What is a jewelry store?
A jewelry store sells ornaments, trinkets, and other such accessories made to enhance the overall appearance of a person. There are different kinds of jewelry, ranging from gold to artificial, custom made to fine, and designer to ethnic, etc. Some jewelry stores also sell gems and jewels along with full-fledged jewelry. Women, and to a lesser extent men have been adorning themselves with jewels and jewelry for centuries. The trend is still going on and is not likely to subside anytime soon.
The business scope of jewelry store:
In 2019 the global jewelry market was worth an astounding US$300.26 billion. By the year 2025 global jewelry sales are expected to reach US$480.5 billion. The projected growth rate of the global jewelry market is 8.1% from 2018-25. These figures clearly show that jewelry remains a popular and competitive business. A small jewelry store can be set up in as low as US$20,000 but for a big store, an investment of US$100,000 may be needed.
Working capital requirement of a jewelry store:
While jewelers earn handsomely, they have to make business payments that are as large as their sales. They have to buy expensive metals, gems and pay handsomely to their designers and artisans. All these expenses need to be paid without break to keep the business cycle running. You risk a default like situation if you do not pay your obligations on time. You may also need cash to expand your business by opening a new branch or buying new stock. To pay for all these ventures, you need to keep your working capital in a healthy shape to keep things moving.
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Contact VIP Capital Funding:
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