Despite a shrinking global economy, the jewelry sector is booming, particularly the high-end market and if you are an entrepreneur who appreciates fine workmanship, creating your own brand of prestige jewelry is certainly doable. Like any business idea, a lot of research needs to be done and if that works out, writing a comprehensive business plan is the next step.
Choosing the right Jewelry Manufacturer
Here in Thailand, there are prestige jewellers to supply your luxury jewelry store and you have a say in every aspect of the design process. They sign an NDA to ensure that their role remains confidential, maintaining your good name; they employ the best jewelry designers who are more than capable of creating unique masterpieces to add to your collection.
Marketing & branding
Of course, a lot of research needs to be carried out to identify your target groups, while a dynamic digital marketing plan needs to be created by a leading agency. Entering the hi-end jewelry market is never going to be cheap; you need to invest in a plush retail venue and advertise in the right places; prestige magazines are ideal places to place rich ads. Networking is an important aspect of every business, especially an upmarket jewelry store, so you need to attend jewelry fairs and hand out promotional literature to establish your brand.
Register the business
This is one of the first things to do once you have created a business plan and you should contact the Thai Board of Investment, or BOI, as they are known. Engage the services of an English-speaking Thai lawyer and prepare the necessary documents and in a short time, your jewelry store is ready for business.
Custom jewelry
Of course, you don’t want the huge expense of creating a lot of expensive jewelry; rather you can create a catalogue for clients to browse and when a piece is commissioned, you simply pass the order to your supplier. Your relationship with the jewelry manufacturer is critical to the long-term success of the business and over time, you can build a mutually beneficial relationship. Click here for ways to keep yourself entertained while travelling.
Designing for the client
The very concept of your business will be to assist the client in designing the ultimate piece of jewelry and you need to have a system whereby the client can work with the chief jewelry designer. This needs a lot of careful planning and forethought; you will have to invest heavily in your studio, which will be the flagship of your organisation. Everything must be first class with your retail outlet if you want to attract the elite, with professional staff that know everything about jewelry.
Hiring an award-winning PR agency is a wise move if you want to make a real impression, let them use their know-how to create a winning brand.
If you are planning to register your new jewelry business in Thailand, take a look at the Thai Board of Investment’s website, which has a lot of useful information.
Comments are closed.