How to start a Gemstone Business - GemLab

1. How to start a Gemstone Business - A Guidebook India is a rich and diverse country, which has enormous professions available in the market. It includes businessmans, engineers, doctors, teachers, bankers, government employees, journalists, lawyers, entertainers, scientists and the jeweler. India is a country that has a rich tradition in craftsmanship. Jewelers are the ones who operate the business in the designing, manufacturing, and the sale of jewelry. The jewelry industry encompasses a wide range of artists, and craftsmen. The jewelry is designed by the jewelers and ranges from the traditional designs reflecting the culture and regional references to the modern and the contemporary styles. From the history of jewelry in India, jewelers play a significant role in the cultural, social and economic aspects of the jewelry industry. However , these jewelers create a wide range of ornaments, including the gold, silver, diamond, platinum, pearls, white gold, brass and the gemstones. Every material has its own popularity to every individual. Some like gold, some silver and some have an immense love for the gemstones. Gemstones are very attractive and appealing as they are available in different colors. Gemstones also have many astrological values for the people. But do you ever wonder how these gemstones are mined and prepared? The journey of gemstone starts with how to start gemstone business. The gemstone business is responsible for handling all the functions related to the gemstones. Today the blog is for those who want to gain the knowledge about the gemstones and how to open the gemstone business. Let’s start the ride! What is a Business A business is an entity or an organization that is indulged in the commercial, professional and the industrial activities. The main aim of the businesses is to generate profit with their primary activities. Businesses can take various forms and can be operated in various industries. A business can be a small local shop or can be a multinational corporation. A business operated in the sole proprietorship, partnership or incorporation. Business plays a significant role in the economies and societies, it drives innovation, creates employment opportunities, and contributes to the overall economic development. The key aspects of the business includes - 1. Profit Motive 2. Ownership 3. Risks and Rewards 4. Employees 5. Market 6. Customers 7. Goods and Service

2. 8. Financial Management 9. Competition What is Gemstones Gemstones hold personal and sentimental value. They might be associated with special occasions, memories and relationships. Gemstones are the minerals and the materials that are cutted, polished and converted into the appealing and attractive jewelries. Gemstones are known for their beauty, rarity and durability. These are valued for their color, clarity, cut and the carat weight. Whereas, gemstones also have astrological value. They are believed to have some symbolic meaning and carry certain energies. Gemstones are mostly worn and kept by the people either because of their astrological importance or for the emotional connection people have with them. Types of Gemstones There are various Gemstones present, each one of them having its own characteristics and appeal. Some of the common gemstones are - 1. Ruby - Rubies belong to the corundum family. They are associated with passion and are considered one of the most precious gemstones. 2. Pearl - Pearls are the organic gems that are produced by the oysters and mollusks. They are known for their luster and often used in jewelry. Pearls are not the traditional gemstones. 3. Hessonite - It is also known as Cinnamon Stone and is a variety of grossular garnet group. Hessonite has the honey yellow to reddish brown color. 4. Sapphire - Sapphires are the most known gemstones, and are available in various colors except red. They are durable and are often used in jewelry to give an appealing look. 5. Diamond - These are the most lovable stones, and are known for their brilliance and hardness. Diamonds come in various colors with white diamonds being the most lovable. How to start a Gemstone Business Gemstone Business involves the buying, selling and the trading of the gemstones. These businesses involve a wide range of activities involving the sourcing of gemstones from the mines and suppliers, cutting and polishing them and selling them to the customers and businesses. “How to start Gemstone Business” The key aspects of the gemstone business includes - 1. Sourcing Gemstones 2. Cutting and polishing Gemstones 3. Gemstone Certification 4. Sales and distribution

3. 5. Jewelry Manufacturing 6. Customer Education A gemstone business can take up to various forms for a small scale operation focusing on a specific niche to the larger enterprise involved in various multiple aspects of the gemstone. Whether the gemstone business is small scale or large, before launching them it requires a lot of research, knowledge, education about gemstones and its related terms. An individual willing to launch a Gemstone Business has to keep various things in mind including - 1. Gain Knowledge - Educate yourself about the gemstones, its types, properties, grading and the marketing value. Also, try to understand the gemstone industry, market trends, and the customer preferences. 2. Market Research - Analyze the market through the market research to identify the target audience, competitors, and the potential suppliers. 3. Business plan - Developing a business plan makes things easy to operate. Make a business plan that outlines the business goals, target market, marketing strategy and the financial strategy. 4. Source Gemstones - Building relationships is long term beneficial investment. Establish relationships with the reputable gemstones suppliers. Also try to remain updated about the changing market trends. 5. Quality Assurance - ENsure the sourced gemstones meet the quality standards. Consider obtaining certifications from the recognized gemological laboratories for authenticity and the quality assurance. 6. Pricing Strategy - Develop a pricing strategy based on various factors of the gemstones including the quality, rarity and the demand demand. 7. Marketing and Branding - Here, you have to develop a marketing strategy that includes both the offline and the online platforms. 8. Sales Channel - Decides the sales channel, whether you are willing for a physical store, an online store or a combination of both of them. People can also look for partnerships with the retailers and the designers. This is the end of the ride, hope this guidebook helps you.