Diamond business?

[BigToque]

I don''t know if this is allowed here, but I''ll ask anyway.

I think that I would would like to get in the business of selling diamonds (and jewellry). I am totally fascinated by them, I love talking about them and would absolutely love to help people get great diamonds for any occasion, plus there would be good money

.

The area I live in doesn''t seem to have a great selection of stores and there is basically no online presence in my area and also in Canada in general. There is a market here and I would like to tap into it... I''m just not sure how to get started.

Anyone have any advice? Is this a kind of market where I''m gonna get people comming after me cause I''m digging into their business? lol

 

[niceice]

Now where did we put that dagger?

Nah, just kidding

Try getting ahold of the folks at usacerteddiamonds.com because they're in Canada and can tell you more about that market than most of us operating here in the states... Their contact info from their web site is:

Independent Gemmological Services Inc.
137 Rodeo Dr.
Thornhill, Ontario
Canada L4J 4Y6

Phone: 905 731-4247
Fax: 905 889-2953
TOLL FREE-1-800-252-1476
[email protected]

 

[DiamondExpert]

I would also suggest some formal training from GIA or an FGA perhaps, and some practical training working in the trade - give yourself about 2-4yrs here.

...Oh, and when you finally go into the trade for yourself make sure you bring you wallet...I think US$100-250K might get you a web site, some advertising, your equipment, a shop and some inventory...good luck!

 

[adamas]

both the above I am in agreement with.
Training, market knowledge. I have been in the canadian market for 25 years and am the 5th generation of my family to be in it.
the 100 to 250 US will set you up online. If you want a brick location 200 to 300 will start you.
Retail, hope you have patience, nil return for at least 3-5 years, enjoy the banks, be ready to see the govt(s) in a whole new way. gee and the nice ads tell me how much they want to help -grin. Then you'll have the joy of dealing with the public 12/7 52 a year.
Wholesale. read above about the bank and govt(s). read the above about years for return. be prepared to agree on 30days and carry them for up to 180. no problem you say, i'll just add service charges. not in this biz if you plan on selling to them again.
sorry, early in the morning and just went over my receivables. -grin
All and all it is a great industry that I do enjoy. Like all trades tho it has it's hurdles. I would strongly reccomend an evaluation of skills,and clarifying a business plan (prov. govt. will have programs) if your a go after that, GIA or FGA training. Definetly find a mentor!