Gold Jewellery Business Plan in India: Gold and silver jewellery is a major contributor to Indian culture, so it is often seen that people here are always eager and excited to buy gold and silver jewellery.
Presently, even when boys and girls are in a relationship as girlfriends and boyfriends to test each other before marriage, they are given each other as gifts made of gold or silver rings, neck chains, etc. Huh.
This is to say that even with the changing times, people’s attachment to gold and silver has not decreased but has increased.
India is a country full of diversities based on culture and traditions. It is to say that in almost every state, living, dress, culture, traditions are different from each other, but in spite of this, the passion for jewellery is equal to the women of every state. Is.
Gold and silver are the most common ornaments in our country in India, which reach out to almost every income group.
It is different than whoever has more money, will have more gold and silver jewellery , who will have less, he will have some essential jewellery for the women of his house.
It has also been seen that depending on the state, the size of the jewellery made of gold and silver, the design, their names are all different, there are only a few ornaments that women from all over India wear the same design shape, etc. Huh.
Therefore, the entrepreneur starting such a business must try to know about the local and traditional jewellery of the place where he is doing business.
Gold Jewellery Business Plan in India
Table of Contents
What is the business of gold and silver jewellery
The finest example of gold and silver jewellery business is from the goldsmith shop, which is also in our street locality. Whenever we need to make gold or silver jewellery , we go to the goldsmith shop located in our local market.
Therefore, a business in which the entrepreneur is making and selling gold and silver jewellery to the people and also buying old gold and silver jewellery from the people can be called the business of gold and silver jewellery .
Why start a gold and silver jewellery business?
As we all know that in our society, jewellery is considered a status symbol, the man who wore expensive metal jewellery and the more worn it is estimated that he will belong to that rich family.
But it is generally seen that the most popular trend in India is that of gold and silver jewellery . That is why it is a custom to make new gold and silver jewellery for people on occasions such as getting engaged, getting married, having a festival, etc.
The jewellery industry is one of the fastest-growing industries in India, contributing 6-7% of the total GDP. This can be gauged by how much demand there is for gems and jewellery in India. If you have ever been to a goldsmith shop in your local market, then you probably do not need to explain why doing gold and silver jewellery business. Needed.
Although it is so important to start this kind of business, it is not a matter for everyone to settle, because the matter is related to precious jewellery and metals, then to start such a business, a lot of investment may be required.
However, in the rural areas, many goldsmiths also find such people who have started this kind of business with very little investment and gradually increased it to the forefront.
In the Indian tradition, making gold and silver jewellery on engagement, wedding, anniversary, festival, and other auspicious occasions is considered auspicious, and it has become a necessity of the people at present. Therefore, starting this type of business can prove to be very beneficial.
How to start a gold and silver jewellery business?
If we talk a few years before today, there was hardly any license and registration requirement to start this kind of business, but currently, BIS registration has become almost mandatory to start such a business because Hallmark The government has issued guidelines to sell jewellery .
But even today, many such goldsmith shops will be found in rural areas, which will be running without BIS registration, and their loyal customers will still be buying from them. So let us know how an interested person can legally start his own business of gold and silver jewellery .
1. Select the type of business
The entrepreneur who starts the business of gold and silver jewellery must first decide which type of business he wants to adopt because the entrepreneur has opportunities to work as a retail jewellery business, online jewellery retail, gold trading, gold importer, and manufacturer of jewellery .
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2. Find out about the gold and silver supplier
However, as we have mentioned in the above sentence, here we are talking about the business of making gold and silver jewellery and selling them in the local market as retail.
For this, the next step of the entrepreneur should be to find the supplier of gold and silver at that location if the entrepreneur wants to know about this process in the already existing goldsmith shops, which supplies at their shop.
As it is a business involving expensive metals, it is necessary to be very careful while choosing such a supplier so that the entrepreneur can protect himself and his customers from any fraud.
Keep in mind that their purity is the key to business in the gold and silver business. If anything goes wrong with any customer, then the entire business of the entrepreneur can be in danger. There is a lot of prudence and discretion in the choice of supplier.
3. Get training and experience
When the entrepreneur is in the business of making gold and silver jewellery , it is natural that he will need artisans who are capable of making any design and type of jewellery from gold and silver.
Even though the entrepreneur can do this work by hiring artisans, but if he is not aware of this work, then he must get training for it.
For this, the entrepreneur can get training from a jewellery company and can get some months or even years of experience.
When the entrepreneur acquires both training and experience, he will not be compelled to hire artisans. In the initial stages, he can start this type of business on his own as well, and when he feels that he is not handling the work alone, then after that, he can hire the workforce according to the requirement of the work.
4. Obtain the required license and registration
The entrepreneur may require the following licenses and registrations to start his own business of making gold and silver jewellery .
- Provide a legal form to your business and register as a proprietorship or one-person company.
- GST registration
- PAN in the name of current bank account and business.
- BIS Certificate for Hallmark.
- If the entrepreneur wants to import gold from outside countries or wants to export, Import Export Code.
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5. Start gold and silver business by renting a shop
To start a business of gold and silver jewellery , the entrepreneur will need to hire a shop in a local market or a crowded, busy place.
The shop will run even in small spaces like 150-200 sq ft, but there should be the proper place to show the jewellery to the customers and proper place for the customers to sit.
Apart from this, it is very important to have CCTV Camera installed in the entire shop where jewellery is being made, and there should be CCTV cameras covering almost all the places where jewellery is being shown to the customers. So that if something goes wrong, it can be detected, or people do not have the courage to make a mistake.
Keep in mind that honesty is very important in this kind of business because people take their years’ earnings and reach goldsmith shops to make gold and silver jewellery , so any cheating or deceit with them is not ethical and commercially reasonable to cut.
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Answer: To open a gold and silver shop, you have to rent an empty shop. By doing the work of interior etc., in it, BIS hallmark registration will be done.
Answer: The merchant of gold and silver is called the goldsmith, and the artisan who makes jewellery from these metals is called a goldsmith.
Answer: Gold and silver are precious metals. Therefore, large-scale investment is required to start such a business.
Answer: The gold and silver business is beneficial because most of the women in our country, India, prefer jewellery made from these two metals.