Hi, I realize that this may be a broad question, so to start, I am considering Selling Colored Gemstones “related” product (not Diamonds). Not Etsy. Can anyone offer their experience. I have a Gemology background, not retail.
2. Experience with Polygon? Considering joining, but is it best suited for retail, high volume? Why not buy from Gemstone Wholesalers? Thanks.
Joined: Thu Feb 22, 2007 10:23 am Posts: 923 Location: NYC
There is fierce competition in the retail market, particularly on social media platforms. To stay competitive, it is important to have a presence on all relevant social media channels and to consistently produce high-quality content and maintain a visually appealing online store. By focusing on these factors, you can differentiate yourself from other retailers and gain a competitive edge. it is important to have a social media presence and engage with your audience to promote your business.
Regarding the sale of gemstones online, it is important to clarify whether you are referring to finished jewelry or loose gemstones. While there may be demand for both, the market for loose gemstones may be more limited compared to finished jewelry.
I focus on supplying wholesale products and have a online shop and social media presence. But In order to fully focus on the wholesale aspect of my business, I have decided to suspend my online store and instead work with designers, stores, and private dealers. I still maintain a presence on social media from time to time and engage with private dealers groups.
Joined: Thu Feb 22, 2007 10:23 am Posts: 923 Location: NYC
Barbra Voltaire, FGG wrote:
Excellent insight, Farshid. New comers to the industry often underestimate the time, resources and connections necessary to start their business.
It is true that starting a business can be a challenging and time-consuming process, and it is important for new entrepreneurs to be aware of the resources and connections that may be necessary in order to succeed. It is essential to have a clear understanding of the industry and market, as well as a solid business plan and financial projections. Building relationships with potential partners, suppliers, and customers can also be crucial in the early stages of a business. While it may be tempting to underestimate the time and resources required, it is important to be realistic and to be prepared to put in the work and effort necessary to succeed. With the right combination of innovation and smart decision-making, even a newcomer to an industry can find success. This is exemplified by one of my best clients, who was able to build a successful business in the jewelry industry despite having no prior knowledge or experience in the field. She was able to differentiate herself from her competition by creating high-quality content that resonated with a young audience, and by understanding the needs and tastes of this target market. Despite facing stiff competition from established businesses with deep pockets, she was able to achieve success where others were not. This demonstrates the importance of having a clear vision and being willing to take calculated risks in order to succeed.
Thanks for your comments. I realize Polygon is not Retail. I am a Wholesaler/Gemologist/Appraiser.
@Farshid, I agree with your comments about time spent on Online/Social Media, not only time consuming but takes time to build up a following vs. Direct to Designers/private Dealers. Thanks
Thank you excellent wisdom, Farshid. Beginners often need to pay more attention to the time, resources and connections necessary to start their business.
Hi, I realize that this may be a broad question, so to start, I am considering Selling Colored Gemstones “related” product (not Diamonds). Not Etsy. Can anyone offer their experience. I have a Gemology background, not retail.
I'll give my perspective as both a second generation jeweler and retailer. Ask yourself this question: why would my target client buy from me instead of my competition? The answer, in my humble $0.02 is brand. Do you know your product inside and out? What justifies said knowledge? GG diploma? I exclusively buy from dealer who are transparent about the origin of the stone but also its flaws and potential risks. The reason for this is that consumers have become quite knowledgeable about gems and expect the retailer to know the source of the gem and how it was made. I want to be able to satisfy them by knowing all the information.
As a dealer, you should also have a sound social media presence. Don't just sell the stone but educate your audience on the stone. If you check out people like Joe Henley or Blacklighters, you'll see that they're incredibly charismatic but also have a fabulous social media presence.
Greenspinel wrote:
2. Experience with Polygon? Considering joining, but is it best suited for retail, high volume? Why not buy from Gemstone Wholesalers? Thanks.
I'm not too familiar with Polygon but the question 'Why not buy from Gemstone wholesalers?' is quite easy to answer. The wholesale market is filled with individuals who have little to no knowledge about their product. It's quite a sexy job to be able to say 'I'm a gemstone dealer' and as such the risk of being cheated is very high. Groups such as Polygon add an extra level of certitude in a market that is flooded with fraud and uncertainty.
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