Colombia’s jewelleries consignment chain has a thriving online shopping market, which offers an alternative to the long lines and long lines at big-box retailers.
The business of consignment is one of the fastest growing industries in Colombia, according to local business analyst and economist José Miguel Torres, who has researched the industry for over a decade.
Consignment stores, which offer a wide selection of items, sell to both the private and the public sectors.
In 2016, Colombia’s largest consignment store, CIDO, was opened in the capital Bogota, and now sells more than 4,000 different items.
Torres said that since CIDN’s founding in 2003, the business has expanded by 50 percent annually.
“They’re always doing better and bigger and bigger,” Torres said.
“Consignment stores are really expanding.
They’re really expanding and expanding.
It’s really good for Colombians.”
Torres says that there are three types of jewellery that can be bought in Colombia: gold, diamonds and silver.
Gold jeweller The gold jewelleria CIDG sells its products directly to customers through online orders and on the website.
A gold jeweller will often buy a lot of different jewellery, including gold and precious stones, and will then sell it on to other customers.
Torres says gold jewellery is more expensive, but in the long run, the customer gets more value for their money.
“The gold jewelery has been a real success,” Torres told Quartz.
“People pay for their gold, and they’re happy to have it.”
The prices of gold jewelled jewellery are usually higher than for other types of jewelry.
“There’s a good relationship between the buyer and the seller,” Torres says.
“Because they’ve bought the gold, they’ve paid the price.”
Torres estimates that the average price of gold jewelry is about $300.
“But if the customer wants to go with the silver, it’s about $50,” he added.
Gold and silver jewellery store One of the largest and most popular jewellists, CADJ, is located in a shopping mall in the centre of Bogota.
The shop offers a wide range of jewellery and accessories to suit the customer’s tastes.
“Our customers come in from all over Colombia,” said CADC’s owner Carlos de Landa.
“We have the customers from Colombia, Argentina, Brazil, Mexico, Venezuela and even some of the world.”
He said that the jewellery market in Colombia has become quite important to him over the years.
“It’s really important that we keep expanding,” he said.
The number of jeweller shops is on the rise, but the size of the business is shrinking.
According to Torres, there are only about 15 jewellier shops in Colombia today.
“I think the market is growing, but not enough,” he explained.
Torres believes that the industry is undergoing an economic boom and that the business could see a similar transformation in the next few years.
According of a recent report by the World Economic Forum (WEF), jewellery sales in Colombia grew at an annual rate of 1.9 percent between 2015 and 2017.
However, sales are forecast to decline by 0.5 percent in 2018.
“This is a great market.
We have lots of customers and it’s a big market, but unfortunately it’s becoming less profitable,” Torres noted.