1. Gold Trading in India
Gold has been imported to India for a long time and in large quantities. This is because gold is used by Indians for various rituals, marriages, traditions, and investments. It is a valuable asset. Indians love to invest in gold to keep a good financial balance. Most of the gold in India is imported and exported in the form of coins and gold bars.
Starting a gold business requires several steps. It is a profitable export business idea as gold jewellery is always in high demand by Indians. Let us discuss how to start a gold jewellery import-export business.
2. How to Start Gold Import Export Business?
If you want to know how to start a gold jewellery import and export business in India, refer to the steps listed below:
1. Create a business plan
The import-export business plan is the first step in starting your business. The business plan serves as a roadmap for your future endeavors of the company. The business plan includes the financial plan, management plan, daily expenses of the business, import and export costs, warehouse costs, location charges, transportation costs, labor costs, etc. Therefore, a business plan is essential for starting a gold jewellery export business.
2. Choose a location
A location should be accessible to all export ports and airports. You need to find a location that best suits your business and customer requirements. If your firm is accessible to the ports, it will help you reduce your transportation costs. A location should be in a good area where you can store your inventory and gold stock. Opening a firm in a small locality may not be a good idea as it may be risky. You can open a firm where middle class and rich people live.
3. Open a bank account for foreign exchange
After setting up your business location, you will need a business bank account. You need a bank account that is authorized and permitted by the government to transact in foreign exchange. The account will be registered with the customs and issued by an authorized dealer (AD). To open an account, you will need a name for your business firm. The documents required to open an account include a photocopy of the PAN, a photocopy of the ration card, recent passport photo, etc. These documents are required for a bank account.
4. Licenses and Registrations
The next step to start a gold jewellery export firm is to obtain licenses and permits for the business. The license is required to maintain the legal system of the export business. To start an export business in India you need an IEC (Importer-Exporter Code). Without an IEC, you are not allowed to export or deal in any kind of import.
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