Buy/Sell Jewelry as a Hobby?

[PiratePete]

Hey everyone, I apologize in advance if this some how breaks some sort of forum rules, I'm not advertising. Now that I have that out of the way...

I love watches, I love collecting them and I want more! I recently proposed (she said yes). During my self education and diamond selection process I really started becoming interested in jewelry. I also realized how EXPENSIVE diamond rings are. Wait what? I have to buy a big diamond ring and THEN buy you a smaller diamond ring to go up next to it? This is some sort of scam going on here. I decided to start the research to find out how viable it is to buy and sell as mostly a hobby, any proceeds going to upgrading. I still have a lot of research to do.

Kind of things I had in mind were finding a good $2-3k diamond (whatever market demands), finding a decent setting and having a local jeweler set it. Then trying the Craigslist/Ebay thing and hope to make $500. Rinse and repeat until I lose my job and have to sell the diamond at a huge loss (humor).

Does anyone else do this as more of a hobby venture than a job? Any tips anyone might be able to give?

 

[KobiD]

I'm another bloke here, who's had limited exposure to jewellery and diamonds. I can appreciate the beauty of a well cut stone as well as the quality workmanship required to get to that result. It's something that interests me, but not something I would call a hobby. I do however have other interests and hobbies which I am much more involved in, and may be able to provide some insight based off similarities.

To me, I think your chance of making any profit is limited, particularly if factoring your 'time' into the equation. On the other hand, if you simply wish to cover your expenses (or suffer a little loss) in order to increase your exposure to jewellery and find the processes of buying and selling enjoyable and satisfying, then I would say go for it and if by chance you do make any small profits then consider it a win.

It will really boil down to your ability to pick a decent stone at a competitive price, a setting which will accommodate the stone that is in decent condition and requires minimal outlay, access to a jeweller who you know and trust, and then still find buyers who are also looking for a bargain (ie can't afford to buy through the typical channels). Ask yourself, would you rather select and have a piece made for your significant other? or would you buy used? How much cheaper would a used item have to be to be appealing? How cheap can you find and make this happen for?

As above, perhaps if you were a jeweller who had access to a variety of used stones, settings, and skillset to perform works yourself, you could make something of it. As a middle man buying and selling and spending of labour for someone else's skills, I think you'd be operating at a loss..

 

[diamondseeker2006]

I've been here for 10 years and I know enough to do it. But the time it takes to hunt down high quality items priced too low is just not going to be worth it if you are trying to actually make money. I do spend time looking for things that I want to buy for my personal collection and that is my hobby. There are members here who do buy jewelry to flip, and there are members who actually have started small businesses selling jewelry. But most of us buy for ourselves and only sell when we find something we want more!

My advice would be to focus on what you love and really know about...both the products and what is seen as desirable by potential buyers. In your case, that sounds like watches.

 

[PiratePete]

I've been here for 10 years and I know enough to do it. But the time it takes to hunt down high quality items priced too low is just not going to be worth it if you are trying to actually make money. I do spend time looking for things that I want to buy for my personal collection and that is my hobby. There are members here who do buy jewelry to flip, and there are members who actually have started small businesses selling jewelry. But most of us buy for ourselves and only sell when we find something we want more!

My advice would be to focus on what you love and really know about...both the products and what is seen as desirable by potential buyers. In your case, that sounds like watches.

I appreciate any and all feedback. I mean I kind of agree the watches thing would probably be better for me, buy a watch, wear it for 6 months, sell and buy a different etc. I have no qualms about keeping something I buy. Yes, it would just be icing on the cake to make any sort of profit. I do kind of just like buying things and seeing shinies. Most of my free time I end up spending browsing the internet for "stuff", so the time invested to find that great deal wouldn't be a problem for me, it's something I enjoy.

On a side note, I am looking for a diamond .75-1 ct for a gent ring in yellow gold. Would prefer 22k for a deeper yellow gold color. What would you think of this diamond? I can see a feather at the bottom but the bottom would be completely covered in a gents ring. Also, is there any way to private message people on this forum?

https://enchanteddiamonds.com/diamonds/view/R84-ET7KHJ

 

[Modified Brilliant]

Welcome Pirate Pete

 

[diamondseeker2006]

I've been here for 10 years and I know enough to do it. But the time it takes to hunt down high quality items priced too low is just not going to be worth it if you are trying to actually make money. I do spend time looking for things that I want to buy for my personal collection and that is my hobby. There are members here who do buy jewelry to flip, and there are members who actually have started small businesses selling jewelry. But most of us buy for ourselves and only sell when we find something we want more!

My advice would be to focus on what you love and really know about...both the products and what is seen as desirable by potential buyers. In your case, that sounds like watches.

I appreciate any and all feedback. I mean I kind of agree the watches thing would probably be better for me, buy a watch, wear it for 6 months, sell and buy a different etc. I have no qualms about keeping something I buy. Yes, it would just be icing on the cake to make any sort of profit. I do kind of just like buying things and seeing shinies. Most of my free time I end up spending browsing the internet for "stuff", so the time invested to find that great deal wouldn't be a problem for me, it's something I enjoy.

On a side note, I am looking for a diamond .75-1 ct for a gent ring in yellow gold. Would prefer 22k for a deeper yellow gold color. What would you think of this diamond? I can see a feather at the bottom but the bottom would be completely covered in a gents ring. Also, is there any way to private message people on this forum?

https://enchanteddiamonds.com/diamonds/view/R84-ET7KHJ

That diamond looks good! Nice choice!

No, we do not have messages on this forum. The only way you might be able to contact someone is if they have listings on Loupetroop.com.

 

[denverappraiser]

Selling diamonds for good money is pretty hard. Actually, selling watches is decently hard too, and if you’re good at that you’ve got a fine head start. The trick is this: How do you plan to buy at these low low prices? Craigslist and things like garage sales I assume. As they say, you have to kiss a lot of frogs before you find a prince but yes, there are occasionally bargains there. Now you’re going to flip it back onto Craigslist right? That is to say, your ‘value add’ is that you’re a better Craigslister than the people you’re buying from. Again, yes that’s possible, and there’s even money on the table here, but it’s far from a free lunch. Will having someone set it into a ring increase the sales prices in that market? Maybe. As with the above, it’s not a slam dunk, most CL shoppers are bottom feeders looking for bargains and their plan is to set it in their own special ring but yes, it’s possible. There’s even a word for people who are good at that. Jeweler. It may be worth noting that this ISN’T the approach that most professional jewelers take but everyone does it a little differently. Maybe it'll work for you.