Dazzle with avenues in jewellery business
Until few years back not many branded players were present in the jewellery Industry. But now, names like Tanishq, Gitanjali, Kalyan Jewellers and many more have taken the trends on a high echelon. Jewellery franchising though involves high investment but with these players opportunities have risen for new entrepreneurs and enthusiasts. Let us know about the new trends in jewellery franchise business.
Jewellery franchise market in India is considered as one of the most lucrative businesses. Incase you do not want to start from the scratch, then jewellery franchising is the thing for you. Since jewellery is an all time demand item, franchising in this sector is considered as one of the best choices. Be it imitation, real metals, precious stones, diamonds, Gold or silver jewellery, buyers are ready to buy them throughout the year. With lot of options available in the market, investors can join hands with the best players in the market depending upon their investment capacity. A Tanishq Partnership brand, Caratlane started its journey in 2008 and now is one of the biggest names in jewellery franchising. Atul Sinha- Sr. Vice President, Marketing & Retail Sales, CaratLane tells us: ‘We have seen with our franchise partners that there is much more co-ownership of business. Gone are the days when franchisees would listen to corporate brands and do as they are told. Today, they are an equal partner in building our brand and expect and deserve a much higher degree of transparency and trust. Some of our most powerful consumer insights have come from our franchise stores.’
Acceptance of change
Nowadays, with the incoming of high quality fine imitation and costume jewellery, trend of people investing in the same has also risen. People from all social status have started accepting and buying imitation jewellery. With this change, opportunities for young entrepreneurs have seen a rise. As compared to the real gold, silver or diamond jewellery franchise, imitation jewellery brands have lesser investment and so, it is of high appeal to the starter entrepreneurs. The lower investment also makes it more attractive and viable for women to buy their franchise. India has a lot of unorganised players in the sector but franchise model has given a great prospect to the budding entrepreneurs too. They can easily choose from hundreds of brands available in the sector and open a store of their own with the same brand name in their city. Voylla, a leading player in fashion jewellery has 220+ stores pan-India. Jagrati Shringi, Co-Founder and CTO, Voylla Fashion Jewelry explains: ‘We found our muse in the traditional Indian crafts and have been exploring several of them such as Kalamkari, Chikankari and Bandhej. The idea is to get the intricacy and craftsmanship that was only limited to clothing incorporated into jewelry through charming motifs and vivid colours. Tassels and silver oxidized jewelry have been in trend for quite some time now and are here to stay. So, we decided to give it a refreshing twist by expanding the range with silk tassel earrings and meenakari studded silver oxidized jewelry. While runway trends like hathfools, big diamond studs and fusion lariat necklace are undoubtedly having a moment, classics like cz encrusted jewels and big chandbalis are still ruling every fashionista’s jewel box.
Read these before you start a jewellery franchise
- Know about your area and competition.
- Hire skilled and presentable staff.
- Go for Jewellery franchising only if you have deep interest and love for jewels.
- Talk to other franchisees of the same brand about their experiences.
- Keep a high investment amount ready for a start.
- Do a cost and benefit analysis.
- Know all about the hidden costs from the franchisor beforehand only.
So, it can be easily said that Jewellery franchising surely provides a lucrative opportunity to all prospective investors and not just women who wish to shine in this industry. Anyone with a decent investment capacity and an inclination towards jewellery business can rule the industry with his skills.