How to Start your own Retail Jewellery Business, Important Points
How to Start your own Retail Jewellery Business, This article is about starting your business in the field of Jewellery which is regarded as the most prominent sector of India. In today’s world the entrepreneurship has become very popular and the startups are also given boost by the government so that they can come up with various initiatives and innovations. The concept of starting a business is very much popular where the individual needs to take of many issues while incorporating it such as governmental norms, market risks, etc. I have explained in detail the factors to be considered before starting the business.
How to Start your own Retail Jewellery Business
History of Jewellery Business in India:
Jewellery business in India is considered to be one of the largest market in the country. This sector nearly contributes about 6 to 7 % to the GDP of the country. India is also one of the largest importer of gold and gems. This industry was having a total market size of Rs 2,51,000 crore in 2013 and expected to have a total market size of Rs 5,00,000 crore in 2018.
Points to be taken care before starting a Retail Jewellery Business:
- First and the foremost thing you need to do is to open a bank account in the name of the shop of which you want to open the jewellery business. Opening a Ban will give many of the advantages which the other shop owners get such as overdraft facility specially for your kind of business, cash credit facility, loans etc. So it is considered to be the first and the foremost step for opening a jewellery shop.
- Second thing you need to do is to register your business under the Shop and Establishment Act. It can be registered as anything such as proprietorship firm, partnership firm, private limited company or limited liability company. The most desirable kind of business is the private limited company if the business is expected to get more business and turnover so you can get more benefits with the limited kind of liability.
- GST registration is required if your turnover exceeds Rs 40,00,000. Once you acquire the GST new registration, you need to comply with the act and file the returns and make the payment of the amount collected form the customers.
- Next thing you need to do is to Apply for Permanent Account Number (PAN) in name of the company or any form of business which may be in existence, which may be partnership firm or limited liability partnership or private limited company. PAN card is not required in case of the proprietorship concern as the individual doing business must be having its own PAN.
- If you want to import or export the jeweller, you need to apply for the IEC which stands for Import Export Code, which would be required for any kind of import or export. I have explained the same in detail in one of my articles.
- If you want to sell the jewellery in the local market than you need to acquire the BIS (Bureau of Indian Standards) for the hallmarked jewellery. The BIS license you get would be provided for one premise or retail outlet. If you start new premise than separate license needs to be taken.