If you run a jewelry store, you understand how important it is to find a supplier who meets your needs. Every store has its own niche to serve, and if you really want to set yourself apart from others, it’s important to ensure that your supplier meets the same values you’re hoping your customers have. Whether that means you’re looking for conflict-free necklaces and rings like this aquamarine rings, unique uses of gemstones, or classic pieces using pearls and diamonds, there are a lot of different options to think about for your store.
One thing to note is that you want to be able to do some research into how a company sources the metals, gemstones, diamonds, and other minerals that they use to create their items. Unfortunately, the industry is fraught with negligence and destructive practicesboth ecologically and ethically. As such, just because some distributor is offering you a good deal on some engagement rings doesn’t necessarily mean that as a mining company they’re on the up-and-up. Here are a few tips to keep in mind as you work to build out your network of suppliers and build a thriving business in the jewelry industry.
Recognize that there might not be a one-size-fits-all answer.
When it comes to knowing how to choose the right supplier for your business, it’s important to realize that not every distributor is going to meet your needs. As such, you may need to generate a network of distributors that you come to trust for different materials. If you’re handmaking your necklaces or earrings, this might mean getting wire and other metals from one distributor and sourcing some of your gemstones like rubies, sapphires, or emeralds from another supplier.
The same philosophy applies to anyone looking to source different pieces. Perhaps you’ll get necklaces from one distributor that you love but need to source engagement rings from a different distribution channel. Mapping all of these suppliers out can help you ensure that you have distribution channels you can count on.
Think about what sorts of items sell best.
One of the best ways to save money in the jewelry industry with suppliers, and maximize your profits in the process, is to buy some items wholesale. Buying from a wholesaler involves taking on a bit more risk since you’re purchasing items in advance of demand which can create some overhead for your business.
That being said, if you know that a certain necklace or pair of earrings is really hot this season, it may make sense to buy more of these at once. Not only will this allow you to keep popular necklaces, rings, bracelets, and earrings in stock, it will also allow you to make more money on these items since you’re spending less money acquiring these pieces for your inventory.
Be willing to change suppliers if necessary.
Sometimes, you may realize that the supplier who you thought was someone with a commitment to you and your values may not actually fit that mold anymore. Whether it’s because the product quality from this vendor has decreased or because you’ve realized that they use unfair labor practices in order to create their silver necklaces or handle shipments, if you no longer want to work with a supplier, it’s vital to drop them and find another vendor.
While the selection process to source reputable suppliers isn’t the easiest task, finding a good supplier whose values match yours in terms of quality products and quality labor practices is more important than getting pendants at a discount. While you may be getting a lower price, you’re sacrificing your values, which aren’t worth it for an emerald necklace in a marketplace where best practices are already under such scrutiny.
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