Gold and silver jewelery 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 jewelery. Presently, when boys and girls are in a relationship as girlfriends and boyfriends to test each other before marriage, they are also 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 love for 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 of jewelery 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 that whoever has more money, will have more gold and silver jewelery, who will have less, he will have some essential jewelery for the women of his house.
It has also been seen that depending on the state, the size of the jewelery 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 jewelery of the place where he is doing business.
What is the business of gold and silver jewelery
The finest example of gold and silver jewelery business is from the goldsmith shop, which is also in our street locality. Whenever we need to make gold or silver jewelery, we go to a goldsmith shop located in our local market. Therefore, a business in which the entrepreneur is making and selling gold and silver jewelery to the people and also buying old gold and silver jewelery from the people can be called the business of gold and silver jewelery.
Why start a gold and silver jewelery business?
As we all know that in our society, jewelery is considered a status symbol, the man who wore expensive metal jewelery and the more worn it is estimated that he will belong to that rich family. But it is generally seen that the most common trend in India is that of gold and silver jewelery. Therefore, it is a custom to make new gold and silver jewelery by people on occasions such as getting engaged, getting married, having a festival, etc.
The jewelery industry is among 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 jewelery 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 jewelery business. needed. Although it is so important to start this kind of business, it is not a matter of everyone to settle, because the matter is related to precious jewelery and metals, then to start such a business, a lot of investment may be required.
However, a lot of goldsmiths are also found in rural areas who have started this kind of business with very little investment and have gradually grown to the forefront. In the Indian tradition, making gold and silver jewelery 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 gold and silver jewelery 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 jewelery.
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 jewelery.
1. Select Business Type
The entrepreneur starting the business of gold and silver jewelery must first decide which type of business he wants to adopt. Because the entrepreneur has opportunities to work as a retail jewelery business, online jewelery retail, gold trading, gold importer, and manufacturer of jewelery. However, further in this article, we are going to talk about the type of business of making gold and silver jewelery and selling them in retail. But if the entrepreneur wants to do something other than retail then he can do that for this, he must first choose the type of business.
2. Find out about the supplier of gold and silver
However, as we have mentioned in the above sentence, here we are talking about the business of making gold and silver jewelery 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, who supplies at their shop.
As it is a business involving expensive metals, it is necessary to be very careful while choosing such supplier, so that the entrepreneur can protect himself and his customers from any fraud. Their purity is the key to business in the gold and silver business, if anything goes wrong with any customer, then the entrepreneur’s entire business may 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 jewelery, it is natural that he will need artisans who are capable of making any design and type of jewelery 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 jewelery 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 too and when he feels that he is not being handled alone then after that he can hire the workforce according to the requirement of the work.
4. Get the necessary licenses and registrations
The entrepreneur may need the following license and registration to start his own business of making gold and silver jewelery.
- 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.
5. Start gold and silver business by renting a shop:
To start a business of gold and silver jewelery, 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 proper place to show the jewelery 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 jewelery is being made, and there should be CCTV cameras covering almost all the places where the jewelery is being shown to the customers.
So that if something goes wrong, it can be detected or people do not have the courage to disturb it. Keep in mind that honesty is very important in this kind of business because people take their years’ earnings and reach goldsmith shop to make gold and silver jewelery, so any cheating or deceit with them is not advisable to be harvested from a moral and business point of view.
Question: How to open a gold and silver shop?
Answer: To open a gold and silver shop, you will have to rent an empty shop. By doing the work of interior etc. in it, BIS hallmark registration has to be done.
Question: What is a gold and silver merchant called?
Answer: The merchant of gold and silver is called the goldsmith and the artisan who makes jewelery from these metals is called goldsmith.
Question: How much will it cost to start gold and silver business?
Answer: Gold and silver are precious metals. Therefore, large scale investment is required to start such a business.
Question: Why is the silver and silver business profitable?
Answer: Gold and silver business is beneficial because most of the women in our country, India, prefer jewelery made from these two metals.