Jewelry seems to be in constant demand. Can you profit from it? Here is a guide to what it takes to make money selling jewelry.
Can You Make Money Selling Jewelry Online?
When it comes to selling things online, the sky’s the limit. Many platforms and marketplaces have enabled ordinary people to start selling things right from their homes. Jewelry remains a popular option as it has great potential and a strong market. It’s consistently one of the easiest items to flip for a profit.
If you have the right information, you, too, can make money selling jewelry online.
Jewelry, especially gold and precious gemstones, has always been a good investment. The prices in normal conditions only go up. The global jewelry market stood at a whopping $271 Billion in 2018.
This number is only going to grow and is expected to reach $645 Billion by 2035. By selling jewelry online, you can tap into this strong market.
Why Sell Jewelry Online?
Jewelry is one of those things that will always have a market. Men and women of all ages like wearing jewelry, and it is a growing trend. There will nearly always be customers who want to purchase jewelry.
It’s a billion-dollar industry after all, and with the internet, the integration for any new seller is easy.
All it takes is inventory, a website to showcase your products, and a delivery/payment system.
Here is why you should make money online selling jewelry:
- It is easy to set up an online store.
- Jewelry is a very diverse commodity (earrings, necklaces, wristwatches, bracelets, pendants, rings, etc.).
- Precious jewelry does not lose much value and can be resold.
- The profit margins are huge, depending on what you are selling.
- Shipping is streamlined and secure.
- It is easy to manage an online store.
Selling jewelry online has allowed many people to have a steady monthly income. The profits get even better around the holiday season when people shop even more.
The best part is that since there is so much variety in jewelry, you can choose a specific type and focus your efforts on selling that.
This makes things simpler as you have to focus on a single type of jewelry and focus on the niche that is interested in buying that type of jewelry.
For instance, diamonds are a whole market on their own. If you choose to focus only on diamond jewelry, you can cater to wealthy clients who are always on the lookout for authentic diamonds.
There are plenty of suppliers available globally that you can work with. As you can see, the business plan writes itself.
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How to Sell Jewelry Online Successfully
There are many ways you can go about selling jewelry online successfully. No matter what route you take, it is important to understand that the jewelry industry is ever-evolving.
You need to keep up with the trends and demands of customers to stay in business.
Before you do that, you need to figure out how exactly are you going to sell jewelry online.
Make Unique Jewelry
One popular approach to selling jewelry is to design and produce your own. This could be fun, but it is taxing too. You are creating designs and getting it manufactured.
However, this is a common approach these days since there is a whole market of craft jewelry online.
People these days value authenticity and craft, so there is a lot of potential in this route as well.
Decide about the Jewelry Type
This typically warrants more work, so you need to have a plan in place. First of all, decide what type of jewelry are you going to make.
Are you focusing on handmade artificial jewelry?
Are you going to produce precious jewelry with gold, platinum, and gemstones?
Find your passion within the jewelry category, so you know where to start.
Decide about Manufacturing
Once you know the type of jewelry you are going to be making, you need to figure out the manufacturing. This depends on the scale of production and the skills required for it.
It’s always best to start very small and build your business from there. If you are not creating the jewelry yourself, look for a maker near you or online.
You will just need to provide them with designs, and they will produce the jewelry for you.
Decide about the Online Platform
The next, rather crucial, step is to figure out how you are going to sell your jewelry online. With sites like Etsy, it has never been easier to sell crafts like jewelry. You can set up a shop on a platform like Etsy or another e-commerce website.
Alternatively, you can create your online store using Shopify, which is the most popular platform for independent sellers.
Keep your target audience in mind, as you need to choose a platform that will directly cater to them.
Decide About Shipping
Once you have figured out where and how you are selling online, you need to figure out shipping. Now, this is not a big hassle, either.
You can sign up for a delivery service provider to ship your orders.
They will pick up the orders from you and deliver them at the customer’s doorstep.
Making jewelry can be a tedious task. Also, many of us are not exactly jewelry designer even if we have good taste and a keen eye for design.
An alternative to that, which is more popular too, is buying jewelry from wholesale suppliers and then selling it online. Sound simple enough? Well, it is simple if you have a supplier.
The wholesale jewelry market is vast. You can find hundreds of wholesale jewelry suppliers online.
A simple Google search can connect you to local as well as international suppliers. Most commonly, you will find these suppliers on online marketplaces.
Alibaba from China is a very popular option for buying wholesale products. You can see their inventory right there, and the prices are usually very steep. SaleHoo is another marketplace full of verified suppliers.
If you cannot find what you’re looking for online or do not trust such vendors, you can take the local approach. Go around searching for wholesale retailers of jewelry near you.
That way, you can select and do quality checks of the jewelry yourself.
But before you select a supplier, you need to figure out what exactly are you going to sell. Once you know, combing through the marketplaces to find the right supplier would be much easier.
After you have bought jewelry at wholesale, you can use one of the existing platforms or create a web store.
- Rakuten: Formerly eBates, Rakuten is one of the most proven ways to get rewarded for shopping only. They will give you a $5 bonus simply by signing up. You can read more about them in our Rakuten review.
- Drop: This is one of my favorite apps. You simply link your bank accounts and go. You’ll earn cashback at your favorite stores like Amazon, Walmart, Starbucks, etc. Any time you buy products you earn points. You can sign up and get 1,000 points instantly.
This is an even easier way to make money selling jewelry online. It does not involve any production or buying at all. You directly work with companies that have sales program in place. There are a few good options in this stream, like Stella & Dot and Origami Owl.
It works very simply as you act as a sales channel for the company. For every piece of jewelry you sell, you get compensation.
The terms of the direct sales programs can vary by company, so make sure to understand what it entails.
This is more oriented towards marketing, so essentially, you would have to focus on how you are going to promote the jewelry online.
It is a great way to start if you do not want to spend any capital and start making money right from your couch.
For those who love jewelry and have fairly deeper know-how of jewelry than an average person, affiliate marketing is a good way to make money through jewelry.
According to the IAB, the affiliate marketing industry stood at $12 billion in 2017.
It is projected to take over email marketing in the next few years as more companies increase their expenditure towards this form of marketing.
Before you decide to become an affiliate marketer, you need to create a strong online presence. The stronger your presence, the more money you can make through this channel.
Your job is to spread the word about the company and its products. Every time a customer clicks a link and buys a product, you get a commission.
Some jewelry companies with active affiliate marketing programs are Bella Branch, Jared, and KA Gold Jewelry.
You can use a platform like FlexOffers, which is an affiliate network with a database of thousands of brands, including Target, Walmart, Lowe’s, etc. They include large and small brands for any niche out there.
You can read more about it in our FlexOffers review.
Flipping jewelry, especially gold and silver, is a quick way to make some extra money. People are even flipping sneakers online, so you can also make money by flipping jewelry for a profit.
All you need is to find and buy authentic jewelry to flip. Gold and silver remain popular options because of their ever-increasing value.
You can search for secondhand jewelry online. People always put out their old jewelry in yard sales. But if you are thinking of going big, auctions are a good place to buy precious jewelry.
This warrants some detailed research as you will only be able to sell desirable jewelry.
If you get your hands on some rare pieces of valuable jewelry or antique jewelry, you can easily flip it on eBay.
Before you list a product on eBay or any other marketplace, make sure to find out how much it is worth and what your maximum possible ask is.
At the end of the day, you want to walk away with the highest profit possible.
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Where to Sell Jewelry Online
Figuring out where you will be selling your jewelry is an important business decision.
It is important to understand what each platform is popular for, and how it can help you reach your niche.
Etsy is the most popular platform for arts and crafts. The platform has over 20 million active customers, so you can imagine the scales you will be targeting.
Etsy is by far your best bet to sell jewelry online, especially if it is handmade or customized. There is a listing fee per item.
Also, a lot of competition to tackle as there will be many sellers like you.
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Amazon has become synonymous with selling. Whether you are an independent seller or a company, Amazon is a great place to start.
It is also a great option considering shipment. If you opt for Fulfillment by Amazon, you do not have to worry about the shipping logistics. The company does that for you with its fulfillment centers and affiliated couriers.
Those who are making jewelry should go for Amazon Handmade. This section of Amazon is dedicated to artisans and sells handmade products.
This could be perfect for selling your artisan jewelry pieces. It essentially eliminates competition from cheap and artificial jewelry retailers.
Many people prefer eBay over Amazon, especially when it comes to secondhand products. The auction system is very popular for buying and selling jewelry.
That said, it does have a lot of competition. So you will have to be price competitive to be able to sell more.
Bonanza is quickly becoming a popular platform for sellers. It already has thousands of listings of jewelry, especially handmade jewelry.
Since it’s free to set up a selling profile on this platform, it has fewer costs than the major platforms listed above. With the right marketing, you could potentially make a lot of money on this platform.
Tips for Selling Jewelry Online
Now that you know how to make money selling jewelry, keep the following tips in mind:
- Study Your Competition: Lots of people and businesses are doing this already. You need to study the competition, especially in the niche you are targeting, and on the platform you will be using.
- Don’t Sell Fake Jewelry: There are a lot of counterfeits of popular jewelry brands on the wholesale market. Avoid selling such pieces as customers might get discouraged seeing fake products.
- Use Detailed Product Descriptions: This is true for virtually all products, but for jewelry, it can be considered a deal-breaker if you do give ample information about the product. People want to know about the composition, the materials, the design, and the origin of the jewelry pieces.
- Have a Solid Marketing Strategy: Selling online looks easy but is far from it. The game-changer is marketing. If you have a sound strategy in place, you will see your inventory finishing in no time.
See Related: How to Make Money in Your Neighborhood
Lots of people always wonder how to make additional income. They can make money selling jewelry online.
It requires a lot of effort in the beginning, but over time it gets simpler, easier, and most importantly, lucrative.
You can start it as a side hustle, but can also pursue full-time if it picks up.
If your online jewelry business grows, you could be looking at six-figure income annually. Keep in mind the taxes you may have to pay on income generated through online sales.
Jewelry as a consumer product has essentially no limits, so there is very high potential.
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