5 Factors to Consider as a Jewelry Business
Updated: Nov 1
Building a jewelry business is a challenging endeavor, and at Regal Jewelry, we understand the significance of this venture. In this blog, we highlight five essential factors that matter when stepping into the world of jewelry. From defining your target market to embracing sustainable practices, these aspects will help shape your success in the industry.
1. Target Market
One of the primary steps is to define your target customers. Starting by conducting thorough market research, which involves studying your competitors, analyzing market trends, and understanding fashion preferences. By studying customer behavior, you can identify your target customer base and formulate effective strategies. These insights will help define the types of jewelry, materials, and product quality that will resonate with your target customer.
2. Jewelry Types and Materials
Once you have identified your target market, it is essential to choose among Fashion Jewelry, Affordable Luxury Jewelry (aka Semi-Fine Jewelry), and Fine Jewelry, categorized based on materials, quality, and cost.
Fashion jewelry typically consists of products made from a brass base metal, with flash plating in gold, silver, or rhodium. Fashion Jewelry often utilizes imitation stones such as cubic zirconia, crystals, glass, and plastic pearls.
Affordable Luxury Jewelry (AKA Semi-Fine Jewelry)
For Affordable Luxury Jewelry or Semi-fine Jewelry, the base metal of these products is usually Sterling Silver, or 9K, 10K, and 14K gold. Affordable Luxury gold jewelry products are often assembled with semi-precious gemstones, natural stones, freshwater pearl, and sometimes low to medium grade diamonds as well. For those that are Sterling Silver based, these stones are also applicable, however, some will also choose to use high grade Cubic Zirconia as a more affordable option. The Sterling Silver products in this category will usually have thicker plating specifications, such as Vermeil Plating, which is 2.5 microns of gold plating on top of Sterling Silver metal products.
On the other hand, Fine Jewelry is made from precious metals like 14K or 18K gold. These luxurious pieces will often use precious stones, including Diamonds, Rubys, Sapphires, or Emeralds, making it more expensive but of higher quality. These precious pieces are often handcrafted by experienced master craftsmen who have worked in the jewelry industry for many years.
3. OEM Vs. ODM
Understanding the difference between Original Equipment Manufacturing (OEM) and Original Design Manufacturing (ODM) is crucial. OEM allows customers to have their unique designs produced, enabling personalized and distinct products. ODM services, on the other hand, offer pre-designed options that customers can choose and customize to suit their brands. At Regal Jewelry, we offer both OEM & ODM services to transform customers' ideas into magnificent products. With our experienced team of designers and craftsmen, we craft exquisite jewelry from hand-sketches design to deliver stylish and high-quality pieces.
4. Quality Standard
Before production begins, it is vital to establish quality standards that align with your target market. Consider aspects like size/dimension/weight tolerances, plating specifications (color, thickness and test criteria), stone grades, stone color tolerances, and test requirements to deliver the exceptional jewelry pieces that meets your business's aesthetic vision.
At Regal Jewelry, we ensure that our customers receive the best service and finest jewelry pieces. Our QC stations are located in every production process to ensure that the products are thoroughly checked before moving to the next process. Additionally, we offer in-house tests, such as pull tests, drop tests, plating x-ray fluorescence tests, stone setting assessments, and chemical and functional tests to ensure the highest quality of our products. For more information, please feel free to contact us.
5. Brand Values
Elevate and expand your business by embracing eco-friendly and sustainable practices. Start by sourcing materials exclusively from ethical and eco-friendly resources. For example, consider using recycled gold and silver, and always opt for conflict-free precious metals and diamonds to maintain a conflict-free supply chain.
To solidify your commitment to ethical practices and environmental responsibility, carefully select manufacturers with certifications from reputable organizations like the Responsible Jewelry Council (RJC), Sedex, amfori BSCI, and Higg Index. These certifications will not only ensure the integrity of your products but also demonstrate your dedication to sustainable business practices.
By adhering to these principles, your business's positive impact on society and the environment will resonate with consumers who prioritize conscious choices, ultimately leading to increased customer loyalty and recognition.
At Regal Jewelry, we are proud to uphold the highest industry standards of sustainability and ethical practices. Our certifications from RJC, Sedex, amfori BSCI, Disney ILS, Higg Index, and Green Industry validate our commitment to these values. We carefully source materials from conflict-free suppliers, with certifications like RJC CoC for recycled gold & silver, and the Kimberley Process for conflict-free diamonds.
Furthermore, we prioritize ethical employment, ensuring fair remuneration, work safety, and strict measures to prevent forced and child labor throughout our supply chain. We take our environmental responsibilities seriously, actively measuring and reducing our carbon footprint through the implementation of eco-friendly practices within our company. These measures include using wastewater management and air filtration systems, incorporating solar panels, and adopting energy-efficient components in our machinery.
Additionally, we take pride in our successful reforestation and mangrove planting projects, where we have rejuvenated a 16,000 sqm land, contributing to environmental conservation.
With our professional full-range service and sustainable practices, Regal Jewelry is ready to help you thrive in the jewelry market. Explore the captivating realm of jewelry with our experienced and professional jewelry manufacturing services at Regal Jewelry.
Contact us now to get started!