How Much Does It Cost to Start a Jewelry Store?
- Nate Jones, CPCU, ARM, CLCS, AU
- Nov 4
- 2 min read
Updated: Nov 16
Starting a jewelry store can be an exciting venture, but it requires careful financial planning. From leasing retail space to purchasing inventory and securing jewelry store insurance, understanding your startup costs is essential for success.
At Wexford Insurance, we help jewelry store owners protect their investment with tailored insurance solutions.
Average Jewelry Store Startup Costs
The cost to start a jewelry store varies widely depending on location, store size, and inventory. On average, you can expect to spend $50,000 to $250,000 or more. Here’s a breakdown of major expenses:
1. Retail Space or Lease Costs
Leasing a storefront in a prime location can range from $2,000 to $10,000 per month, depending on city and foot traffic. Consider additional costs for utilities and renovations.
2. Display Cases, Lighting, and Fixtures
High-quality display cases and lighting are essential for showcasing jewelry. Expect to spend $5,000 to $20,000 on fixtures and décor.
3. Inventory and Suppliers
Initial inventory is often the largest expense. Depending on your niche, plan for $20,000 to $100,000 or more for jewelry stock.
4. Licensing and Permits
Business licenses, resale permits, and local compliance fees typically cost $500 to $2,000.
5. Jewelry Business Insurance
Insurance is critical for protecting your investment. Here are common policies and estimated costs:
General Liability Insurance: $400–$800 annually
Commercial Property Insurance: $1,000–$3,000 annually
Workers’ Compensation: $0.75–$2.74 per $100 of payroll
Commercial Auto Insurance: $900–$2,500 annually
Equipment Insurance: $300–$1,000 annually
6. Marketing and Branding
Website development, social media, and advertising can cost $2,000 to $10,000 initially. Consider ongoing marketing expenses for growth.
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7. Security Systems
Jewelry stores require advanced security measures. Budget $2,000 to $15,000 for alarms, cameras, and safes.
8. Employee Costs and Training
Hiring skilled staff adds payroll and training expenses. Plan for $30,000+ annually per employee, depending on experience.
Why Insurance Should Be Part of Your Startup Budget
Before opening your doors, securing the right insurance coverage is essential. Jewelry stores face unique risks such as theft, property damage, and liability claims. At Wexford Insurance we specialize in jewelry business insurance and work with top carriers to provide affordable, comprehensive protection.
Final Thoughts
Starting a jewelry store requires a significant investment, but with proper planning and risk management, it can be a profitable venture. Include insurance in your startup budget to safeguard your business from unexpected losses.
Contact us today for a personalized quote and expert guidance.