Gold, the precious yellow metal can be a very good source for your business. There are many gold business ideas and opportunities that can help you in generating a good profit and make good money.
It is without saying, before venturing into any type of gold business, you must have a good idea about gold. That includes its properties, price and its fluctuations over some time, its availability, etc.
Gold business ideas are not limited to jewelry, coin, or bar making. In fact, there are many other business ideas related to gold.
Do good research on the potential and demand of the gold business idea that you want to start. That will help you to maximize your profit at the earliest.
27 Gold Business Ideas
1. Gold Jewelry Store
Gold jewelry is always in demand no matter how high the price is. So you can open a gold jewelry store and earn a very good profit. Good ideas about jewelry and trending designs are very important for this business. You will also need a good location, high capital, effective marketing, and publicity for your jewelry store. Taking a franchise of a reputed chain is also a good option to start with.
2. Gold Plated Jewelry
The rising price of gold has made way for gold-plated jewelry that has the looks of gold jewelry without the high price. These kinds of jewelry have a high demand and selling them is a profitable gold business idea for you. To be successful in this business, you need to have a good idea of gold-plated jewelry and its prices. Online and offline marketing and social media publicity will help you to get more clients. Online business of gold-plated jewelry is a profitable option.
3. Gold Testing Kit
The Gold Testing kit is an essential item for all those who do business with gold. This kit is used to determine the carat value of gold. It consists of a testing board and acid solutions for testing the carat. You can make such kits and sell them to jewelers and pawn shops for testing gold. The process is not tough and selling these kits can be a prospective gold business idea for you. Good personal contacts and an online selling network will increase your profit margin.
4. Gold Mining
Gold mining is the business of extracting gold from the mines and selling them. It is a capital-intensive but highly profitable gold business idea. The business of gold mining has the potential of generating a high rate of profit for many years.
5. Pawn Shop
Pawnshops exchanging gold in the form of jewelry, coins, etc is a lucrative gold business idea. You can start such a shop and earn good profits by exchanging gold for money. Follow the respective rules and regulations of the state from where you are operating.
6. Gold Flipping
Gold flipping or the business of buying gold and selling them at a higher price after some time is an extremely profitable gold business idea considering the continuous rise in the price of gold. It is seen, that gold coins are the best items for gold flipping. You have to buy them when the prices are lower and sell them the moment the price raises.
7. Online Gold Dealer
Buying and selling gold online is a modern method of trading, as well as a profitable gold business idea as more and more people, are becoming keen on buying online. Digital marketing and publicity are essential for this business.
8. Online Gold Jewelry Shop
Selling gold jewelry through online shops is now a very profitable gold business idea. Start your online gold jewelry shop with a good display system of various items in the shop. A prompt delivery system along with the authenticity of the local gold council or other authorities is very important for the growth of your online jewelry shop. Online marketing and social media publicity are essential for this business.
9. Gold-Related Blog
If you are a good writer, you can start your blog on gold. Write on various topics including, mining, purification, jewelry making, and other uses of gold. Online publicity will get you more readership and a good SEO ranking which will make this gold business idea more profitable.
10. Gold Purification
Gold that is extracted from the mines is in crude form and needs to be purified for making it suitable for use. You can start a gold purification unit where you can purify gold with the help of different methods like burning, using electricity, or acid solutions. This service needs specialization and has a good demand making it a prospective gold business idea.
11. Goldsmith Shop
Start a goldsmith shop where you can do several jobs like gold casting, molding gold into jewelry or other items and purifying gold, etc. So many services under one umbrella will make this gold business idea a profitable one for you.
12. Goldsmith Training
If you are a goldsmith, you can start a training school for goldsmiths. Since it has a steady demand, your training business will give you a decent income. This gold business idea needs a good marketing and publicity network to attract more students.
13. Selling Raw Gold
Selling raw gold to purification centers is a profitable gold business idea. You have to keep track of the raw gold and have a good network with the mines as well as purification centers to be successful in this business.
14. Gold Safe Keeping
If you are a gold dealer, you can do the business of gold safekeeping wherein you will keep gold in the safe for the traders and give them whenever they want it. You will be paid to keep the gold in safe custody in this gold business idea. Your income will increase with the increase in the volume of gold in your safe.
15. Invest in Gold Mutual Funds
Gold mutual fund investment has gained popularity as a gold business idea. In this business, there are several owners of a large volume of gold and when the price rises, you will get the profit according to your share of the gold. Get a thorough knowledge of gold prices and their changes before investing in this fund.
16. Gold Exchange Traded Funds
Gold exchange-traded funds are a kind of mutual fund where the investment is in the form of gold, though not physical gold. Investing in such funds is a very profitable gold business idea that will yield you good profit with the rising price of gold.
17. Gold Forum
Create a gold forum online where the interested community will interact with each other on gold, do online buying and selling and also hold discussions, question-answer sessions, etc. As the host of the website, you will earn a decent income through ads, more views, trading, etc. If you are a gold expert, this gold business idea is very suitable for you.
18. Gold Speculator
Gold speculation is all about investing in gold with the speculation of a price rise within a short span. You need a good knowledge of the market to speculate the quick rise to make a high profit in this prospective gold business idea. You can do this business for yourself or on behalf of others and get a commission.
19. Gold Researcher
If you have a thorough knowledge of gold, its properties, and its uses, you can become a gold researcher. Your research will give inputs to several businesses like miners, gold purification centers, or traders, giving you a good income from this gold business idea. The findings or research papers can also be published in your blog or other publications.
20. Gold Powder
Gold powders are used for various purposes like art and crafts or the repair of jewelry etc. You can start a manufacturing unit of powdered gold and sell them to different purchasers. Selling the item online through various portals like Amazon is a profitable gold business idea. Both offline and online marketing and publicity are necessary for this business.
21. Gold Jewelry Designing
Gold jewelry design is a lucrative gold business idea. If you are a trained designer, you can start this type of jewelry design business and sell your idea to jewelers or have your brand. Innovative design and designs for all budgets and age groups are important factors for the success of this business.
22. Authorized Gold Purchaser
Becoming an Authorized gold purchaser with the Government mint gives a valuable stamp of authenticity to the business person. If you have the investment and are confident about your business volume, you can opt for this gold business idea which is quite profitable.
23. Gold Teeth Business
Buying and selling gold teeth is an uncommon gold business idea that gives you good profit. As a great number of people use gold teeth as replacement teeth, it has a good demand. You need a good knowledge of buyers as well as sellers to succeed in this business.
24. Gold Casting
Casting liquid gold into various forms using molds is a profitable business. If you have the knowledge and expertise in gold casting, you can earn high profits from this gold business idea.
25. Gold Jewelry Mold Making
Gold casting is done through molds of various kinds. Hence making gold jewelry molds can be a profitable gold business idea for you. You must have creative as well as manufacturing skills for making the molds. A personal network is very important in getting more clients for this business.
26. Direct Gold Ownership
This is a very profitable gold business idea where you have to invest in a large amount of gold, exclusively in your name. It needs a big investment, but if you consider the rise in the price of gold in the last decade, you will find that it is a profitable business. You can invest in gold coins or bars for direct ownership.
27. Gold Evaluator
Gold valuation is a process of determining the actual quality and the net valuation of gold. It requires the use of updated tools and equipment to do the job. Furthermore, you have to gain expertise to become a professional gold evaluator. There is always a good demand for experienced gold evaluators.
Hence, this precious metal can give you various sources of income through different gold business ideas. You can choose any of them for a good profit margin.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.