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Costume jewelry means jewelry made of non-precious metals, glass, beads, and synthetic material such as cubic zirconium. It has been a part of our culture for almost 300 years. Lots of business opportunities have been found in this industry. It is one of the highly competitive markets in India. Established and new companies are competing in the market with their own marketing Plans.
Following points need to be considered before starting up this business:
Decides your Niche Applicant need to search his specialization, and focus on only one type of product, it will also help him in segregating from competitors and building his own brand in the market.
Business plan: Applicant must develop an effective Business Plan. As an effective plan holds the key to making this business profitable. Before investing money in this business, it is just to ensure that at least 30 percent of profit must occur, after accounting for labor costs.
Complete knowledge of legal requirements: Before initiating this business, it is mandatory to acquire complete knowledge of all licenses and permits required for incorporating this business.
Target Market: Search and select the market, in which you want to sell its products. How to reach the targeted buyers either through mall, leasing or buying a brick, online mode, etc.
Promotion of business: The applicant can promote its products in keeping view of their targeted markets. The medium like a promotional blog, website ads, social media, sending press releases to local and regional media outlets.
Also, Read: Shale Gas: Indian and Global Scenario.
It has been found that in 2015, the global market size of Costume Jewelry was valued at $ 25,554 million and it is expected that it will reach around $40,631 million by 2022 growing at CAGR of 6.9%. The factors which led to the increase in demand are increasing prices of gold, silver & other precious gems jewelry, availability of a wide variety of designs. The economic growth in the Asia- Pacific, and LAMEA regions has significantly benefited the Costume Jewelry market.
The following are considered to be the big players in this industry:
Enterslice, an award-winning company with the help of its highly qualified professional with 100% accuracy wants to help the seeker who is interested in investing in this business. Enterprise will guide and introduce their queries until their business has been incorporated and all legal formalities have complied.
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