All over the world, diamonds and jewelry have been praised for their glamor and prestige since time immemorial. This gave opportunities to entrepreneurs who wanted to start a business and make their name in the diamond industry.
Everything may seem complicated at first glance. Diamonds are valuable pieces after all. But with a keen eye, you can observe the market and the trends.
Soon enough, your career will progress and take off! But to do that, you need to have a basic knowledge of the industry. Interest alone won’t be enough.
You also need to have the communication and marketing skills to sell like a professional. We’ll discuss the step-by-step guide to help start your career within the diamond industry!
1. Master the Basics of the Industry
Having the basic knowledge related to the diamond industry is a vital element to starting your career. You must be aware of its history.
Why are diamonds controversial? Why did people associate them with human rights violations and war? Are acquiring diamonds detrimental to the environment? What are the things that made diamonds popular? Why did that popularity wane? What made it bounce back? These are just some of the questions you have to know.
That way, you’ll understand how the trends have shifted. You also need to be aware of the price changes and the market. This includes the supply and demand in your target area.
For example, during the pandemic, the diamond industry took a huge hit. But it quickly bounced back due to online marketing. It reached a wider and younger audience because of its platform. Young people, in particular, expressed great support for a newer type of diamond called lab-grown diamonds.
These diamonds are created in laboratories. They’re made with the same process as mined diamonds but are simulated in a lab. They’re just as authentic as mined diamonds and more environmentally friendly.
Not to mention, the customers’ doubts about its origins are cleared too. You can say that among young couples, lab-grown engagement rings are becoming a trend.
2.Your Interests Influence Your Career Path
Now that you’ve acquired the knowledge required in the industry, it’s time to decide on your career path. There are several options within the diamond industry for career options. But more importantly, you need to choose based on your interest.
Knowing only helps you make a more informed choice. But this is something you’ll be doing long-term, so it has to be something you’re interested in or passionate about.
The diamond and jewelry industry has the following as the most common career options:
- Jewelry manufacturer or designer
- Jewelry store manager
- Diamond and jewelry lab grader
- Jewelry trader
3.Acquire Investors and Investments
Any business needs investment to begin and the same is true for the diamond industry. It’s optimal to be the investor in your business and start small. You can continue analyzing the market and your business’s success rate over time.
However, if you can’t support it financially, then look for suitable investors. Be sure to prepare a good business plan to present to them. Approach them with confidence so they’ll know you’re going to be a reliable partner.
4.Find a Place to Rent
The next step to starting a career in the diamond industry is finding a place to rent. While online marketing is all the rage these days, having your physical shop gives you credibility.
If your consumers are within your area, they’d want to visit you to try on the jewelry. Some might visit you for repairs or adjustments too.
Ideally, you’d want to be in a place with high demand for diamonds. However, you wouldn’t want to be in a highly competitive area either. Those competitive stores would already have their regular customers. It will slow down your career to compete with established stores.
5.Come Up With a Marketing Strategy
This is where all of the information you’ve studied comes in handy. From the get-go, you must understand that the goal of every business is to make a profit. You need to design a marketing strategy that achieves that goal. To do that, you have to remember the latest trends on the market.
This involves understanding your customers as well. This will allow you to convert your prospects into buyers and regulars. The lab-grown diamonds mentioned earlier are an example of this.
If you’re not confident in your skills to create a marketing plan, you can opt to hire a professional to help you.
6.Sell Your Wares
Being able to sell your products is a craft developed over time. You need a lot of experience in dealing with customers. Different customers have different temperaments, likes, and dislikes. It’s important to have the skill and energy to appease every one of them.
This also means you need to exhibit mastery over your knowledge of the products. Being able to answer their questions will boost their confidence in your opinion. This will then lead to them asking for your recommendations themselves.
Having customers who are confident in your ability will recommend your shop to people they know. When that happens, your business will start booming pretty soon!
7.Sharpen Your Skills Over Time
Success doesn’t happen overnight, and Rome wasn’t built in a day. You need to work for your business to succeed, even in the high-paying diamond industry. Trends will always change with time, which means you need to keep studying. You need to always be one step ahead of your rivals and competitors.
With passion, you’ll have the drive to learn something new every day concerning your business. You’ll be able to make recommendations to your customers more confidently. For example, what wedding jewelry will look beautiful on them? What style for their ring would make the most out of their budget?
Experience will always be the best teacher, no matter how long you’ve been in the industry.
The diamond industry has a long history. There are several established shops and suppliers which makes it difficult to start a business in it. It’s going to be a feat but it’s not impossible. You’ll need to know everything about the industry and arm yourself with information.
By being knowledgeable, you’ll be able to make informed choices for your business. You’ll begin to predict the trends and be one step ahead of your competitors. But you shouldn’t forget to form a business plan and find a place to rent.
Not to mention, you also need capital to start your business. Looking for suitable investors should get you started. Once you do, gain as much experience as you can in selling your products. Sooner or later, you’ll find yourself a successful entrepreneur in the industry.