Like Shiny Objects? Here’s How To Become a Jewelry Dealer!
During times of economic and political uncertainty, many people turn towards gold as an asset they can invest in for the long run. While some just use bullion for holding their assets, others take the gains and make a living by buying and selling gold and gold jewelry. Jewelry dealers, as most such entrepreneurs are known, tend to buy basic gold, add value to it and then sell it forward to their clientele.
Women with a keen sense for fashion and jewelry have stepped into this field now, and are making strong gains in the face of the options present.
Knowing the opportunities in the market, we have made a list of steps to follow to become a jewelry dealer. Remember that this is not an overnight job, as adherence to your principles and the steps mentioned here would only get you to the beginning of the coveted revenue stream you want.
Develop a Business Plan
This is without a doubt the first step in the way towards becoming a jewelry dealer. Obviously you might have a plan of sorts to define your selling routine and the market you will be targeting. To excel in the gold market, you should have your niche sorted out. Are you going to do assorted gold items for weddings and festivities, or do you want to provide antique gold jewelry in the market? These are all questions that you need to have answers to. Additionally, also have a budget on your disposal to know your immediate costs and the best way to manage them.
Decide how you want to sell. Is your preference for an exclusive online website? For sites that conglomerate sellers such as EBay or Amazon? Or do you want to venture into direct sales or even a brick-and-mortar storefront? Each of these has benefits and disadvantages. You’ll want to weigh the options carefully.
Market your Business
What sets you apart from the thousands of other jewelry dealers operating in your town, city, state or country? There has to be a unique selling point. If the USP isn’t strong enough, then you’d have to focus on marketing as a tool to leverage your sales. Pull people over to you, and give them an offer that they cannot reject. Also make sure that you market only what you can actually provide. Do not give overwhelming offers and promises, only to backtrack later on.
Test and Buying Gold
Buying gold is an art that you can learn from any expert in the market. This process requires going to different events and locations, and testing gold to prove its authenticity. Two common methods for testing gold are to use acids and magnets. Gold is not attracted to magnets, so if anything proclaimed as the yellow metal does get attracted, then it is not pure gold.
Acid tests also check the authenticity of gold, and come with unique instructions mentioned on them for clarity and inference. Make sure you purchase gold in high enough volume to break volume buying thresholds and serve your clientele.
Keeping an Eye on the Prices
It is necessary for you to keep an eye on prices and check them for trends, if any, as often as possible. Gold prices keep fluctuating, sometimes moving unexpectedly, and you might miss out on some gains by not keeping a stringent check on these fluctuations.