Local jewellery and gift shop

Local shoppers buying gifts, couples choosing rings, and people who need a favourite piece fixed or resized.

Mark-up on jewellery and gifts you buy from suppliers or take on consignment, plus fees for repairs, resizing, engraving and cleaning.

• Friendly, trustworthy selling
• Basic knowledge of metals and gemstones
• Stock buying and cash flow management

• Stock is a big upfront cost and can sit unsold, so start small and track what sells
• Check the rules on marking and describing gold, silver and platinum quality (the federal Precious Metals Marking Act and Competition Bureau guidance)
• Dealers in precious metals and stones may have reporting duties to FINTRAC, so check whether they apply to you
• Jewellers block or stock insurance, plus a safe, alarm and a theft plan
• Check sales tax rules (GST/HST, plus PST or QST in some provinces) and, in Quebec, French-language signage rules
• Check your municipality's business licence and zoning requirements for the unit

Startup costs are typically estimated at around $40,000 to $150,000 CAD, depending on the unit, fit-out, security and how much stock you buy. Stock is a big upfront cost, so starting small and tracking what sells is worth considering.

Monthly revenue is typically estimated at around $8,000 to $40,000 CAD, depending on your location, stock range and how much repair and ring work you attract. The shop typically needs around 40 hours a week or more.

Check the rules on marking and describing gold, silver and platinum quality, and whether FINTRAC reporting duties apply to you. Also check sales tax rules, Quebec French-language signage if relevant, and your municipality's business licence and zoning requirements.