About Jewelry Business

Entrepreneurs who enter this industry are usually passionate about metalworking and gemstones and have a good eye for value. Jewelry businesses usually specialize in the fabrication and sale of unique jewelry pieces. They also resell estate or secondhand pieces. Engagement rings in Seattle will also accept pieces on consignment. Ideal customers are those shopping for an engagement or wedding ring. Alternatively, those interested in luxury jewelry or custom pieces are also ideal customers.

A jewelry business makes money by fabricating and selling jewelry. Customers typically pay a set price for the piece based on the cost of metal, gemstones, labor for fabrication, and jeweler’s markup.

Jewelers have their language when it comes to pricing their product, called “keystone pricing.” That means wholesale pricing since many traditional jewelers mark up pieces 100%. With smaller jewelers, cash or credit is the standard method of payment. For larger retailers, special in-house financing is often arranged for more expensive pieces.

If a jewelry store in Seattle is an owner-operator, he may make this much net of costs. A successful owner-operator could earn more, however, depending on the location and size of the operation.

Growing your business is the key to more money in the jewelry business. The commodities markets determine prices for metals, and distributors determine gemstone pricing. Therefore, jewelry store owners need to focus on business expansion.For more details on this, please browse www.gordonjamesdiamonds.com.