One
of the oldest minerals in the world--gemstones, are known to rarely
depreciate in value. Usually, supply determines the value of gemstones.
For example, compared to other gems, diamonds are low in supply, albeit
by limited production or companies trying to monopolize the industry,
resulting in them being expensive.
You cannot produce natural
gemstones, and therefore start-up costs are also high due to the low
supply, however, selling these precious gems can be quite profitable.
Making money with gemstones is perfectly feasible, but you'll need to consider the following helpful tips.
You'd
need to be willing to invest your time and your money, leveraged with a
considerable amount of patience. Either way, cut or rough, gemstones
can be quite costly. It generally depends on the stone, with diamonds
and sapphires being the most costly, and aquamarines, tanzanite and
topaz more on the lower end.
Travelling directly to where gemstone
mines are located in remote locations like Tanzania, Madagascar, Sri
Lanka and Myanmar, the cost of rough gemstones will be lower. But make
sure you bring along someone who knows gemstones and has a keen eye; or
else you might end up paying over the odds for poor-quality gems. And
one more thing: The more parties involved in the transaction and
shipping of the stones, the higher the price.
Trade shows are a
good place to purchase gemstones. In fact, one of the best known is the
Tucson Gem and Mineral Show. If you want to make money with gemstones
you'll need to have contacts. Trade shows provide that platform, so
don't overlook this.
Success in the gemstone industry is only
achievable over time. So don't expect things to happen within a month or
just a couple of years. Longevity in the business is the key, and
you'll require contacts, experience and a whole lot of patience while
your business gains a strong reputation. Be willing to reinvest any
initial sales back into the business.
Be meticulous when choosing
the type of gemstones you want to sell. Do you want to purchase only a
few sapphires at a higher cost, or perhaps buy more tanzanite instead?
Your decision should be based on how much money you can afford to
invest.
Also make sure you determine the condition of gemstones
you wish to sell. For example, you could buy rough gemstones at source
like Madagascar, and resell to the United States and Europe at a
premium. Or, you could buy uncut gemstones, hire a professional gemstone
cutter and retail your merchandise on the retail market. Alternatively,
you could buy cut gemstones, mount them onto pieces of jewelry and go
as a jewelry store operation.
The highest profit margins come from
retail sales, but then the initial capital required may be higher, as
you'll need a gemstone cutter and machinery. And what's more, gems may
not sell as fast as you'd like, and that'll tie you down in terms of
cash flow. And of course, these gems will need certification from an
external party like the Gemology Institute of America.
If you
decide to go in the direction of selling cut stones, then you need to
find a quality gemstone cutter. Your cut could add hundreds or even
thousands of dollars to the price tag, or on the flip side, it can
depreciate the value of the stone when done poorly. Michael O'Donoghue
explains in the book "Gems" that cutting lighter-colored stones like
diamonds and pink sapphires requires extra attention than darker stones.
Whatever
you do, making money on gemstones requires that you determine your
audience. Are you selling to high-end retailers or retailing loose
stones online? Or is your target the investor? If your aim is to get
into gemstone for business success, select your audience and cater to
their needs.
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