Six Tips For First Time Wholesale Silver Jewelry Buyers

By Author: Frederick Fortino
Total Articles: 19
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In India, there is no specific season for jewelry buying. Though the maximum sales are made during Diwali, every milestone and auspicious occasion in a person’s life is accompanied by a jewelry purchase. This opens a huge business opportunity in the jewelry retailing sector. If you have planned to open a jewelry store, starting silver is recommended. Its cheaper price doesn’t burden you with debt if your startups fail to succeed.

Here are six crucial wholesale silver jewelry buying tips for novice retailers -

1.Purity

First thing is first. The price of the silver depends on its purity. Silver is highly malleable. A blend of alloys is used with silver to give it more strength. The 925 silver is called sterling silver has 92.5 % of pure silver. It is appropriate for making jewelry and silverware. The silver idols and coins are available in 997, 995 and 999.

Prefer Buying Wholesale Sterling Silver Jewelry as it doesn’t get easily bend and it highly durable for daily use.

2.Hallmark

How do you know the wholesaler is indeed selling you pure silver? The wholesalers get their items hallmarked by the Bureau of Indian Standards. The silver hallmarking was introduced in 2005. Even if the wholesale silver jewelry you ordered is pure without hallmark, it adds an extra cost to your budget. The BIS charges Rs. 25/- for each silver jewelry/ article.

A hallmark stamp for sterling silver is represented as S925. The hallmark isn’t visible through naked eyes. Therefore, you have to check each item with a magnifying glass.

3.Making charges
The machine-made jewelry is cheaper but lacks the charm of handmade products. Majority of your retail customer will demand handmade jewelry at some point. The total cost here consists of not only the silver price and wholesaler’s margin but also the craftsmanship. The making charges (also called the labor charges) can differ from one wholesaler to another. Conduct market research to find the seller who offers the lowest labor charge.

4.Gemstone & Polish

The embellishment over the metals is what makes it more appealing for your customers. The gemstones and polish increase your budget but are necessary for enticing the customers. The wholesalers might charge you much higher for stones on the jewelry if you have no knowledge of the gemstone grading and purity. In white stones, zircon is the cheapest whereas diamond is priciest.

To keep the silver away from tarnishing a layer of other metals is added. This protective layer can save jewelry from losing its shine. Rhodium polishing is the top option, but it immensely increased the overall cost. If you have premium customers who are willing to buy quality-quality polished products you can consider buying it.

5.Variety

You don’t want to make a promise of providing a product which you can’t. Whatever silver jewelry that catches the eyes of your customers must be in stock. While selecting your wholesale it is important to know whether they have the capability to serve the requirement of your retail business on regular basis. He should have a wide selection of wholesale silver rings, pendants, earrings, and bracelets.

6.Shipping cost and customs duties

A number of wholesalers ship silver jewelry from manufacturers all over the world. If the jewelry is exported from another country, the wholesaler has to pay shipping which is generally 10% of the entire silver. They might also have to pay customs duties. If silver mines are present in your country you must search for a wholesale who buy silver from national manufacturers.