starting a jewelry store in the V.I

Hello Rick,

I was going to answer your question specifically but figured I would go into business ownership a bit more so that if you were considering other businesses and for others who might be interested.

Many of the 'tourist shops" jewerly, t-shirts, souvenirs are owned by folks who moved here and set up shop. I am going to make really big generalizations (and perhaps the nationality is not politically correct - no offense intended) and of course exceptions exist... most furniture stores are owned by people of Arab descent, most large grocery stores and small gas station/convience stores are owned by people of Arab descent, most jewerly stores are owned by people of Indian descent (from India not from the Caribbean or American Indians...), most vendors in Vendors Plaza that sell souvenir type items are locals/Virgin Islanders, most taxi drivers are locals, most art gallery owners are stateside folks that moved here a while back, most Cruz Bay store owners are folks from the states that moved here a while back and also there are some boutiques that are owned by locals... while the smaller restaurants in Cruz Bay might be locally owned some of the larger ones are folks who moved there, back to St. Thomas and this is true of St. Croix also a few of the unique jewerly shops - the ones that make jewerly or special request - goldsmiths... some are locals and some are new folks from the states, restaurants on St. Thomas many of the smaller and local Caribbean food restaurants are locals and quite a few of non-Caribbean food types are folks from the states that have lived here a long time, bars on St. Thomas also seem to be new residents that lived here a long time, worked for a while and opened a spot of their own, doctors quite a few are folks from the states, some are from other Caribbean islands and some are Virgin Islanders who went to school in the mainland and then came back, (I hope I don't get in trouble for this one) a lot of the people of Asian descent either are doctors, teachers, own Chinese/Japanese food restaurants or own shops that do nails (not necessarily in that order)....

So as you can see yes someone not from here can come in and work then open their own business where they see a need, or come in and buy a business or come in and if they have the money and have done the research - come in and just set up a business.

If your intention is to open a jewerly store you might work for a while to get a feel for the business here... there are quite a few of them already and many of them are owned by related families. Definatley do your research on that and location is key!

--Islander

Bob,
My husband Petrus is a goldsmith and is working as a bench jeweler for one of the large stores here. He is also considering starting up a store. Post your email and I will have him contact you.

Rick,
I have been involved with the Caribbean jewelry market for over 10 years. It is not an easy market to break into. It will take VERY deep pockets to even have a slight chance of surviving. Competition is brutal. Margins on commercial goods are slim. Volume is the game. Custom work is very difficult since your customer has to be back on the ship that same day.

Rents are staggering and marketing costs, especially if you market on the ships, can be more than obscene. Expect 16+ hour days and very little time off in high season and very little money in low season. It can be very lucrative if you succeed or a very expensive lesson if you don't.

I am currently opening an office in St Thomas. It has taken me a decade of earning the trust of the market while studying which needs I can fulfill. I have invested well over 6 figures just in travel expenses so I can get here often enough to get to know the market well enough to participate.

I will be looking for a bench man, but you would have to be beyond just good. You'll have to be one of the best.

Drop me a note if you'd like to learn more.

onelove