If you wish to set up an artificial jewellery business in India, then you are entering an interesting and bit competitive business.
Here, Consumers are always on the lookout for stylish, trending, and inexpensive jewellery that can easily be worn every day and for any occasion which makes an artificial jewellery business potentially very rewarding.
This guide will be about taking the steps on how you can start your own shop.
Why Go For an Artificial Jewellery Shop in India?
India just loves jewellery. But these days, gold and silver prices are kinda high. That’s why many people are turning to artificial pieces.
They look great and are not that expensive. Whether going to a wedding, casual outing, or just everyday wearing, artificial jewellery offer stylish choices for customers at affordable rates.
– You don’t need a large investment for this business. It’s perfect for first-time business owners.
– With the right pricing & marketing, you could see profits between 25% and 40%.
Investment Required to Start an Artificial Jewellery Shop
Starting your own Artificial Jewellery shop doesn’t require a big investment compared to other businesses. Here’s what you might expect:
1. Shop Space:
– Rent: Depending on where you set up, a small to medium shop rent may vary between INR 15,000 and INR 60,000 per month. If it’s prime location or in a mall, it’ll probably be on the pricier side.
– Deposit: Landlords usually want a deposit of 3-6 months of rent depending upon your location.
2. Initial Stock:
– Inventory: Starting with around INR 2 lakh to INR 5 lakh for stock is a good idea. Pick out earrings, necklaces, rings –depending on the demand in your area.
– Sourcing: Get your stock from trusted wholesale spots like Zaveri Bazaar (in Mumbai) or Johari Bazaar (in Jaipur). You’ll find tons of trendy items you can sell with good margins.
3. Shop Setup:
– Furniture & Fixtures: Make your shop eye-catching with nice display counters, mirrors, lighting & shelves. A decent setup could cost somewhere between INR 1 lakh and INR 2 lakh.
– Point of Sale (POS) System: This helps track sales and stock. You might spend around INR 10,000 to INR 30,000 on it depending on what you choose.
4. Marketing & Branding:
– A good signboard can run about INR 20,000 to INR 50,000.
– Digital marketing is a must nowadays, so you need to spend some money on digital marketing too—social media ads or even a website if you want to go online could start at around INR 15,000 to INR 50,000.
Profit Margin in Artificial Jewellery Shop
You can make decent profits by selling artificial jewellery! Here’s what you should know:
– Profit margins usually sit between 25% and 40%. If you get fancy designer pieces? Those could go as high as 50%!
– Your profit mainly depends upon your monthly sales volume. Because you get a good discount from the wholesaler if you purchase stock in large volume!
-Keep your prices right & have trendy items; your customers will keep coming back.
For example, if you buy a necklace set for about INR 500 at wholesale and sell it for around INR 700 to INR 900 in your store, giving you a decent profit.
Also Read, How to get Kajaria Tiles Dealership
Documents Required Before Opening Jewellery Shop
You’ll want to get everything legally sorted out before starting:
1. Business Registration: Choose if you’re starting solo (sole proprietorship), teaming up (partnership), or forming a private limited company. For newbies, sole proprietorship is often the easiest.
2. GST Registration: If your turnover is above INR 20 lakh a year, you’ll need GST (Goods & Services Tax) registration.
3. Shop Act License: You can get this from your local government.
Choosing the Right Spot for Your Jewellery Shop
Where your shop sits matters a lot. Look for places with foot traffic:
– Shopping Malls: Great place if you can afford the rent! They attract customers who love fashion.
– Local Markets: Busy markets are perfect for shoppers looking for affordable items.
– Residential Areas: Setting up near where people live ensures steady visitors.
Sourcing Your Jewellery Inventory
To succeed in this business you need to source high-quality, trendy products. Building good ties with wholesalers is important to get updated about the latest trends in the market.
– Wholesale Markets: Cities like Mumbai (Zaveri Bazaar), Jaipur (Johari Bazaar), and Delhi (Chandni Chowk) are famous spots for these treasures.
– Exhibitions: Attend trade shows & fairs to meet new suppliers and see hot new trends.
– Online Platforms: Websites like Indiamart & TradeIndia let you find suppliers all over.
Promoting Your Jewellery Shop
Marketing your shop is very important to reach the right customers Here’s how:
1. Instagram and Facebook are great places for showing off your jewellery! Post good quality pics of what you’ve got, run contests, & offer exclusive discounts!
2. Think about local newspapers or handing out flyers nearby so people know you’re there! Listing on local business directories can help too.
3. Collaborate with local influencers—they can help share your gems with even more people!
Keeping Track of Finances and Stock
Once your shop is running smoothly, managing everything is super important:
– Use that POS system to see what flies off the shelves and what doesn’t—this data will guide your restocking choices!
– Keep an eye on costs & profits too! Figuring out revenue with easy accounting software helps you stay smart with money.
If your investment is well planned and the right place is selected for opening the shop, the business will turn out to be very rewarding.
An investment of INR 4 lakhs to 10 lakhs requires starting a shop and, a margin of 25 % to 40 % can easily be achieved over time. So right planning is important.
