The Jewellery Business in India
Are you thinking about starting a jewellery business in India? You’ve come to the right place. The jewellery business in India is a very profitable sector to get into for many entrepreneurs. It’s been reported that Indian gems and jewellery exports are worth $39.14 billion today. India also ranks first when it comes to cut and polished diamonds and second in gold.
In this blog, we will discuss everything you need to know about starting and growing your jewellery business. We will also tell you how to franchise your jewellery business if that’s your goal.
Starting My Jewellery Business in India
Indians have a huge appetite for gold jewellery. In India gold isn’t just ornamental, it’s considered an investment by most Indians. If you are thinking about starting your jewellery business, you need to choose what type of jewellery business it is going to be. It can be divided into five types:
- Retail Jewellery Shops
- Online Jewellery Retail
- Gold Trading
- Gold Importers
- Jewellery Manufacturers
Deciding on what type of business you’re going to start is your first step. Most entrepreneurs choose retail jewellery shops since they’re the most popular and profitable choice. In fact, most Indian customers prefer local jewellery shops to branded jewellery. As a matter of fact, nearly 96% of jewellery retail shops are family-owned local businesses.
How to Grow My Jewellery Business in India
There are three ways you can grow your jewellery business. You can either choose,
- Traditional Store Models,
- Online Stores, or
- Hybrid Store Models
All three are great ways to expand your jewellery business.
How to Grow My Online Jewellery Business in India
Online Jewellery businesses are run through online stores and applications. This model can be convenient and profitable if you’re starting a home-based business. Since the pandemic, many businesses have moved online to sell most of their products and the jewellery retail businesses are no different.
These are some steps you can take when starting your online jewellery business:
- Have Quality Products And Services
- Have A Definite Business Model In Mind
- Understand Your Market And Target Demographic
- Set Up Your Website
- Consistently Update And Optimise Your Website
- Have A Good Social Media Presence
The key point here is, building trust with your customers. Especially if you are selling gold or any other precious metal jewellery online. This is what will help you the most in the long term.
For example, brands like BlueStone which started as an online business have their jewellery as made-to-order pieces. They let customers shortlist pieces and provide buy-at-home services where customers can finalise their purchases.
Should I Franchise My Business In India?
Now that you have your business up and running, you’re thinking that maybe you want to start franchising your business in India. There are ways you can do this. One is by using a franchise consultancy agency like Sparkle Minds. This will help you get on the right track and give you and your business the best shot at success.
How to Make My Jewellery Business into a Franchise in India
The next steps to start franchising your jewellery business would be:
- Getting Your Jewellery Business Registered
- GST Registration For Your Jewellery Business
- Getting Bis Certificate For Your Jewellery Business
- Getting A Bank Account For You Jewellery Business
- Recruiting Employees For Your Jewellery Business
- Marketing Your Business As A Jewellery Business and Franchise
- Drafting your Franchise Agreement Forms and Franchise Disclosure Documents
- Managing Your Jewellery Businesses
Jewellery Business Models – Franchise Models in India
Once you have all your initial steps in order, you need a proper jewellery business plan. You need to decide what type of franchise model you are going to have for your stores. As stated in the previous section, there are three main models.
Traditional Stores – Physical Locations
These are traditional, stand-alone buildings. Most franchises use this model to expand their offline presence to other areas and locations. These stores can either be franchised stores or company-owned stores. This will be completely up to you as the franchisor.
Online Stores
These are great for businesses that want to build an online presence and increase their sales. Online stores allow businesses to be readily available to customers no matter where they are. They are also used by most businesses to track customer orders and provide door-to-door delivery services.
Hybrid Model Franchises
This model allows for a mix of both traditional and online stores. A lot of retail franchises today have shifted to using this model. Mainly due to the pandemic and the effect it had on businesses that relied solely on physical stores. This model gives you more flexibility when running your business and franchises.
Conclusion
Franchising your jewellery business, or any business for that matter can be complicated and tedious. Getting professional help can be what allows your business to succeed in today’s market. This is why seeking professional help from consultancy agencies like Sparkle Minds can really help you on your journey.
If you’re interested in starting your jewellery business or franchising your jewellery business in India, connect with Sparkleminds today!
