Using A Gold Detector

While markup is something any jeweler has to deal with, the volume trading aspect tends to make it slightly more bearable. Since buying items in bulk is always cheaper than purchasing one or two pieces, when buying pieces that are relatively cheap and marking them up yourself, you stand to make a high profit, especially if the demand for the style is pretty high. This is of course a gamble, because you can never really know which pieces the public will enjoy and whether or not you'll be able to sell them once you've purchased them.  As the economy has worsened over the last few years, this has opened up a whole new field for the criminal element as well, I have recently come across a larger amount of imitation items, these are even hallmarked correctly but are in fact not karat gold but gold plating over copper.  Unless you're an astute precious metal dealer you may be fooled so I would recommend the use of an electronic gold detector, I personally use acid testing but it would be too time consuming for larger lots.

This is determined by analyzing your competitors prices. Since you've already been shown how to calculate the cost of jewellery, you can determine the base cost of what it cost to make such a piece, gold and labor included. Knowing this and looking at the end cost of a competitors piece will help you get a better idea of the markup they are charging, and whether or not purchasing and reselling would be a profitable venture for you to undertake. Of course, if you find your competitors are marking up their jewellery nearly three times the cost, then the competitive prices aren't really there, as jewellery is generally only marked up at maximum, 50% of the production cost.

The jewelery business has always been a time-sensitive business, as the market price for gold fluctuates daily, just as much as monetary exchange rates do. This means that any piece which you sell great this month might not be so popular next month, as fashion changes and prices change. Monitoring all of this is what will determine your success as a jewellery wholesaler, but says the gold jewellery expert, keeping only enough stock to sell out when styles change is a balance you'll have to learn on your own, rather than reading a guide. Being a jewellery wholesaler can be an extremely lucrative business if you know how to follow the ebb and flow of the gold market and you understand exactly what people want in their jewellery styles. Unfortunately, fashion aspects of the jewellery market are just as unpredictable as the price of gold.

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