Have you ever dreamed of owning your own business? For those who have an entrepreneurial spirit or aspire to lead, innovate, or impact your community the jewelry industry provides vast opportunities. In fact, a steady influx of new businesses opens annually. Jewelers Board of Trade (JBT), which tracks openings and closings, reported more than 500 new jewelry businesses launched in North America during 2022, an increase of 33 percent over the prior year.
Entrepreneurs who enter the jewelry industry may focus on areas they see as underserved or offer fresh perspectives on the business. Some may follow the management pathway, rising through the ranks within jewelry businesses to eventually branch out on their own; others look to attain an executive-level position within a jewelry company. Experience in jewelry sales or management is a plus, however the industry welcomes those with great ideas – and a love of jewelry. The industry is always evolving, and there are plenty of opportunities for individuals with an entrepreneurial spirit to find their place.
Data is from Jewelers of America’s Jewelry Industry Salary Study conducted April-June 2023 and includes data from 2022. Compensation varies based on experience, specific job responsibilities, company size and location, among other distinctions. Given these variables within a career pathway, data is presented as such: The 25th Percentile indicates 25% of the data fall below this percentile; the Median (50th Percentile) represents the middle number where 50% of answers are lower and 50% are higher; the 75th Percentile indicates 75% of the data fall below this percentile.
Bachelor's degree in business, marketing, retail management, or an equivalent combination of education and experience may be required depending on the organization and position. Advancement within larger companies may require an MBA.
Retail leadership and/or management experience.
A gemology diploma is helpful, as is some bench experience.
Computer literacy and experience with programs for fiscal management are expected.
Trade experience is critical, although many store owners, managers, and jewelry professionals find themselves also learning “on the job.”
Building your network along the way, taking on new opportunities and challenges and professional development are important in establishing your business or personal brand.
Entrepreneurs must stay informed and current on industry trends and developments, taking advantage of resources including industry associations, trade publications, and other media.
Jewelry entrepreneurs and executives should expect to wear all hats, from managing operations, marketing and finances to building and representing the brand. Success also means recognizing how to effectively delegate. Whether a store owner or top executive, knowing how to lead and bring out the best in your team is essential.
Successful jewelry entrepreneurs and executives thrive when overcoming challenges that require creative thinking, such as providing leadership, setting and achieving goals, and creating a customer experience that sets their store or business apart from its competition.
Growing in the Industry
Jewelry entrepreneurs and those striving to achieve leadership roles must earn their success with time, dedication, and persistence. Those professionals who can leverage their ideas, work hard, lead, and continuously innovate are likely to achieve their goals. Joining industry associations and groups, participating in industry events, taking advantage of education and networking opportunities, and building relationships are all key components to success.
Whether you are an industry veteran or just starting to plan your future, Jewelers of America has information and tools to help you build an exciting career in the jewelry industry.
In 1906, Jewelers of America was founded by jewelers for jewelers, with a desire to advance the professionalism and ethics of the jewelry industry.
Today, we continue that mission and Jewelers of America Members stand as the most trustworthy, informed and professional jewelry businesses within the United States.
