If you are looking forward to start a gold jewellery import export business, then here is the guide to help you out. Refer to all the steps carefully and you will be good to go to start your own business with international clients.
Step 1: Prepare a business plan
A business plan is the initiate step towards establishing a big brand in India as well as around the globe. It helps you analyse what needs to be done and how things will be executed. Your business plan should contain financial planning, management, daily expenses, import export costs, location cost, warehouse charges, transportation expense, labour charges and many more things.
Step 2: Choose your target location, area or country
A suitable location is that, which is accessible through different means of transport. It should have safe and secure warehouses and guarding facilities, since you are going to deal with very expensive goods.
Apart from good access and feasible inventories, it should also have reliable transport facilities. It is highly recommended that you start the gold jewellery export business in the area where middle class and rich people reside, or who can afford the gold jewellery that you are selling.
Step 3: Open a bank account
Since you will be dealing with multiple currencies other than Indian rupees, you need to have an authorised bank account for foreign exchange. The account should be in the name of your company and should be registered with customs.
Here are the list of documents required to open your bank account for your gold jewellery export business-
- PAN card
- Ration card
Step 4: License, documentation and registration
When you are planning to start a gold jewellery export business, you need to get all the licenses and permits beforehand to avoid any challenges in the future. You especially need to have an importer exporter code (IEC) to start your business. If you do not have an IEC, then you can not deal with any kind of import export business.
You also need to have a Business Identification Number (IBN) for gold jewellery business. Apart from BIN, you need to have a GSTIN, business registration, insurance policy, establishment registration and other important licenses active.
Step 5: Find your suppliers and buyers
If you do not already deal with business in gold, then you need to firstly find suppliers who will supply you with the best quality gold. Your suppliers should be reliable and trustworthy. You can also participate in trade fairs, exhibitions, buyer seller meet ups, B2B portals and existing jewellery makers to help you in finding the right point of contact.
When your products are ready, look for potential buyers. Invest in marketing and social media promotions to make your products visible.
Step 6: Dispatch and shipment
Once you are ready to deliver your products, read the guidelines and follow the custom clearance process before dispatching your products to the ports and airports. Once you get the clearance, your products are ready to export.
When your product gets shipped successfully, you will receive a payment. The import export of gold needs careful finance management, as it is a high risk business.
Explore more about the import export business and learn the important tactics useful in running your business.