But if you compete well, there are enormous chances for fast growth of your jewelry business.
In the United States, fine jewelry industry saw an increase of 6% in the total sales of $61.9 billion in 2017.
Fine watch sales increased by 5.8% to $ 61.9 billion.
Whole jewelry supplies increased by 2.4 % in this period.
Market research is an organized way of learning about your competitors as well.
There are few things involved in market research, viz- Have you decided to start your jewelry business?
Many businesses failed just because they had no cash left for buying raw material and paying the salaries.
Do you want a business name that is catchy enough to reflect your style, creativity and also to draw attention of target customers?
These stats should encourage you to start planning your business.
But do not be overwhelmed by the thought of competition and starting a business.