The Indian jewelry industry market was recorded at 78.50 Billion Dollars in 2021. In fact, the market is expected to grow with a CAGR OF 8.34% to reach 119.80 Billion Dollars by 2027.
Moreover, the Indian government has been promoting jewelry exports as part of its “Make in India” campaign.
It offers a variety of incentives, including:
Jewelry has been an integral part of Indian culture for centuries.
The trade was once controlled by merchants who traded with gold and silver.
However, now there are ample opportunities for modern and aesthetic jewelry to make its place in the market.
But, first, let me help you with understanding the legal requirements for starting a Jewelry Business in India.
Before you can start a jewelry business, there are a few legal requirements you need to consider.
Trying to navigate these processes on your own can feel a little intimidating, but getting in touch with an expert will make it easier for you.
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The first and foremost legal aspect you need to look out for is registering your business.
You can go for a Private Limited Company Registration Online, One Person Company, Limited Liability Partnership, Sole Proprietorship or Partnership Firm.
After that, open a Business Bank Account and Apply for GST Registration.
Also, do not forget to take permission from Local Authorities on your Store Location. For this purpose, apply for a Shop and Establishment Act Certificate.
Furthermore, if you will be dealing in Gold Jewelry, it is mandatory to apply for a BIS License for Hallmark as well.
In case you are planning to go global and want to Export Jewellery from India to the USA, you must have an IEC Certificate.
Last but not the least, do not miss out on Insurance to protect your business from any unfortunate mishaps. It will help you to always be on the safer side in future.
There are many different styles of products available in the market and it can be hard to choose which one to go with.
There are many different styles of jewelry that you can create and sell from your business.
You should think about which style would best suit your target market and what you are most interested in making.
The three major product styles that you can choose from when starting a jewelry business in India are:
The decision will depend on your investment capability and your area of interest.
Trends are constantly changing and it is important to stay up-to-date.
Researching the latest trends in a niche or industry can help you make better decisions and take your business to greater heights.
There are many ways to research trends, but one of the best ways is by following social media sites like Facebook, Instagram, Pinterest and blogs that specialize in jewelry design.
You can also look at what celebrities are wearing, what designers are making, and what stores are selling. In fact, look at jewelry magazines such as Bazaar, Vogue and Elle as well.
Another way to figure out the trends is by using Google Keywords. For this purpose, firstly, list some keywords related to the jewelry business that comes to your mind with brainstorming.
For example, aesthetic rings, gold earrings, modern jewelry, silver pendant etc.
Then start a search on Google Keyword Planner.
It will give you an estimate of people who search for these terms on the internet.
Let's look at the term "Aesthetic Jewellery".
It has an average monthly search of 2900 people in 2022.
Thus, if you target them in the right way, they can turn out to be your potential customers.
It is better to keep an eye on the latest trends in the industry to stay ahead of your competitors.
Also, make sure that you are keeping up with the latest technology and designs to stay relevant.
Picking a target audience is essential for any business.
You can use the following techniques to identify your target audience:
Your target audience may be defined by factors such as:
Knowing your target audience is important because it will help you decide the kind of products you should offer and the marketing strategies that will work for your business.
When you are planning to start a jewelry business, you need to find reliable suppliers who can provide the raw materials and components that you will need at a good price.
You also need to find suppliers who can provide the logistics support that is needed to get your products shipped on time.
You have three options when you are looking for a supplier:
The internet has made it much easier to find suppliers in India if you know where to look.
In fact, classifieds, social media groups and forums, and industry-specific portals all offer a variety of options for sourcing jewelry suppliers.
To set up your jewelry store in India, consider the following: -