Are you searching for jewellery business ideas? Are you interested in starting a profitable business in the gem and jewelry industry? Here in this article, we intend to provide 10 lucrative gem and jewelry business ideas for aspiring entrepreneurs.
In India, the gem and jewelry industries are highly fragmented and lucrative too. However, the industry leads to a high share of the unorganized sector as compared to the organized sector. The industry contains not only gold but also a variety of diamond, platinum, precious, and semi-precious stone jewelry. Additionally, imitation, costume, handcrafted, and boutique pieces of jewellery hold a great share in the industry.
Basically, gems and Jewellery form an important part of India’s rich culture. This culture is the primary reason for the flourishing Gems and Jewellery industry in India. Globally, India is the largest consumer of gold. The gems and jewelry market in India is home to more than 500,000 players, with the majority being small players. Countries like UAE, the US, Russia, Singapore, Hong Kong, Latin America, and China are the biggest importers of Indian jewelry.
Also, the country is the largest diamond cutting and polishing center in the world. Additionally, it is the fastest-growing branded jewelry market in the world. The industry experts are expecting an annual growth rate of 40%. Furthermore, the Indian government presently allows 100% Foreign Direct Investment (FDI) in the sector through the automatic route. Therefore, starting a jewellery business is one of the most profitable opportunities for beginners.
List of Top 10 Lucrative Jewellery Business Ideas
#1. Beaded Jewellery Making
This is a home-based jewellery business you can start with a small investment. However, you must have a specific skill for making beaded jewelry. You can sell these items on a wholesale basis or online. Basically, a small eCommerce store is the best place to sell beaded jewelry online. Additionally, you can sell from online marketplaces.
#2. Costume Jewellery Business
Costume jewelry, also known as fashion jewelry, runs the gamut from simple silver pieces to large cocktail rings. Selling costume jewelry can be profitable as it is not only bought and worn by female consumers of all ages but also purchased by males to give as gifts. Read More…
#3. Diamond Processing Unit
Gujarat holds the No 1 position in diamond processing including cutting and polishing. Diamonds are one of the most precious and loved materials of all. Additionally, there are upgraded technologies available for initiating diamond processing units. However, it is a capital-intensive business. Read More…
#4. Dokra Jewellery Business
Dokra is a traditional handicraft of our country. Nowadays, Dokra jewellery is getting huge popularity worldwide. This is comparatively a low-cost jewellery business you can start from even home. This type of jewelry is popular as fashion or boutique jewelry.
#5. Glass Bangles Making
The Firozabad of the state of Uttar Pradesh is popular for glass bangles. Glass Bangles are the item of mass consumption throughout the country. Generally, the demand for glass bangles goes up during the festive season and special functions, marriage occasions, etc. Basically, the demand for glass bangles is ever increasing in view of the established characterized customary and auspicious status gained by it in society.
#6. Gold Plated Jewellery Making
Nowadays, gold-plated pieces of jewelry are becoming very popular among every age group of people. You can establish a small-scale manufacturing unit with moderate capital investment. The manufacturing process is simple. And the product has a great potential market.
#7. Jewellery Shop
Jewellery shop is a lucrative retail business. According to your investment capacity, you can start this business. However, if you want to start with a small investment, it is better to start with a niche category. Even if you start as a small store, try to build the brand. Also, you can expand your business through a franchise operation.
#8. Lac Bangles Making
You can start lac bangles making business with moderate capital investment. Even with a small infrastructure, you can initiate this business. Designer lac bangles are popular and durable items. The manufacturing process is simple.
#9. Leather Jewellery Making
Nowadays, leather jewelry is getting popularity as a fashion jewelry item. The business is easy to start. Even, if you have space, you can start the business at home. However, you must have some knowledge of different types of leather.
#10. Online Pearl Jewellery Store
Currently, the branded pearl jewelry market is increasing very fast. With small capital investment, you can start an online pearl jewelry store of your own. Basically, Shopify is a great platform for creating a small online pearl jewelry store.
Related: How to Setup an eCommerce Store
The Indian Gems and Jewellery market continue to be dominated by the unorganized sector. However, with the Indian consumer becoming more aware and quality conscious, branded jewelry is becoming very popular. We hope the present article will help you in starting your own jewelry business successfully.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.