
Sterling silver pieces will have the code 925 engraved on them. These markings will be found in discrete locations, on the inner side of the jewelry. Depending on the craftsmanship, you may even need a magnifying glass to see it. So, if this hallmark is there, it means that you have a high-quality piece in your hands.
5. Familiarize Yourself with Trends
The best silver jewelry is not always just authentic – it’s trendy as well. For example, when rose gold started trending in jewelry, these pieces were sold out immediately. A silver ring piece with a rose gold gem is still a popular choice for Christmas. Take some time to browse through magazines and social media so that you can provide for your customer’s needs.
6. Calculate Margin Profit
As you are running a business, it’s very important to keep profitability in mind. When you are buying silver wholesale jewelry, make sure that the margin profit you receive will be worth all the time and effort.
Ideally, you should look for pieces that sell under market value. If the price or interest rate is too high, you will not get any profit. You will have to increase the sale price in your shop, which might just drive your potential clients away. The best jewelry will bring at least 10% profit to your business.
7. Look for the Best Discounts
If you want to make a profit during the busiest time of the year, you should search for discounts and special offers. For example, if you are preparing your next wholesale silver fashion jewelry batch for Christmas, then you could look for Black Friday discounts in November.
This is very often a good occasion to buy high-quality jewelry in larger batches. During this time of the year, you can easily find 925 silver pieces at factory prices, straight from the wholesaler.
By getting a good price on the batch, you can sell at your usual rates and get more profit than ever. You can also sell the pieces at a discount, which will attract clients and boost your sales.
The Bottom Line
When you are buying wholesale jewelry for your business, you must be extremely careful. Take your time to find the right seller, and once you do, look for the hallmark. These extra steps will ensure your clients receive a quality piece.
