How to Use Social Media to Sell more Jewelry

In the jewelry industry, product exposure is critical for building clientele and increasing your business. In today's world, social media channels like Facebook, Pinterest, Twitter, and others are excellent brand-building tools that allow you to engage with current and prospective customers. But if you have limited resources, which social media channels are worth your time? In this post, we'll cover some of the best social media channels for jewelers and what you should be doing on them.

Pinterest

As an image-sharing website, Pinterest is the perfect place for jewelers to get exposure for their designs. And with the new “Buyable Pins” feature, users can easily purchase your jewelry through Pinterest. Take pictures of your jewelry to create original pins of your work that link back your website. It’s also helpful if you organize your pins into boards. Some great ideas for jewelry board themes include season, jewelry type (necklaces, earrings, rings, etc.), colors, and patterns.

Facebook

While Pinterest has features that are more specialized toward jewelers and similar artisans, Facebook is a great all-around social media channel no matter what type of business you’re in. Facebook tracks all interactions with your business page, so you can see how often users like, comment on, or share your posts. Armed with this information, you can tailor your content to catch the interest of your followers. Some general rules of thumb for posting to Facebook include:
  • Try to post at least once per day
  • Post content that you think will interest your customers
  • Limit posts that advertise or “sell” your products to only 10-15% of your total posts
  • Include images whenever possible

Twitter

If you're really plugged into the jewelry industry, Twitter can be a great way to keep customers informed on new styles, events, and trends. Since this platform is more limited compared to other social media channels, it can be useful for linking to longer-form content on your website or Facebook page.

If done correctly, social media activities can increase overall exposure for your jewelry business. But, it’s important to note that these results do not come quickly. Set a consistent posting schedule, interact with your fans, and research your users’ data to get the most out of social media.


Indian Government May Start Buying Gold from Citizens

The country of India has been struggling with an account deficient and a dependence on importation for some time now. As the latest in a line of potential solutions, the Indian government drafted a “gold monetization scheme” – which will allow citizens to deposit gold (including bullion, old jewelry and scrap) with banks to earn tax-free interest.

Gold has a lot of cultural significance for the people of India; there is an estimated 20,000 metric tons being held in Indian households. This new plan isn’t even the first to try and take advantage of this market. Since 1999, the State Bank of India has run its own gold deposit scheme. But, with a minimum required deposit of 500 grams (more than $17,000 worth) and low interest rates (around 1%) the program has only collected about 15 tons since its inception.

With the new scheme, individuals and institutions can deposit a minimum of 30 grams (about $1,000 worth) in the form of bullion or jewelry. However, the plan will be limited to select cities initially since it requires infrastructure for the secure handling of gold. When the plan is fully underway, the Indian government hopes that it can bolster its reserves and reduce the need to import gold. Will citizens participate? That will likely depend on if the interest rates, which are still TBD, make it worth their while.


Buying Gold Bullion

Buying gold bullion is widely considered to be a sound, long-term investment strategy. There are many ways to invest in gold – such as shares, certificates, exchange-traded funds, and more. However, many people prefer to own physical stores of gold – and that’s where gold bullion comes in.
   
Gold bullion can be bought as either coins or bars. Coins are the easier of the two to find and obtain. Most international governments mint high-purity bullion coins for collectors and investors to purchase. The most popular of these is the South African Krugerrand, but others include the American Buffalo, the Chinese Gold Panda, the Canadian Gold Maple Leaf, and more. Unlike bars, gold bullion coins tend to sell for more than the value of their gold content because of supply and demand (partially influenced by coin collectors). You can buy gold bullion coins from either the government that mints them, or from a reputable coin dealer.

Gold bullion bars are produced by private companies and come in many shapes, sizes and purities. They can be purchased from private companies or their vendors. Some companies even place vending machines stocked with gold bullion in areas with high international traffic.

The “gold standard” of bullion bars are “Good Delivery” bars, which follow strict specifications set by the London Bullion Market Association. Good Delivery bars do not command any premium pricing when bought (unlike bullion coins), but are highly regarded in the investment world – so they tend to fetch a good price and maintain a steady demand. However, they can be difficult to purchase. The bars are large, which puts them out of many people’s price range. Additionally, most producers of Good Delivery bars do not deal with the public.

Buying gold bullion bars that are not Good Delivery bars carries more risk. Unlike bullion coins that are struck according to exact government specifications, the appearance of gold bars is not as strictly regulated. Therefore, they can be easy to counterfeit. If you do buy a gold bullion bar, you should have it assayed for authenticity. That way, you’re sure to get the best price when selling your gold bullion later. The gold bullion bars that we sell at MGS are certified with the Swiss assayers mark and labeled with a serial number and QR code for authentication purposes.