If you are interested in opening a jewelry business, the timing could not be better. The value of the global jewelry market is expected to be around $292 billion worldwide by 2025, as per Oberlo. Here are a few steps that can help you start a jewelry business from scratch:

1. Identify your Niche

In a crowded jewelry market, the key to success is finding your niche as customers have unlimited options to choose from! For instance, you must decide what kind of artificial jewelry you want to sell – whether you want to sell fashion jewelry, handmade jewelry, plated jewelry, vintage jewelry, or body jewelry. Also, there are multiple micro-niches, like there is gold plated, imitation, antiques, and many other kinds of fashion or artificial jewelry. Your goal as a business owner is to choose the most profitable product with the best ROI.

2. Target Market

A lot of times, business owners tend to underestimate the importance of determining the target market. If you’re wondering about how to start a jewelry business, you need to also thoroughly understand your target market to achieve your goals smoothly with little fuss. As a business owner, you must define who your target customers would be, their age group, where to find the customers, when these people buy jewelry, how they buy it, and so on. Answering these questions will help you prepare an effective brand positioning strategy and other plans.

3. Business Plan

You must prepare a business plan in a comprehensive manner covering marketing strategies, investment plans, and other business-related strategies. Besides this, you can also include things like an executive summary, and details related to what type of artificial jewelry you’ll be selling, however, the most important part of your business plan would be a detailed financial plan such as the amount you will spend in setting up the store. To put it simply, an effective jewelry business plan should thoroughly cover potential revenue, projected sales (next 3 years), margins, operating costs, return on investment, tax implications, gross and net profits, and break-even sales. Also, creating a marketing strategy is important in the jewelry business to build brand awareness and generate sales and your plan must incorporate this critical aspect as well.

4. List your Products Online

If you’re an existing or new jewelry brand looking to enter the e-commerce game, you need to understand that e-commerce success involves more than just listing your products online. While you can create your website on the right e-commerce platform, such as Magento, Shopify, WooCommerce, or Big Commerce, make sure you know how your customers interact with your website and what drives them to take action. You must comprehend the principles of UI and UX design if you hope to convert more visitors into sales or enhance your conversion rate. For instance, photograph your jewelry in a way that showcases its beauty in a clear manner. Besides that, the content on your website should be well-written, and keyword-rich for a more SEO-friendly website. Alternatively, you can also plan on selling jewelry on marketplaces like eBay or Amazon. 

5. Operation Procedures or Strategy

For creating a jewelry business defining an operations strategy is the key, i.e. determining how a business will produce and deliver the jewelry. Whether it is for the process of manufacturing jewelry or delivering jewelry, each step a brand takes and every decision regarding the business operations is part of the operations strategy. Additionally, jewelry businesses must adhere to a well-defined supply chain, which involves planning, procurement, sourcing, inventory optimization, warehouse management, and logistic distribution. For this, proper operation procedures must be set in place to have complete control over the supply chain.

6. IT Integration

Running a jewelry business effectively requires a suite of software tools. Some of these are mentioned below:

    • Ensure safe and secure online transactions with payment processors like Stripe, PayPal, and Square. Examples include Stripe, PayPal, and Square.
    • Maintain a real-time overview of your operations, including inventory levels and order fulfillment efficiency with order management and fulfillment software.
    • A CRM stores all of your customer data so that your marketing activities can be connected to buying patterns. This data can be utilized for email marketing, loyalty programs, and personalization.
    • Simplify checkout and shipping processes with address verification software, thereby reducing errors and improving customer experience.
    • Enhance your customer service strategy with tools like live chat software or chatbots, messaging centers, and knowledge hubs containing answers to frequently asked questions.

About YRC Jewelry Consultants

YRC is a retail & e-commerce management consulting firm. With 12+ years in business, we’ve helped 500+ clients in 12 countries across 20+ Retail Verticals. The platform specializes in consulting related to creating a jewelry business, offering expert guidance on business strategies to help clients enhance their brand and optimize their operations. Our services include Standard Operating Procedures, Market Research, Business Model Validation, Franchise Consulting, and Process Automation. If you’re looking for partners who can help scale your brand, let’s connect for a discovery session!


Is the jewelry business profitable in the UAE?

The jewelry business is one of the most profitable businesses in the UAE. However, to increase your chances of success, it is advised to contact an experienced consulting firm that offers consulting expertise and knowledge in the jewelry industry.

Can I sell artificial jewelry?

Yes, you can sell artificial jewelry, in fact, it’s a great niche considering the crowded market in gold/diamond jewelry. Ensure that you sell jewelry online so you are able to reach customers all over the world with your brand.

How do I start my own jewelry business?

To get started, you can get in touch with jewelry consultants like Your Retail Coach who can help you with strategy & operations workflows related to the business like market research, business plan evaluation, software selection, operations manual, or SOPs.