You are probably thinking you have to be a top-class jewelry maker in order to create your own high-end collection; while that is one way of doing it, there are others, which we discuss in this short article. Of course, many of the prestige jewelry outlets started with their own pieces and developed over the years, yet there are some very successful brands that outsource the actual jewelry making to a specialist jeweller.
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Locating a fine jewelry manufacturer in Thailand is much easier using Google and there are several specialist companies that produce high-end jewelry for their clients. All you need is a design concept and a vision of the collection, the jewelry manufacturer has a team of dedicated designers, while also having access to the best gemstones in loose and uncut form. This is a one-stop solution for premium jewelry that is handmade to your specifications and the manufacturer has a strict NDA that all employees sign, ensuring that your relationship is confidential.
Of course, your jewelry business must be registered with the Thai government and if you qualify for BOI approval, there are many incentives for foreign investors. It is crucial that your business complies with the many complex rules and regulations regarding doing business in Thailand. We recommend talking to an English-speaking lawyer, who can advise you on the best type of business to register, while also making sure you pay minimal taxation. Here is a useful guide on how best to manage your workforce.
There is going to be a considerable initial investment to launch your new business; aside from your retail outlet, which has to be top tier, you will also need to commission some inventory and that money will be tied up until the pieces are sold. Spend as much time as is necessary to crunch the numbers and include absolutely everything, then calculate sales forecasts over the first 5 years, while also showing your various marketing strategies that will be used to generate the revenue.
If you have access to the necessary funding, that’s one less obstacle to overcome; if you need some additional investment, think about liquidating the equity in your home, as this can easily be accessed with a second home loan. Once you have paid for your inventory, you are under a certain amount of pressure to make sales, which is one reason why you need additional funds to sustain the business through that critical first year.
Moving into the high-end jewelry market is going to mean a heavy marketing investment and creating your brand requires professional help in the form of a top branding agency. A digital marketing plan needs to be created, one that reaches the right people, plus you need to have a presence at major jewelry exhibitions and fairs. Marketing is not something you can do without and when aiming to penetrate a luxury market, one has to be prepared to invest in all the trappings that are related to success.
Once your jewelry business is registered, you can start looking at inventory; there are high-end jewelry makers in Thailand and they can help you create a strong brand for a select clientele.