If you’re looking to start a jewelry business or just want to make some extra cash on the side, buying wholesale jewelry is a great way to get started. Buying wholesale jewelry for resale is much easier than you might think, and can save you money in the long run. Here’s how:
Step 1: Decide What Kind of Jewelry You Want to Buy
The first thing you need to do is decide what kind of jewelry you want to sell. Jewelry can be broken down into three categories: costume, fine, and fashion. Costume jewelry includes things like rhinestones, gold-filled chains, silver earrings and rings, and other items that are made from fake or simulated gems. Fine jewelry includes precious metals such as gold or platinum (or both), precious stones like diamonds and sapphires (and sometimes other natural gemstones), as well as semi-precious stones like amethyst or turquoise that have been set in settings designed for them by expert jewelers.
Fashion jewelry often mixes different materials to create something eye-catching but still relatively affordable. Examples include cocktail rings made out of silver-plated alloy metal with cubic zirconia stones on top while also mixing some plastic inserts into its design scheme.
To figure out which category would best suit your business model when buying wholesale jewelry for resale purposes is to take a look at the styles offered by different wholesalers for each category mentioned above so that you know exactly how much profit margin exists between their listed retail price versus what their wholesale pricing is during negotiations before making any purchases!
Step 2: Find a Reputable Wholesaler
Finding a reputable wholesaler is the most important part of buying wholesale jewelry for resale. You want to be sure that your product will arrive in good condition, so make sure you ask these questions:
- Are they a member of the industry association? If not, why not? You don’t want to work with someone who is unprofessional or unethical.
- Do they have references from previous customers you can contact? If so, reach out and ask about their experience with this wholesaler. How were items shipped and how was communication handled during the transaction?
- Does this business have a showroom where you can see samples in person before placing an order (or at least photos)? If yes, visit them and see if they look professional and trustworthy. Make sure there are no red flags like messy surroundings or unprofessional employees who seem confused when asked simple questions about products or shipping costs.
Step 3: Visit a Trade Show
Trade shows are one of the best ways to meet wholesalers and see styles in person. You’ll also get an idea of what trends are hot right now, which can help you decide what colors and styles of jewelry you should be making.
Make sure you have your business cards ready! A lot of wholesalers will approach you with their business cards already out, so it’s good to do the same so they can collect yours as well. If a wholesale supplier is interested in working with you, they may offer a discount on their products if they know that other wholesalers have been contacting them about your company.
Step 4: Get all The Materials You Need to Sell the Jewelry
In the last step, you figured out how much money you want to make and how many pieces of jewelry you want to sell. Now it’s time to get all the materials necessary to sell wholesale jewelry. You will need a wholesale price list that lists all of your jewelry items, their prices, and what discounts they have. You will also need some kind of display rack or display table (if retailing). To find these things, look on Google for “jewelry display racks.” When searching for a price list template, search terms like “jewelry price list maker” or “wholesale pricing templates.” Your local library could also have resources on this topic; just call them up and ask!
Step 5: Set Your Prices and Markups
Now that you know how much wholesale jewelry costs, it’s time to set your price and markup. The first thing to keep in mind when pricing jewelry is that buyers will always look at the price tag first. When determining what price point to sell at, keep in mind that you want to avoid competing with other online sellers. If there are a lot of sellers on Etsy selling similar items for lower prices, then consider lowering yours as well so as not to compete with them too much. You can even offer an additional discount if customers buy more than one piece! This way, even though the item might be slightly cheaper elsewhere online, potential customers may think twice about buying from someone else because they see that yours is still less than most people’s.