The retail jewellery sector in the UK is experiencing a boom! The overall projected value of the UK jewellery industry is expected to reach more than £3.3 billion by the end of 2022. Worldwide, the jewellery industry is predicted to reach an overall value of more than £360.6 billion by 2026. Certainly, it seems that the levels of consumer demand for quality jewellery are only set to rise.

The sheer scale of the UK jewellery industry makes it tough for new retailers to stand out in the crowd. Staying competitive means securing inventory at better wholesale rates than your competitors. It is crucial that anyone who is starting a retail jewellery business, whether online or as a bricks-and-mortar business secures a reliable wholesale jewellery supplier. 

However, finding the right wholesale jewellery suppliers can be difficult and spoil your retail logistic. Many new business owners are unsure of where to start looking for a wholesaler and do not know how best to approach jewellery manufacturers. We have written this article as a quick guide for new jewellery shop owners to give them an overview of how to find wholesale jewellery suppliers.

Summary:

What products are best for a jewellery shop?

Jewellery shop owners can ensure that their store stands out in the market by providing their customers with products that cater to their needs and wants. If you are opening an upmarket jewellery store, then you will need to source bespoke, unique pieces that are exclusive to your store. If you are aiming to attract customers that are simply looking for affordable but good-quality jewellery, you can select from a wide range of wholesalers both in the UK and across the globe. 

Generally, a reputable jewellery store will stock:

  • Necklaces
  • Engagement Rings
  • Men’s Rings
  • Women’s Rings
  • Wedding Bands
  • Charms 
  • Pendants
  • Bracelets
  • Gemstone Rings
  • Earrings
  • Costume Jewellery
  • Brooches
  • Watches
  • Cufflinks
  • Tie Pins

How can jewellery shop owners anticipate seasonal and market needs?

Jewellery is always a popular gift option, so jewellery shop owners need to take notice of the holidays more than most other businesses. You can expect to see spikes in sales before Mother’s Day, Father’s Day, Valentine’s Day, and during the Christmas period. The wedding season in the UK runs from May to October with its peak in the summer months of June and August. Jewellery shop owners should expect increased demand for engagement rings and wedding bands during this period. 

The advantages and disadvantages of different wholesale jewellery suppliers

A high-end jewellery shop will need to source stock from specialist jewellers, artisans and small manufacturers. Quite often, their customers will expect to be offered a variety of hard-to-find or one-off pieces. This may require the jewellery shop owner to look far and wide to find the right wholesale jewellery suppliers. They may need to make contact with suppliers across the UK or overseas.

Jewellery shops that cater to the lower or middle sections of the market can source products via online wholesale jewellery suppliers or from local wholesale jewellery suppliers. They may make bulk orders of wholesale costume jewellery or wholesale stainless steel jewellery. Rather than exclusive pieces, these retailers will need to concentrate on securing large amounts of stock they can then sell at competitive prices. 

Using local, UK-based wholesale jewellery suppliers will ensure that your business receives stock quickly without any extra paperwork or tax issues, but you may pay a higher price for the goods. Conversely, higher-end stores may find exclusive pieces from overseas manufacturers and lower-end stores may find better deals from international wholesale jewellery suppliers. However, delivery times can be longer, and tax and excise charges may apply. 

Choosing what type of wholesaler to use is a critical decision for any businessperson. Weighing up the pros and cons of different types of wholesalers should be a careful, deliberate process. Retailers can choose between merchant wholesalers that sell to the public, retail wholesalers that only sell to other businesses, or they can use an agent or broker to act as a middleman. Merchant retailers may have higher prices than retail wholesalers and agents and brokers may charge fees. Retail wholesalers often require paperwork and sometimes only take on certain amounts of clients.

Another option is to use the Ankorstore B2B online marketplace. Ankorstore provides retailers with access to thousands of brands from manufacturers across the EU and the world. It is a safe, reliable and simple way for retailers to find the suppliers they need without extra expense or additional paperwork.

Open your
store with

Ready to discuss your opening project?

Our experts share their expertise with you to help you launch your store in the best conditions.

Contact an expert

How can I buy wholesale jewellery from abroad?

There are many methods a new jewellery store owner can use to locate wholesale jewellery suppliers. Many wholesale jewellery suppliers will advertise on online forums or in trade magazines. You can also simply ask other business owners what suppliers they recommend. 

For anyone operating a high-end, exclusive jewellery store, the process of locating a wholesale supplier may be a little more complicated. Often, high-end jewellery stores need to speak with artisan jewellers directly or work with agencies that source unique pieces.  

It should be noted that some wholesalers may require ‘proof of trade’ before conducting business. This means that you will have to show that you are a legitimate business and not simply a retail customer. You can supply proof of trading by providing your business card or letterhead. You may need to show proof of a merchant bank account or supply a previous invoice from a different wholesaler. Larger wholesalers may require that you register for a trade card with them.

How can you make payment to wholesale jewellery suppliers?

The majority of wholesale jewellery suppliers accept cash, bank transfers, credit cards, debit cards, or digital banking options such as PayPal payments. There may be wholesale jewellery suppliers that are happy to accept cryptocurrencies. 

How to manage VAT with wholesale jewellery suppliers

Any type of business that operates in the UK and has more than £85,000 of yearly profits must be registered for Value-Added Tax (VAT). The VAT charged on any jewellery purchased for inventory can be claimed back via a company tax return. Wholesalers located outside the UK or the EU will not charge VAT. In these cases, business owners will need to calculate the VAT due and include these amounts on their tax returns. 

Purchase orders for wholesale jewellery suppliers

Purchase orders act as reverse invoices. Instead of a request for payment after goods have been supplied, a purchase order is a request for goods from a retailer to a supplier. 

Purchase orders are often used by retailers to make bulk or repeated orders from wholesale jewellery suppliers. A purchase order can provide a guarantee for a retailer that a supplier will in fact provide them with the requested stock. From the wholesaler’s perspective, a purchase order establishes trust with a retailer and assures them that a store will be a good client. When dealing with an online B2B marketplace like Ankorstore, however, retailers do not require purchase orders. Using Ankorstore can simplify the process of locating and working with suppliers.

Common payment terms for wholesale jewellery suppliers

Wholesale jewellery suppliers understand that their clients usually need to sell the provided stock before they can make payment. For this reason, most wholesale jewellery suppliers will offer retailers 30-, 60- or 90-day terms before payment is due. If you have a particularly good relationship with your wholesaler, you may be able to negotiate even better terms. The Ankorstart program can provide retailers with the advice and assistance they need to learn how to negotiate properly. Ankorstart is a free program offered by Ankorstore that aims to assist new business in getting a good start in the marketplace.

How to make contact with a wholesale jewellery supplier

Drafting a letter of introduction is a good idea for new jewellery store owners looking to make contact with a wholesale supplier. Start by introducing yourself and describing your business. The aim of the letter is to assure the wholesaler that you are a legitimate business and will be a reliable, trustworthy client. You may wish to provide proof of trading and an estimate of what your monthly or quarterly inventory orders may be. The letter can be sent via email or by using an online form in the case of larger wholesalers. 

Where to find help for new jewellery shop owners

Starting a new jewellery business can be tough. Entrepreneurs face a wide variety of challenges and issues. If you need support, advice or guidance in opening up your new retail venture, take a look at Ankorstore’s Ankostart programme. Ankostart is totally free, non-binding and provides new business owners with a range of services they can use to get their business started the right way. 

FAQ

  • Should I contact more than one wholesale jewellery supplier?

It makes good sense for a retailer to make relationships with multiple wholesale jewellery suppliers. If any of the suppliers are unable to fulfil an order, then you will have a backup option on hand to provide you with the stock your customers need. 

  • Will a wholesale jewellery supplier help me cut my costs?

If you are able to negotiate a good price for the goods you require from a wholesale jewellery supplier, you will be able to sell the products at a greater profit. 

  • How can I get a wholesale jewellery supplier to deal with me exclusively?

Some jewellery shops negotiate exclusive deals with wholesalers. This can help to give you an edge in the marketplace. You will need to ensure that your wholesaler trusts you and that you are providing them with a lucrative long-term business relationship.

Open your
store with

Ready to discuss your opening project?

Our experts share their expertise with you to help you launch your store in the best conditions.

Contact an expert

Need more tips on running your shop? Check out more articles below: