How Jewelry Retailers Can Benefit from Outsourcing Fine Jewelry Manufacturing Overseas
From ancient times and across cultures, jewelry persists as one of the foremost and major forms of individual expression and ornamentation. Whether a luxurious diamond ring or a simple jewel band, jewelry makes the person wearing it feel more confident and charming. Before we delve into the main subject of this article, let’s first take a quick glance at the fine
Present and Future of the Global Fine Jewelry Market
In 2020, the global fine jewelry market amounted to about 18 billion euros according to statista.com, an online market research company. The total share of the fine jewelry and other precious ornaments market revenue is attributed to China, United States, Japan, and India in differing order depending on type of product. The value of the overall jewelry market including all forms of jewelry is rising around the globe and is expected to increase from about 230 billion U.S. dollars in 2020 to about 292 billion dollars by 2025. One of the most exciting new innovations in the jewelry industry is lab-created diamonds, which are often indistinguishable from natural diamonds, and are expected to become increasingly common and readily available in the near future. However, natural diamonds remain treasures in themselves.
The jewelry industry seems poised for a glittering future. Annual global sales are expected to grow at a healthy clip of 5 to 6 percent each year, mainly coming from the fine jewelry sector. Consumer appetite for jewelry, which was dampened by the global recession, now appears more voracious than ever.
Retail of Fine Jewelry as a Profitable Business
The previous statistics clearly indicate the profitability of the fine jewelry business, and further proof of it shining through the global pandemic is shown in this Report. With predicted growth, there’s still room for new ventures into the jewelry business to share a piece of the pie by entering this highly lucrative market. For existing entities, initiating new approaches for better sales and efficient manufacturing processes is key for long-term success. Aiming for the global market is a must and, fortunately, readily approachable even for small and medium enterprises (SME’s) who use the power of the internet and outsource manufacturing. Outsourcing manufacturing can be a major business boost, allowing a seller to focus all their energy towards sales and marketing. Leave the complexity and high investment of designing and producing high quality products to the fine jewelry manufacturers you outsource to and simplify your business.
Understanding the Task of Fine Jewelry Manufacturing
Even when outsourcing, many jewelry retailers deal with multiple companies to get jewelry designed and produced, which can also take their focus away from their customers. Ideally, a manufacturer can take care of the entire process. For example, at Lao Pride Inc, we do everything from design to production, using skilled professionals and top-end technology to produce high-quality jewelry to make it easier for jewelry retailers around the world to wow their customers. With over 20 years of experience sourcing the best materials and using top-of-the-line technology to craft impeccable jewelry, we take the burden of manufacturing off of our global customers, allowing them to be confident in selling the best in fine jewelry without worrying about the production process.
Growing a fine jewelry business is entirely dependent on the key processes involved like sales, marketing, and manufacturing. All these processes involve sub-processes, of which the most vital, laborious, and time-consuming is manufacturing. The fine jewelry manufacturing process requires an investment in the necessary equipment, highly skilled workers, and in-depth knowledge about sourcing precious gemstones and metals.
Advantages of International Outsourcing of Fine Jewelry Manufacturing
There are many advantages of outsourcing manufacturing internationally, including the following:
– Ability to offer multiple services to local small businesses
– Higher profit margin with lower production costs
– Increased efficiency with no worries of manufacturing processes
– You can focus more on product sales, marketing, and expansion
– Business continuity planning is put on autopilot mode
– Investment for purchasing production tools is not necessary
– Increased resources to match increased demands
– Internal production inefficiencies are someone else’s headache
– Major help in lowering labor costs
– Potential to lower import taxes (country-specific).
How to Choose a Manufacturer for Outsourcing Fine Jewelry Production
Selecting the right international manufacturing partner is an integral part of your road to success, and to make the best choice, it’s important to consider a few crucial factors, such as:
– Focus: Commitment to maintaining manufacturing processes central to the company mission
– Capability: Capacity and skill required to produce the desired quantity and quality
– Creativity: Continuous improvements and innovations to avoid falling behind in the industry
– Flexibility: Ability to make necessary adjustments and even investments necessary to complete manufacturing aims
– Labor costs – The ability of the workforce to design and finish a product efficiently, as this will allow for competitive pricing without sacrificing quality
– Logistics – Consistent, on-time delivery of finished products to meet demand
– Import taxes – choosing to source from a country with lower import taxes can make a big difference in profit margins
Stand Out as the Best Place to Go for Fine Jewelry
Consider Lao Pride, Inc. as your partner to provide flawless jewelry with the finest designs, top quality, and competitive pricing. Learn why Laos is an ideal place for sourcing fine jewelry. Relax as we take care of everything from A-Z in manufacturing fine jewelry. Contact us today to tell us what you want, and we’ll create jewelry that will “wow” your customers.