How wholesale jewelers are disrupting the jewelry industry
In 2018, the United States jewelry industry broke 279 billion dollars, and experts are expecting it to grow to $480 billion by 2025. When you think of the jewelry industry, you probably think of large corporations, sleazy salespeople, and insultingly expensive pieces. For many jewelry stores and online sites you order from, that rings true. However, a couple of innovative jewelry sellers are disrupting the industry, allowing more people access to high-end diamonds and jewelry.
One of the biggest disruptors of the conventional jewelry store are the wholesale jewelers on the scene. If you’re looking to buy an expensive piece of jewelry for yourself or a loved one, check out your wholesale options first. You may just find something you love at a far lower price than at a traditional jewelry store.
How Wholesale Works
When you purchase something from a retailer, that retailer likely didn’t manufacture the product. They probably bought it in bulk, marked it up, and sold it to you for a profit. For the most part, this formula works great. In a grocery store, you don’t have to buy a 50-pound bag of rice to make a couple of servings. However, this concept applied to more expensive items can drive the marked up price way higher than necessary.
This is especially true for jewelry stores. When you buy a diamond ring from a retailer, you’re not only paying for the diamond, you’re also paying for the salesman’s commission, the bills the store needs to pay, and all of the shipping and handling that delivered the ring to the store. If you want to cut the middleman and avoid the extra cost, buying straight from a wholesale jeweler might be the best option.
As for the jewelry industry, experts are seeing a considerable increase in online sales and purchases straight from the source. Traditionally, people view brick and mortar stores as more reliable and higher-quality, mainly because they can feel and try on the product in the store. To many, this is a worthwhile trade-off for the higher cost. However, with better technology, supply chain, and marketing, wholesalers are expected to reach around 10 to 15% of the market share this year alone. As a consumer, this could mean lower prices and better quality as the competition ramps up in the jewelry industry.
Making Wholesale Work for You
What does this mean for you? Basically, if you want to buy a specific piece of jewelry and feel like going into a jewelry shop is too stressful or too much pressure, buying direct is going to be a good stop for you to consider. Generally, wholesalers now have websites they sell directly from, so a simple search for a wholesale jewelry merchandiser will get you a comparison for the best prices online. In addition, some wholesalers have opened the doors of their warehouses or opened storefronts to offer their merchandise straight to the consumer.
Of course, if you decide to go online with wholesale, you need to mitigate the risk of buying jewelry without trying it on or seeing it in person. You can generally find plenty of reviews for online jewelers and wholesale jewelers on congregate sites like Sitejabber or Trustpilot. Look for comparison photos between the product promised and the product delivered.
In addition, try and find a wholesaler who accepts returns within a limited time period. Most online stores do this now, but having that sense of trustworthiness will undoubtedly make you feel better as you dish out hundreds of dollars on jewelry.
Wholesale jewelry may be the future of the accessory industry with lower prices, less pressure, and more trustworthiness. The next time you’re considering a piece of jewelry, check out a wholesaler before heading to a large brick and mortar jeweler.