Most of us who work 9-to-5 are dissatisfied with that daily grind. To offset this trend, many people use freelancing or taking second jobs these days. However, is there anything better? Joining the diamond trade is. And it is not as difficult as to break into this lucrative and seemingly glamorous industry as you’d think.
Know the Basics
When you decide you want to take part in the diamond trade, you have to know the basics before anything else. Ensure that your initial investment meets the minimum requirements for price transparency, resale liquidity, market access, quality certification, and expert guidance. You should be able to sell your diamonds at a price close to the one at which you bought them for. Never buy at retail and sell at wholesale – it’s simply bad sense.
Also, you want to make sure that the diamonds you purchased (preferably before you purchase them) are of a trustworthy quality. Consult a diamond expert to understand the best time to buy, and how to handle each transaction. Diamond experts will inspect the 4 Cs of diamonds: color, clarity, cut and carat weight. These gemstones are more than just something pretty that represents wealth and romance, but they are durable and strong – diamond prices rise while other gem’s value falls.
Where to Find Your Stock
Where do you go to buy and sell diamonds? For ease of expert information in real-time, you can turn to an online diamond trading platform where you will be able to purchase loose diamonds. Like social media or email communication, this type of community is cost-effective while offering a potential customer base and a way to keep up with the competition. If you are more comfortable with face-to-face investment, New York City, for example, has a lucrative Diamond District.
International Market Access
As you find the best place to buy and sell investment diamonds, you also make the decision as to who you can trust. Because both diamonds and diamond markets can be quite complex, remember to first establish a relationship with an investment diamond advisor. This expert has knowledge in diamond quality and international diamond markets and pricing.
Direct access to global diamond markets is important as it helps to ensure fair market value and broadens your customer base.
Quality and Authentication
When you do sell your diamonds, you want to make sure that your customers have proof of your diamonds’ quality. Investment diamonds are graded by the GIA, or Gemological Institute of America, and confirmed. From the highest quality to substandard poor quality, each diamond gets a grade by the GIA. Diamonds must also meet the Rapaport Specification with 2+ quality standard.
The Cost to Sell
Remember, it does not only take an initial investment in your diamonds but also in transporting them. The physical cost of transporting diamonds is typically between two to five percent of the investment, depending on the size and location. It is a good idea to understand how much you’d get as a seller on the same day when you buy diamonds.
As with any business, especially one where you work for yourself, there are bound to be several steps along the way. However, once the pieces fall together, you will find that your initial investment has become a lucrative career.