10 Profitable Small Scale Gem & Jewellery Business Ideas

Are you searching for jewellery business ideas? Are you interested in starting a profitable business in the gem and jewelry industry? Here in this article, we intend to provide 10 lucrative gem and jewellery business ideas for aspiring entrepreneurs.

In India, the gem and jewelry industries are highly fragmented and lucrative too. However, the industry leads to a high share of the unorganized sector as compared to the organized sector. The industry contains not only the gold but also a variety of diamond, platinum, precious and semi-precious stone jewelry. Additionally, the imitation, costume, handcrafted and boutique pieces of jewellery hold a great share in the industry.

Basically, gems and Jewellery form an important part of India’s rich culture. This culture is the primary reason for a flourishing Gems and Jewellery industry in India. Globally, India is the largest consumer of gold. The gems and jewelry market in India is home to more than 500,000 players, with the majority being small players. Basically, UAE, US, Russia, Singapore, Hong Kong, Latin America and China are the biggest importers of Indian jewelry.

Also, the country is the largest diamond cutting and polishing center in the world. Additionally, it is the fastest growing branded jewelry market in the world. The industry experts are expecting an annual growth rate of 40%. Furthermore, the Indian government presently allows 100% Foreign Direct Investment (FDI) in the sector through the automatic route. Therefore, starting a jewellery business is the most profitable opportunity for the entrepreneurs.

List of Top 10 Lucrative Jewellery Business Ideas

#1. Beaded Jewellery Making

This is a home-based jewellery business you can start with a small investment. However, you must have the specific skill for making beaded jewelry. You can sell these items as the wholesale basis or from online. Basically, a small eCommerce store is the best place to sell beaded jewelry online. Additionally, you can sell from the online marketplaces.

#2. Costume Jewellery Business

Costume jewelry, also known as fashion jewelry, runs the gamut from simple silver pieces to large cocktail rings. Selling costume jewelry can be profitable as it is not only bought and worn by female consumers of all ages but also purchased by males to give as gifts. Read More…

#3. Diamond Processing Unit

Gujarat holds the No 1 position in diamond processing including cutting and polishing. Diamonds are one of the most precious and loved materials of all. Additionally, there are upgraded technologies available for initiating diamond processing units. However, it is a capital intensive business.

#4. Dokra Jewellery Business

Dokra is a traditional handicraft of our country. Nowadays, the dokra jewellery are getting huge popularity worldwide. This is comparatively a low-cost jewellery business you can start from even home. This type of jewelry is popular as fashion or boutique jewelry.

#5. Glass Bangles Making

The Firozabad of the state Uttar Pradesh is popular for glass bangles. Glass Bangles are the item of mass consumption throughout the country. Generally, the demand for the glass bangles goes up during the festive season and specially functions, marriage occasions etc. Basically, the demand for glass bangles is ever increasing in view of established characterized customary and auspicious status gained by it in the society.

#6. Gold Plated Jewellery Making

Nowadays, gold plated jewelries are becoming very popular among the every age group of people. You can establish a small scale manufacturing unit with moderate capital investment. The manufacturing process is simple. And the product has the great potential market.

#7. Jewellery Shop

Jewelry shop is a lucrative retail business. According to your investment capacity, you can start this business. However, if you want to start with a small investment, it is better to start with a niche category. Even you start as a small store, try to build the brand. Also, you can expand your business through franchise operation.

#8. Lac Bangles Making

You can start lac bangles making business with moderate capital investment. Even with a small infrastructure, you can initiate this business. Designer lac bangles are the popular and durable items. The manufacturing process is simple.

#9. Leather Jewellery Making

Nowadays, leather jewelry is getting popularity as fashion jewelry item. The business is easy to start. Even, if you have space, you can start the business at home. However, you must have some knowledge about different types of leathers.

#10. Online Pearl Jewellery Store

Currently, the branded pearl jewelry market is increasing very fast. With a small capital investment, you can start an online pearl jewelry store of your own. Basically, Shopify is the great platform for creating a small online pearl jewelry store.

Related: How to Setup an eCommerce Store in India

The Indian Gems and Jewellery market continue to be dominated by the unorganized sector. However, with the Indian consumer becoming more aware and quality conscious, branded jewelry is becoming very popular. We hope the present article will help you in starting your own jewellery business successfully.

References:

Department of Industrial Policy and Promotion (DIPP)

Gem & Jewellery Export Promotion Council