How to start diamond business in India 2021. Do you want to start diamond trading business in India? We’ll show you exactly how to start diamond business in India.
HOW TO START REAL DIAMOND BUSINESS IN INDIA
Although it has been few million years since the creation of human beings. But the earth has been in existence for more than 4.5 billion years.
It has gone through the beating of climate and have produced natural resources than anyone can think of. One of them is Diamond.
The solid form of carbon that has undergone terrific pressure and temperature and turned into a shiny object which is one of the world’s most expensive objects.
The uses of diamonds are plenty and versatile, from jewellery to medical equipment, the range is wide and so vital and so are the prices.
Diamond industry in India is worth around 23 billion USD. Also accounts for over one-third of its gems and jewellery trade making up to 7 percent of country’s Gross Domestic Product (GDP).
It’s predicted that India’s exports of cut and polished diamonds and gems stones are likely to grow at 10 percent during the 2019-20 Fiscal year. Diamond is rightly called the Crown of all jewels for its superior qualities.
It’s the interest in the growth that is going on in this industry, many people look forward to becoming diamond traders and dealers to set their feet in this industry of billions and earn good profit for themselves.
A diamond trader or dealer purchases diamond from the diamond mine owners and sells them to the jewellery maker or retailers after they analyse the diamonds.
The diamonds are not shaped and are formulated for market only after the traders sell them to cutters or jewellery makers. To start a diamond business, you need to have years of study and should have interest in diamond trade. They must have good understanding of the market and analyse the risks before investing their money and resources into this business.
It is advised to beware of the fraudulent and you must have a team you can trust to do such a high risk business with.
How To Start Diamond Business In India 2021
Below are the steps to take in starting a diamond business in India.
Understand the Market
To start any business, you should know how the market works around it. Find out how many people that are investing in diamond business in your area. What other diamond trading businesses are available.
Follow people who have strong connection in this area. This research will help you comprehend the market size, strata, variety, and help you establish a vision for your diamond trading business.
You can also classify and have a niche for the different diamonds and stones you’ll have in your diamond trading business. That will be depending on what other traders in your area have.
This way you can be more focused to your business. Understand the diamond trading business alongside with being a market of huge investment and profit, involves a lot of market fluctuations.
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Increase your experience
To start a diamond trading business, you need to have lot of information about the stones. You must be an expert. Have diploma or have good qualification in this field so there is no chance of getting deceived.
Understand different types of diamonds and their cost depending on their cuts and designs. A diamond is a result of extensive heat, pressure and climatic changes for millions of years. You must know its worth and only then you will be able to sell it for its real value.
Decide the mode and size of your diamond trading business
These are the basics because you’ll need to collect money for your business according to this plan. Before you start a diamond business in India, you must decide how you’ll organize your business and the size of it. This depends mostly on the connections you have in this industry.
Are you going overboard or starting with certain local jewellers? Will you be setting up your business in the e-commerce market? Make decisions on how you’ll get money for all these.
The diamond business runs on commission, you have to give the main amount to the artist then you take the commission. Decide the percentage of your commission beforehand to avoid any problems.
Be vary of competition
The industry is equipped very well and fully established now. We have abundance of traders and companies have different resources to grow their businesses.
If you want to establish your diamond business in India, you’ll have to learn a few tricks and tips which will help you outrank others. Focus a lot on marketing, generate leads and meet people in person to build a good relationship with them. And also make them believe that they can trust and carry out business with you.
The competition is varied and is scattered across many nations of the world. If you want to do collaboration with any company, make research about the company. Then if everything is satisfactory, you can start your enterprise with them.
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Apart from generating funds in the beginning of the investment, ensure that you have gotten your numbers correctly. Also ensure that you’re not playing a risky gamble. Get your economic and cost analysis right then follow the ethical codes and international bet practices in the industry as much as possible.
Set a Business Model
Plan how you’ll price your services, how you’ll arrange the billing, create the funds. Have a set of rules and regulations. Also have a legal team to layout contracts and agreements with your clients to avoid any future problems.
This is among the most important aspects of the diamond trading business. When you’re learning, try and connect with good number of people to learn the process of generating leads in diamond business. You should also know more people in this business. Be active on platforms where potential clients can locate and contact you easily.
Locate the right distributor
The trading is a work of a middleman, you take the stones from mining companies and sell them to the retailers. Look for a distributor who has strong connection with you. Same goes with the retailer, you must have a professional, trustworthy relationship.
Open an e-commerce platform
With time changing and the movement of people from offline store to online is rising at a steady pace, putting up your business online alongside with offline business is a good option.
To open a diamond business online, you need to create a user-friendly glitch-free website or an app. Find a technician who would be available all the time to avoid any probability of site going down as it is a big turn off for users.
The easier and smooth the website is, the better will be the inclination of customers in using the site, creatively categorize your art based on their techniques and types. It will make your brand popular and increase the brand value.
Marketing and Social Media
These days, marketing holds one of the prime spots when we talk about the essential things needed to start any business. To open a diamond trading business, you should know the people who can create a good customer base, a network of art enthusiasts who can help you to market your business.
Alongside with propagating your diamond trading business on various platforms, create Instagram and Facebook page so that business will be in the reach of right audience.
Promote your website as much as you can. It is a good investment that never fails. You can go for on-page and off-page SEO of your site. You can also create a WhatsApp Business profile for keeping the customers intact and providing them with various personalized offers according to their needs.
Also, invest in some offline advertisements. Give out pamphlets to people in your area so that they know that a new diamond trading business has been set up close to them.
Diamond business in India is not an easy venture to open but if you have good skills and knowledge about the diamonds and markets. And if you can also analyse and foresee the risks and are able to adjust with them, then you’re likely to settle in this business and earn massive profit.
Conclusion On How To Start Diamond Business In India
You’ve seen how to start diamond business in India. If it’s something you can do, then go ahead and try it out.
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