In today article we will tell you all the procedure that is required to start a jewellery business in India. In India jewellery has been around centuries. In India jewellery is a part of every occasion.jewellery is worn as a status symbol and also at auspicious occasions like marriage, engagement, and festivals etc.Thus jewellery industry in India is the most booming and growing sector that contributes 6-7% of India’s GDP.India’s domestic gems and jewellery industry was estimated to have a market size of about Rs.251,000 crores in 2013 with the potential to grow to Rs.500,000 crores by 2018. The gems and jewellery industry are set to witness a very healthy Growth Rate of about 15.95% making it very attractive industry for those who are seeking financial growth.
Procedure to Start a Jewellery Business
In India you can get into jewellery business by way of Retail Jewellery Shops, Online Jewellery Retail, Gold Trading, Gold Importers and Jewellery Manufacturers etc. But in this article, we will primarily discuss retail jewellery shop. As Retail jewellery shops are very popular in India and research has shown that Indian consumers are less focused on buying branded jewellery.
To start a retail jewellery business in India you need to follow the below-listed steps:
Business Registration for jewellery business
First step in starting a jewellery retail business is to come up with a brand name for your retail business, Get a Trademark for your business, Get a website for your Business and Get your business registered as private limited company, partnership, and LLP(Limited Liability Partnership),you can also start your business as a sole proprietorship and partnership firm. You should also note that registration and licenses may vary state to state, therefore it is recommended to check with rules and regulation of the respective state.
GST Registration for jewellery business
It is mandatory In India to get New GST Registration from the state in India so that business owner can avoid penalties and collect GST Tax.Hence, all jewellery businesses must have a GST Registration from the local state tax department.
Obtaining BIS certificate for jewellery business
A bis certificate create a sense of security in the minds of the consumer as bis certificate guarantees that jewellery is pure and fine and it has no impurities. BIS certificate is a mark of quality in India.The main objective of the BIS Certification isis to protect the public against impure and bad quality products and to make it compulsory for the manufacturers to maintain standards of purity and fineness.
Bank account for jewellery business
A business owner should have a bank account in name of the shop so that he can apply for a loan and also bank statements are required for business purposes.banks also have schemes for the business owner that they can take advantage of. Having a separate bank account helps with accounting and record keeping.
Employee Recruitment for jewellery business
A business owner should recruit professional and right kind of people to achieve success and sustainability in business. A business owner should conduct a proper verification of employees that owner will be keeping in the business. even you can help from the HR Consultancy Company in India.
Marketing of the business for jewellery business
As soon as you commence business operation, It is necessary to start marketing business using both offline and online medium as it will help in promotion and creating demand for your jewellery products.Jewellery shops are generally promoted by newspaper advertisements, TV ads, Hoardings and Theatre advertisements etc, you need to make right choice depending on your budgets so that you can get higher returns.
Managing the Business for jewellery business
After you have commenced your business, you must obtain tools like the point of sale and billing software, accounting software, inventory management software and customer relationship management software for managing business smoothly. You must also secure security for the jewellery shop.
Need help in opening and managing your business.
Opening a retail jewellery shop can confusing and slow process. You need to have knowledge of all aspects of the business to start a jewellery business in India. I hope you have understood above listed steps but if you find difficulty in understanding any of steps listed above. Then we recommend you seek professional help today.