Many are attracted to jewelry as much for the flair and the fun as the chance to make money. But if you’re looking to start a successful jewelry business, you’ll want to focus on a niche. Of course, having a specialty is a good idea for any new business, but in the crowded jewelry marketplace, it can be crucial to stand out. But what are some of the best Niche Jewelry Businesses any entrepreneur today should consider?
Popular niche jewelry businesses include wedding bands, engagement rings, commemorative jewelry, gemstone jewelry, paper jewelry, and more. When starting a jewelry business, it can pay to focus on a niche to help develop expertise and a clientele.
Niche Jewelry Businesses
There is a lot more to know than just what niches are hot. And if you’re starting a new business, there may be aspects of the jewelry industry that you’ve never considered. So, be sure to read on, as we will highlight all the specialties and information any entrepreneur needs to know to launch their own successful jewelry business.
Study Your Niche, Know Your Market
You don’t need to be an expert on a niche that interests you so long as you are committed to learning more. Eventually, your expertise in a niche will be a vital differentiator for your business. Yet, even more, important is first to understand your market. This could look very different for a wedding band business in Las Vegas versus a gemstone jeweler who will be primarily selling online.
Don’t stop planning now! There is still more to consider when launching your own jewelry business. Everything from jewelry design and customer research will need to be taken on. And there are vital administrative concerns to keep in mind. Everything from tax liability and insurance policies needs to be considered as well.
One such business aspect that is often overlooked is jewelry store insurance. A tailored insurance policy is a must-have; even if you don’t have a physical location, this type of insurance is still highly recommended if not required. Typical policies for jewelers will help cover your business in the case of general liability, workers’ compensation, and commercial auto and property.
And the cost for peace of mind can be surprisingly affordable. Jewelry store insurance costs will be impacted by the type of work your shop does, where it is located, how many employees you have, your policy limits, and past claims history.
With the above in mind, consider the following jewelry niches and which one may work best for you as we dive into the details.
1. Engagement Rings
There are entire outfits that focus solely on engagement rings. This can be a very profitable niche as most are willing to spend more for a customizable piece. How profitable? In 2021, the Knot estimated that the average engagement ring cost $6,000. And while that may seem like a lot, love has always made people do silly things.
This is not an easy niche to get into. It takes access to professional equipment and materials that are not cheap to come by. A customer base will also need to be built. It can be useful to head to wedding expos to make some contacts or try networking with others in the wedding industry for leads.
2. Wedding Bands
This niche will require professional jewelry skills and materials to cut it. However, unlike with an engagement ring, wedding bands typically come in pairs. And while they won’t be as ornamental as a wedding band, they are still often made to order, and customized bands can cost several thousand dollars depending on materials and labor.
The wedding band space is also another niche where people are willing to spend a bit more money. After all, this should be a once-in-a-lifetime event—hopefully! Not sure where to start? See if there is an underserved community in your area. But, again, the best form of advertising is word of mouth in a close-knit community.
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3. Paper Jewelry
Don’t have the money or expertise to do some other niches? Consider a specialty in paper jewelry. While it can take some time to master the requisite skills to create baubles that people would pay for. Luckily, compared to crafting with metals and gems, the barrier of entry is otherwise low.
Some creations require finer papers, but others can be made using recycled or upcycled materials. (Check out this video for some easy-to-accomplish paper jewelry design ideas.) Consider adopting a distinctive style to stand out and make your pieces unique when coming up with your own work.
4. Gemstone Jewelry
This niche has become increasingly crowded as gemstones have exploded in popularity. The surge in popularity is due to several reasons. This includes gemstones offering a wide variety of designs, having great durability, timeless elegance, and affordability versus other materials such as diamonds.
5. Personalized Jewelry- Niche Jewelry Businesses
You’ve probably seen someone wearing a necklace with their name etched into it; this is personalized jewelry. And it doesn’t need just to be someone’s name. It can be something else meaningful such as a birthstone or zodiac sign. Creating your own items that people can customize is a great way to build word of mouth organically. But, of course, when someone is personalizing a piece of jewelry, it is almost always a gift.
Back in the day, you used to see trinkets of this sort at a mall kiosk. One famous example would be to get your name etched into a piece of rice and then turn that into a piece of jewelry. Usually, this was accomplished using a laser. Unfortunately, it wasn’t the most cost-effective way to personalize trinkets. Luckily, more straightforward options such as stamping or cutting can be used to personalize jewelry quickly and economically. Check out this video to see how you can make one of those iconic name necklaces yourself.
6. Commemorative Jewelry- Niche Jewelry Businesses
Sometimes a person wants a piece of jewelry that celebrates an important milestone in their life. It could be anything from a graduation to a new child. Items such as class rings and charm bracelets can help fill this need. While not the easiest specialty to break into, it can be highly lucrative to deal in commemorative items.
A class ring can cost hundreds of dollars, and fine charm bracelets can cost $300 or more. It isn’t as simple as just setting up a booth next to the cap and gown providers when graduation season rolls around. This niche is very competitive. The demand for some items can be highly seasonal, and tastes are fickle—often turning on a dime.
Whatever Niche You Choose, Do Your Homework to Ensure Success!
As we hope you have come to agree, the only real limit on finding a jewelry niche that appeals to you is personal taste and creativity. Not every field above will be right for every want-to-be jeweler. Make sure you study the specialty that most interests you. The jewelry business is hard enough without having to work on something you have no interest in.
Do your homework when it comes to other aspects of the business as well. Identify your target demographic. Protect your business with quality insurance. Take every step you can to ensure your business is a success. Because as pretty as pyrite can be, at the end of the day, you want your business to deal in precious jewels, not fool’s gold.