Gold is being imported to India for a very long time and in quite a large quantity. The reason is that gold is used in various customs, marriages, traditions as well as investments by the Indians. It is quite a valuable asset. Indians love investing in gold to have a good financial balance. The demand for gold in India is increasing every day. Mostly gold is imported to and exported from India in the form of coins and gold bars. The gold jewelleryexport business is considered to be one of the best export business ideas. This is a profitable export business idea because gold jewellery is always in very high demand by Indians.
To start a gold import or export business in India, you will have to follow the steps mentioned in this article.
Prepare a business plan
First and the most important step to start a gold import-export business in India is to prepare a business plan. It also helps you to analyse what exactly you need to do and how things have to be executed. The business plan should have a proper financial plan, details about the daily expenses, the costs and the location cost, labour charges, warehouse charges, transportation expenses, and many other things.
Make sure to choose your target location, area or country
You need to choose a suitable location. This is a location which is accessible through different means of transport. This location should be safe and secure and should have proper guarding facilities, as you will have to deal with very expensive goods. Other than having proper access and feasible inventories, you should also have reliable transport facilities. It is also highly recommended that you should start the gold jewellery export business in an area where the middle class and rich people reside so that you can sell gold.
Open a bank account
When you are importing or exporting gold, you will be dealing with multiple currencies other than Indian rupees. It is therefore important for you to have an authorised bank account for foreign exchange. The account should also be in the name of your company and should also be registered with customs. After, opening a bank account, you will also need to get AD Code Registration. Learn More about AD Code at: Importance of AD code for Import & Export and Know About Ad Code Registration For Exporters.
Obtain necessary License, documentation and registration
When you are planning to start a gold jewellery export business, you need to get all the licenses and permits beforehand to avoid any challenges in the future. First and foremost important registration to start import-export busniess of any kind is Import-Export Code Registration. You can understand about IEC Code or Import-Export Code in detail through the link: Import export code (IEC) Meaning, Benefits, Requirement. If you do not have an IEC, you will not be able to deal with any kind of import-export business. Apart from IEC Code Registration, you require a GSTIN obtained through GST Registration application procedure., business or company registration, insurance policy, and other important licenses are active. To know about essential registrations and licenses for Import-Export Business of gold, it’s best that you consult our experts. Find your suppliers and buyers
If you do not already deal in the gold business, you will then have to first find suppliers who will supply you with gold of the highest quality. Your suppliers should also be reliable and trustworthy. You can also participate in some trade fairs, buyer-seller meetups, exhibitions, B2B portals, and existing jewelry makers so that you can find the right points of contact. When your products are ready, you need to look for potential buyers. You should also invest in marketing and social media promotions so that your products are much more visible. Having a Website Development Service for your business and utilizing a website to market your business online can also benefit you a lot.
Shipping and the Dispatching procedure
Once you are ready to deliver your products, you need to read the guidelines and follow the custom clearance process before you dispatch your products to the ports and airports. Once you get the clearance certificate, your products are ready to export. Once the products get shipped successfully, you will receive a payment. The import and export of gold need careful financial management, as it is quite a high-risk business. Thus, Online Bookkeeping and Accounting Service should be utilized along with the services of Virtual CFO.
Conclusion
India is one of the most globally significant markets for gold business. Starting a Gold Import-Export Business can be profitable. However, there are various essential key points, licenses, steps, etc involved which should be kept in mind to make this business idea successful. If you have any further queries, you can contact our business advisors at: 8881-069-069.
If you want any other guidance related to import export code please feel free to talk to our business advisors at 8881-069-069.
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