Buying and selling jewelry online is a lucrative business since demand is always high. The demand narrative hasn’t changed and is not likely to change anytime soon. Why? Because jewelry has no boundaries; it appeals to both men and women of any age, region, and culture. Although jewelry is not a basic need, most people associate it with beauty and prestige. This explains why despite the kind of jewelry you want to buy and sell, (gold, silver, platinum, and diamond) the market is always there. Here is how you can make decent profits buying and selling jewelry online:
a) Choose the kind of sell online jewelry you want to deal in
The first step to a successful online jewelry selling business is to choose the kind of jewelry you want to sell. Jewelry is made of different kinds of precious metals, including gold, silver, platinum, diamond, stainless steel and much more. Choose the kind of jewelry you are going to be selling. You should also decide whether you’ll be buying and selling female or male jewelry. Although there is a wide range of precious metals to choose from, gold offers the best possibilities for making super profits.
b) Keep tabs on prices of precious metals when looking to sell online jewelry
If gold is your desired precious metal to deal in, make a point to keep tabs on the prices of gold every day. Gold prices fluctuate each day, and if you don’t keep track of them, you could incur heavy losses. Success in the gold jewelry business lies in identifying the highs and lows of gold prices and acting accordingly. Typically, the right time to make a purchase is when the price of gold plummets. Then, hold on to the jewelry until the prices skyrocket. This way, you can make decent profits online. There is a multitude of sites you can leverage to track the prices of precious metals such as Gold Spot Price, Gold Price Chart, and Precious Metal Prices.
c) Determine the amount of capital you need to start off in the sell online jewelry business
Go on a research spree or ask experts in the domain the least amount one needs to start buying and selling jewelry online. Avoid starting with a big budget, as the jewelry business is a risky domain. Start off with an amount you will be comfortable losing. As you learn the ins and outs, you can continue scaling up your budget. Ideally, the profit you get from selling your jewelry should be plowed back to expanding your jewelry business. Within months, you’ll have recouped all your startup capital and only operating with your profits. The safest amount to start with, in the sell online jewelry business, is between $100 and $100,000. Bottom-line, it all boils down to how much you’re willing to risk.
d) Start a sell online jewelry business by buying stock at the right time
Like we’ve discussed earlier, the best time to buy jewelry is when prices plummet. However, ensure you move with speed to buy as price fluctuations in the precious metal business can happen in a matter of hours or days. You can find high-quality, low-priced jewelry in online auction sites like Amazon and eBay. Gold is a bit different, as it’s pretty hard to find a price below the gold melt value.
e) Set up an online store on a popular eCommerce site and sell your jewelry
Selling gold online must happen through eCommerce platforms, as buyers want to see images of the jewelry. Sign up to giant eCommerce sites like eBay and Amazon, or better still create your own only store on BigCommerce or Shopify and sell your jewelry.
The key to success in selling online jewelry lies in knowing the kind of jewelry you intend to deal in, who your target market is, and marketing strategies that work. You are in this business to make super profits, so try to get the best deals possible by buying during lows and selling during highs.
Additional reading: What to Sell Online To Make Money
— Square Canada (@SquareCanada) 16 de junio de 2017