You might be a budding jewelry artist with a vision that includes your very own upmarket brand and while some would say you are aiming too high, fortune definitely favors the brave. How does one begin to create a hi-end diamond jewelry brand? In this article, we outline the process to help you turn your dreams into reality.
Source an established jewelry manufacturer
The ideal company would be one with more than 10 years of hands-on experience in the design and creation of top-quality diamond jewelry pieces that are made to order. Check out the premier Thailand jewelry manufacturers with customers in 30 countries. They have a flawless reputation and indeed create stunning pieces for high-end retailers around the world. As the client, you have the last word on every aspect of a piece, plus they can access grade A diamonds at trade prices and can deliver to budget. Of course, your clients no nothing of your manufacturer, you are projecting the image of an in-house operation, which gives you the luxury of your own hi-end brand.
Forge a working relationship
Your jewelry manufacturer is the only outside help you need; you are the retailer with your own image and behind the scenes is your design, sourcing of gems, and manufacture. This means your brand is protected by law and your partner agrees to confidentiality regarding all aspects of your business. This is the most important connection of all and you can only move ahead when you have found the right manufacturer. Thailand has a reputation for making hi-end diamond jewelry and we recommend you narrow your search to Bangkok, where top gem jewelry makers reside.
The critical aspect when creating premium jewelry is design; you ideally want a team of award-winning jewelry designers who can turn your ideas into 5-star collections and when you find the right jewelry manufacturer, your search for a design team ends. Once briefed, the team meets client deadlines with 3D imagery and very precise dimensions and when the final design is approved, the artists get to work and create a truly unique masterpiece. The collections you create must be nothing less than stunning if you want to make an impression; making to order is certainly one avenue to explore, while off-the-shelf pieces must be chosen carefully; you don’t want too much capital in stock- create pieces that you are sure will sell.
Set a budget
Let’s take a pair of Argyle pink diamond earrings as an example; calculate the recommended retail price, then crunch the numbers to make the piece and see what kind of return you have. If you are self-creating and offering in a retail setting, you may have to tie up a lot of your capital; consider what you would do if the jewelry is not moving as you had hoped, do you have the money to wait? You can’t forget your high running costs as a premier jewelry brand and if you haven’t the financial resources to have a couple of million dollars of diamond jewelry sitting around indefinitely, making to order is perhaps a better approach.
Creating an image
Unfortunately, you can’t enter the high-end jewelry market on a shoestring budget; if you are looking to impress wealthy people with your brand, it has to be seen in all the right places. Your business website needs to be exceptional, of course, while your studio needs to be in the plush part of town and be ‘by appointment only. Exclusivity is your goal in the hi-end jewelry arena and your branding agency has the skills to put you on the map and can create a dynamic campaign to launch your brand, followed by a structured marketing plan to reach the right people. Of course, you are moving into designer handbag territory and a significant hospitality budget needs to be in place.
Create a business plan
We are looking at a serious investment and that means carrying out extensive market research to determine who your clients will be. We hope that you have some connections in the right circles, as going in cold is going to be tough. This is a long-term business and it might take a few years for your brand to become known and your considerable investment isn’t going to give you a return for at least 5 years, maybe longer. When you think the plan is complete, ask a business guru to take a look; if there are issues, he or she will find them and they must be addressed. He might, for example, ask you to justify your projected sales, as he can’t see how your marketing is going to produce those figures and it is better to find this out now than later.
Digital Marketing & branding
Creating a hi-end brand demands professional application, so talk to a few of the top digital marketing agencies about branding and see what they come up with. You can’t afford mistakes with branding and your grand opening should be an important date on your calendar, an event that should be managed by a top PR company. You need to identify your target groups and find the right channels to reach the people who are in the market for high-end jewelry.
Experience is the key to success
Ideally, you already have an established background in the jewelry world and the capital you need to get the project off the ground is significant. Make sure your business plan covers all the bases and your concept should be such that excites the client; know your market and go heavy with the VIP treatment, paying attention to detail with hospitality. You should already have extensive connections and be moving in all the right circles if you are seriously thinking of entering this marketplace.
If you are thinking of setting up your business in Thailand, this would be advantageous in many ways, being close to your manufacturer makes perfect sense and what’s not to like about living in a tropical paradise?