Make money buying and selling diamonds

By: Svesh Date: 11.07.2017

The relationships you develop with cutters and clients can determine your profits. Whether you decide to work through a cartel or directly with diamond cutters, the deals you make will determine the amount of money you make as a broker in this industry.

Assessing grades, understanding and determining diamond valuation and bargaining with diamond cutters is not for the faint of heart or the uninformed. Prepare for your brokerage career by working in some aspect of the diamond, retail or wholesale jewelry industry.

Obtain a business license, tax resale number and credentials required by local government to operate a business.

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Secure enough insurance to protect yourself, and expect to pay a hefty premium for this coverage. If you choose to become a corporation, some of the liability you incur can help protect your bottom line and personal assets. According to the Info Diamond website, diamonds are mined in Australia, Brazil, Canada, China, Russia, Venezuela, and myriad African countries, but cutters work mostly in Israel, Belgium, India and New York. Antwerp is the diamond cutting capital of the world. Build a client list.

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Once your New York City, Mumbai, Tel Aviv or Antwerp connections are secured, develop a list of retailers, wholesalers, private buyers and auction houses in the United States and, if you have big ambitions, other nations. Use your credentials — experience, education, training, certifications and professional affiliations — to open doors.

make money buying and selling diamonds

Stay abreast of industry markups to remain competitive. Remain engaged and build your client list and reputation as your diamond brokerage make money buying and selling diamonds grows. Taking up the cause of conflict diamonds and assuring your clients you methodically check make money buying and selling diamonds sourcing can add to your reputation for integrity. Now that technology has given us mobiles, they can meet, lunch, travel and phone all at the same time.

How do I become a diamond trader | Money | The Guardian

Some of them do. Based in Chicago, Gail Cohen has been how do forex trading robots work professional writer for more than 30 years.

make money buying and selling diamonds

She has authored and co-authored 14 books and penned hundreds of articles in consumer and trade publications, including the Illinois-based "Daily Herald" newspaper. Her stock brokers columbia sc book, "The Christmas Quilt," was published in December Skip to main content.

References 5 University of California, Davis; My Geology Page; Diamonds, Gold and South Africa; Richard Cowan Info Diamond: Diamond Country Index Price of Diamonds. Diamond Broker North American Diamond Brokers: Before Choosing a Diamond, Choose a Business You Can Trust Key Guide.

Resources 1 The Conflict-Free Diamond Council: About the Author Based in Chicago, Gail Cohen has been a professional writer for more than 30 years. Suggest an Article Correction.

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