looking for how to set up a gold jewellery shop in London? As an artist, sharing your work with the world can be your most joyous initiative.
For many people, making jewellery is a great way to unwind their interests and innovations. So, if you are skilled at crafts, or passionate about jewellery making, why not consider starting your gold jewellery shop in London?
Gold jewellery is a popular choice for small businesses in the UK The global jewellery market seems to have boomed in recent years.
The online gold jewellery market is already booming. The jewellery market is set to reach $60bn worldwide by 2027.
A jewellery business also allows hobbyists and enthusiasts with entrepreneurial flair to become their boss.
So, if you want to set up a gold jewellery shop in London, you are on the right path.
In this article, I will reveal a complete step-by-step guide to opening a jewellery shop in London in 2024.
Let’s dive in the deep!
A step-by-step guide to opening a Gold jewellery Shop in London
1. Find Your niche in the Jewelry Industry
Various niches and sub-categories are there in the jewellery industry.
When opening a gold jewellery shop, you should ask a question yourself about what kind of jewellery you are going to sell. These categories include gold-plated, gold vermeil, gold-filled, solid gold, etc.
So, first, you should narrow down the board category for your startup business. It would help if you carved out a particular niche for your products. You can start by prioritizing your customers.
It would help if you chose from classic, trendy, brides, and socially conscious consumers.
Also, you must think of whether you will craft items for occasion-specific, or everyday wear. This will ensure you how you should market your business later.
2. Jewelry Products and Categories
Once you have decided on your niche, you should decide whether you will sell one fixed item or several items of gold.
You can also niche down and focus on some specific items. Also, you can go forward with a broader range of items of mix-and-match fashion pieces.
You can consider the following items for your jewellery business in London:
- Rings
- Bracelets
- Necklaces
- engagement and wedding rings
- Earrings
- Watches
- Toe rings, and other body jewelry
- Piercings
3. Research Market Trends
Before deciding on your gold jewellery items or products, it is very important to know your audience. researching the jewellery market trend is one of the most effective ways to validate your chosen direction.
You can follow fashion influencers, or you can go through fashion blogs or articles to stay on top of the market trends.
You can get some potential knowledge regarding the upcoming gold jewellery designs, fashion, and styles.
You can focus on a wide number of gold jewellery designers for inspiration. Also, you must dig into some data.
You can research a broad global search volume for a particular item on the internet. Further, you can keep your eyes on the adjacent customer trends.
Besides, you don’t need to always follow the market trends instead, you can start your business with your ideas.
Success as a newbie in any fashion industry always depends on aesthetic designs and consistent branding.
Before hiring some experienced crafting designers, as a business owner, you must look forward to designing your signature style.
You can collect designs from anywhere that inspires you. You should not stop getting motivated and inspired by anything in the world.
4. Define Your Brand
If you are looking forward to establishing a successful gold jewellery business in London, you must work hard to build a solid brand.
you must keep in mind that brand is different from branding. The brand is your voice, mission, and vision. The brand will tell your potential customers how you feel about your products.
Fashion businesses sometimes become personal, you must connect with potential customers. Here, I am providing key factors that you should practice to become a successful gold jewellery businessman.
- You must understand your customers. Further, you need to know what they are looking for. You must be aware of their tone and how they speak.
- You must be aware of your speech and tone. Establish a brand voice.
- You can create a website for your business and tell your story on the About page.
- You must add personality to your social media posts. On social media platforms, you can share the process and inspiration of every design you would make.
5. Register a Creative Name for Your Jewelry Shop
You must work on finding a business name that is catchy enough. The business name should reflect your style, innovation, and creativity. The shop name must be capable of drawing the attention of the customers.
So, find one shop name for your jewellery business and register it from your local business registration office. While choosing your business shop name, you must consider these below few points.
- You must choose a shop name that meets the standards of the industry terms.
- You must choose a name that is not chosen by others.
- you must choose one shop name that potentially conveys your brand message to your target audience.
6. Search For a Jewelry Manufacturer
Then, it’s time to search for a trustworthy, and experienced manufacturer. I advise you to avoid making your jewellery on your own.
Because it is an expensive and lengthy procedure. So, initially, you can let a manufacturer produce your jewellery pieces. Also, f you want to scale up fast, it is the right approach.
When selecting a jewellery maker, you must consider some proven tips. You need to look at some of the work samples of the manufacturer.
After putting some time into different manufacturers, you can focus on a particular manufacturer that suits you the most. You must check the sample designs, and quality before placing an order in bulk.
7. You Must look different
There are plenty of gold jewellery shops in London, so they might be active in your niche. These jewellery makers are your direct competitors.
So, initially, you need to compete with several jewellery shops in London to make a name for the kind of jewellery pieces. So, you must design jewellery pieces that are unique, aesthetic, and stylish.
You may focus on your competitors and research about what works for them. You can go forward with a few geometric styles and some other trending styles.
Then, compare these designs and see what will be better for your business.
8. Market Your Gold Jewelry Business Online
Apart from offline, are you interested in selling your gold jewellery items online? If yes, you can create an online store through a website builder.
On this platform, you can show off your jewellery designs, and also provide much information about your business.
Here, I am providing some of the best ways that you can follow to sell your products online too:
- You can build a noteworthy Blog.
- you can create video tutorials to reach a large number of people
- You can perform effective email marketing
- You can implement social media marketing strategies to convert potential customers into real buyers.
- Search Engine Optimization
- you can go forward with Content marketing and Reference marketing
9. Hallmark Your Jewelry
It is becoming the most important to hallmark the precious metals before selling.
UK Legislation makes it mandatory to hallmark the jewellery pieces before selling them. Selling any jewellery without hallmarking is illegal in the UK.
To hallmark the jewellery, you need to test the metals and brand them with a seal. The seal will describe the year of the making of the jewellery and purity.
So, to avoid any legal hassles, you can choose the precious metals that are hallmarked. So, in this way, you can trade legally in a secure manner.
10. Effectively Utilize Social Media
Nowadays, everyone accesses various social media platforms such as Twitter, Facebook, Instagram, Pinterest, and so on.
So, you can create a business account on various leading social media channels to make your business known to everyone. By creating your business pages on social media platforms, you can draw visitor’s attention instantly.
Further, you must keep in mind that a jewellery business relies on showcasing a wide range of jewellery items. So, you can use image-based social media channels such as Instagram, Pinterest, and so on.
11. License & Permits
- Market Stall License: To open a jewellery shop, you need a license from your local government. You may typically pay a modest charge.
- Public Space Surveillance License: You must work to get a public space surveillance license to carry out guarding duties under CCTV. It can monitor public actions in a private or public location. This license is very beneficial for jewellery shops because of the costly items. If you plan to install CCTV in your jewellery shop, you must acquire a license from SIA (Security Industry Authority).
- Financial Conduct Authority Authorization: The Financial Conduct Authority must authorize the companies as well as the individuals to perform regulated financial services operations. Also, they ensure customer satisfaction with credits. So, before opening your gold jewellery shop in London, you must apply for this license. Furthermore, you must fulfil the requirements of your business type. This license is vital for the jewellery shop.
FAQ
How to build up a jewellery shop in London?
Ans: The global jewellery market is expected to reach $46.3 billion between 2024 and 2028. So, there are huge rooms for newcomers who are planning to start their gold jewellery business. but, where to start? It is one of the most challenging questions. So, to help you out, I am going to provide a list of steps that you can follow accordingly.
- Find your niche
- Research market trends
- Build your brand
- Produce or source your jewellery items
- Make signature designs for your brand
- take professional photos of your brand
- Build your e-commerce store
- Market your business
- Scale your business
Do I need a license to sell the jewellery in the UK?
Ans: Yes, to sell jewellery in the UK, you must get a license from your local authority. Different Councils require different licenses, but the body will guide you on what you need. Further, there are a range of laws, you should comply with those laws to sell your items.
How much does it cost to open a small jewellery store in the UK?
Ans: If you want to open a small gold jewellery store in the UK, it may cost between 30,000 Pounds to 50,000 Pounds, depending on various factors. various key factors are there influence this budget significantly. Some of the key factors include the location of the jewellery shop, equipment, interior, furniture, initial inventory, marketing, branding, communication, staffing, management, and legal obligations that influence the cost.
Conclusion
If you are planning to start a gold jewellery business, start carefully with a well-thought-out plan. Before opening the shop, you must work hard on a few factors. You must ensure that your physical jewellery shop is visible to the target audience.
You can also create a custom logo for your jewellery brand and represent your brand in a large competitive market. So, if you are confused about how to set up a gold jewellery shop in London then just go through my article.
You can follow my step-by-step guide, hope it will help you build a successful jewellery business in London. Furthermore, you must have enough cash flow to meet any urgency during the way of establishing
the shop!