This archive report was first published on 16 October 2019.
From Humble Beginnings to Success in the Jewelry Business ¶
At just 23 years old, Racho Khaemba had already started her own jewelry business, RachoFashion Sense, with a mere Sh500 capital. Her journey to success was not without its challenges, but she persevered and today employs four people.
Published on October 16, 2019, Racho's story is a testament to the power of entrepreneurship and determination.
According to Gabriel Modest, founder of Mr G collection, a custom jewelry business based in Arusha, Tanzania, the key to success in the jewelry business is to tailor it around the client's needs. 'The customer should always come first,' he emphasizes. 'The business should be focused on creating solutions around your clients' needs.'
Modest also stresses the importance of educating clients and creating custom solutions that meet a wide range of budgets. 'Key in the business is to educate clients and create custom solutions that can meet a wide range of the client's budget,' he says.
Another crucial aspect of the jewelry business is partnering with experienced persons. 'The jewelry business is a high-risk business when one trades with little experience,' Modest warns. 'To mitigate this risk, it is essential to partner with an experienced person who knows the ropes in the business.'
Modest's own experience in the business is a prime example of this. When he started off, he was trading in gemstones, but he soon realized that there was little to no uptake of the gemstones. To add value to his products, he decided to create custom jewelry and use the gemstones as the icing. This decision paid off, and he saw an uptake in his business.
Finally, Modest emphasizes the importance of seeking certifications from relevant agencies. 'The jewelry business explores a country's natural resources, which are mined minerals,' he explains. 'It is essential to register with the Ministry of Mining to transact legally in the business.'
With these insights, entrepreneurs can navigate the jewelry business with confidence and create successful and sustainable businesses.
