Tips for Buying Wholesale Silver Jewelry

Are you a small business owner or thinking of starting a new business? If so I have listed some tips here to help you decide what to stock up on. I have been selling in wholesale silver jewelry for 14 years and along the way learned a few things I would like to share through this blog.

What should you get for re-sale? What products sell best? Which stones sell best? These questions can make the buying process frustrating and stressful. Stunningly, when I look back over the past 14 years in this business, my investment is approaching $1 million; the only reason I mention, is that I realize I must have learned something of value along the way ... and am happy to share.. Here are a few kernels of knowledge I have accumulated along the way in regards to designing and producing silver gemstone jewelry:

1) Diversify product types - offer a range of products, even if you only have $100 to invest initially. Instead of buying 15 pendants, get 5 rings, 5 pendants and 5 pairs of earrings. Get most rings in sizes 6,7, 8.

2) Go after bright colored, natural gemstones in your jewellery. I don't care what season it is, the dull colored, brown stuff does not do well. Really light colored stones (such as s light peridot with no faceting or topaz) do not sell. I personally can't stand cz - I think I tried once to sell with no results.

3) Popular stones: based on my sales, the most popular stones are: Amethyst, Amber, Turquoise and Rainbow Moonstone. Keep these stones in stock at all times. I have a page on my site where you can Search By Stone.

4) Don't stockup for the 'season'! I mean, don't get all hung up on getting a specific line for fall, summer, etc. I move a large volume year-round and I am literallly (I should probably not admit this) a fashion idiot. Ask my wife. It's true. But somehow I am able to pick out and design pieces and color schemes that work. In very few cases only do I carry seasonal lines - like in summer I stock a lot of toe rings and shell jewelry. Other than that I don't give the season much thought and everything I put up on the site sells in about 45 days.

5) Go with your gut. If you like the line - ie. the workmanship, the colors of the gems, the look... you are probably on to something.

6) Vette your sources - This is 80% of the battle. You must be comfortable with the quality of work, consistency, timliness and service of your supplier(s). If you get this relationship refined you will feel confident in expanding your line.

7) Take some chances - Don't be afraid to try a new product, tactic, idea, etc. For every success I probably fail 4-5 times. It's the way of the entrepreneur. And if you have read this far down the list chances are you are on :)

8) Procure mostly items you can retail for $15-$30 with a 2.5 time markup on average. Roughly 60% small to medium, 20% small, 20% large pieces. All low-end and your display looks cheap. All high-end, and it will sit for a long time.

9) Get some chains to go with the pendants. But not 100% because some people already have chains they like. Maybe 1 chain for every 3 pendants.

10) Buy less than you can afford. If you have $300 to invest on your products, unless you have a long-term relationship with a supplier and know exactly what you want, don't spend it all at once. And check to see if they have a return policy. Whenever possible use companies that do not require a minimum order and have a generous return policy (like us!).