Combat tours, women, and diamonds......

[foosless]

After spending a long year in Iraq i decided i would show my girlfriend how much i appreciate her support back home by asking making her my wife. I quickly learned i could spend less and wind up buying her a much more beautiful diamond by staying clear of the retailers like zales, and pretty much anywhere you could find in your local mall. I ran into a deal on an online auction for 3 diamonds. One was just under a ct, while the other two were about 1/2 ct''s, and they were all GIA certified. These were loose diamonds so i then needed to have them set and i found out once again i would save big bucks if i could buy the settings and learn to set the diamonds myself. After buying a couple seperate tools I successfully set my first diamond, and it looked beautiful.
With all the time, money, sweat, blood and tears I had instilled into these I had found a new passion! So, I set my 2 other diamonds and took them to several local jewelers to see if they would be interested in taking them off my hands. To my surprise i was being qouted about $150 above what i payed for diamonds and settings per ring!!! Ofcourse i looked at their rings and noticed they were charging about 3 times what they offered me for far more inferior rings.
Now what the reason for my newbie inspiring story is the will to learn. I''ve seen what i could do by just putting the time into learning a few techniques for myself. So, i''m going to throw a few questions out there that i expect you JEWELER VETERANS to answer and give a COMBAT VETERAN much advice.

1. Is a GIA cert neccassarily going to make a big difference when reselling my rings???
2. Are there other places where i might be offered more for my diamonds? Or possibly consignments???
3. Where can i pick up diamonds at rates where i am def going to be able to profit from them???
4. MOST OF ALL... ANY ADVICE FROM VETERAN JEWELERS WITH SALES EXPERIENCE

 

[Sharon101]

I dont know what to answer here as Im not sure of the real issues. But my advice is to take the small profit (unless it was consignment deal) and run. This is not a plan for making money for soooo many reasons. After you take into account your time, cost of equipment, cost of goods, time before you actually get paid (re consignment deals) et etc.....you are really going to be out of pocket. And Im not even talking about tax, insurance, replacing faulty goods when something goes wrong, orthe fact that any normal shop can buy cheaper than you can etc etc here!

But kudos for your guts and enthusiasm. Attitude can take you far, but education is the cornerstone of success. Perhaps you can do a jewellery course and take it all the way!

 

[foosless]

i dont like the negativity. but thanks for bringing me down................. jk. ya maybe it was just a fluke but i mean if i can profit 300 just by spending a few hours of my time in research and labor then its worth trying it again. im not talking about starting a commercial business just a hobby.

 

[neatfreak]

Date: 1/21/2009 6:28:52 PM
Author: foosless
i dont like the negativity. but thanks for bringing me down................. jk. ya maybe it was just a fluke but i mean if i can profit 300 just by spending a few hours of my time in research and labor then its worth trying it again. im not talking about starting a commercial business just a hobby.

She's not being negative, unfortunately she is telling the truth. If you have the money to spend, you can certainly try again. But I would also err on the side of looking at this one as a fluke. More often than not you lose money when reselling diamonds, even if you bought them at a discount/from ebay.

If it is something you are truly interested in as a career, well then there are several paths you could take to get started.

 

[Sharon101]

Date: 1/21/2009 6:28:52 PM
Author: foosless
i dont like the negativity. but thanks for bringing me down................. jk. ya maybe it was just a fluke but i mean if i can profit 300 just by spending a few hours of my time in research and labor then its worth trying it again. im not talking about starting a commercial business just a hobby.

Ooops sorry!!! I probably should have put more time into my response.

First, I really was impressed by your enthusiasm, and if you could pair that with technical knowledge, you are off to a great start.

Maybe you could look into doing a few courses in jewellery making at the very least.

No doubt as a hobby it would be a fun and rewarding (but expensive) thing to do. Plus, you would be very popular with your friends!!!!

My family have been in the jewellery business for almost 100 years. My negativity was based on how I know the industry works. There arent many jewellers that I know of that would buy off someone who just walked in off the street with two rings he made himself (first time no less). I know my husband wouldnt because it would be too risky re. quality and other issues.

My main agenda in being negative was to help you avoid spending up big to fund this as a venture. I didnt want you to end up out of pocket in the hopes of making easy money.

 

[kcoursolle]

You may find this article worthwhile: https://www.pricescope.com/community/threads/the-new-article-a-guide-to-selling-diamonds.104025/. Selling diamonds is a difficult way to make a business, so if you are serious I would serious I would suggest becoming a gemologist and learning the ropes.

 

[stone-cold11]

Date: 1/21/2009 8:02:38 PM
Author: Sharon101

Date: 1/21/2009 6:28:52 PM

Author: foosless

i dont like the negativity. but thanks for bringing me down................. jk. ya maybe it was just a fluke but i mean if i can profit 300 just by spending a few hours of my time in research and labor then its worth trying it again. im not talking about starting a commercial business just a hobby.

Ooops sorry!!! I probably should have put more time into my response.


First, I really was impressed by your enthusiasm, and if you could pair that with technical knowledge, you are off to a great start.


Maybe you could look into doing a few courses in jewellery making at the very least.


No doubt as a hobby it would be a fun and rewarding (but expensive) thing to do. Plus, you would be very popular with your friends!!!!

My family have been in the jewellery business for almost 100 years. My negativity was based on how I know the industry works. There arent many jewellers that I know of that would buy off someone who just walked in off the street with two rings he made himself (first time no less). I know my husband wouldnt because it would be too risky re. quality and other issues.

My main agenda in being negative was to help you avoid spending up big to fund this as a venture. I didnt want you to end up out of pocket in the hopes of making easy money.

I think he understood you point. The negativity statement was a joke... jk = joke.

 

[got2goldens]

Hi Foosless,
Can''t help you out with the diamond selling advice, but I would like to thank you for your service to our country

Kat

 

[diamondseeker2006]

I only buy jewelry, so I don''t have any advice on selling! But I wanted to thank you for your service to our country and congratulate you on your engagement!

 

[Sharon101]

Date: 1/21/2009 9:03:35 PM
Author: Stone-cold11

Date: 1/21/2009 8:02:38 PM
Author: Sharon101

Date: 1/21/2009 6:28:52 PM

Author: foosless

i dont like the negativity. but thanks for bringing me down................. jk. ya maybe it was just a fluke but i mean if i can profit 300 just by spending a few hours of my time in research and labor then its worth trying it again. im not talking about starting a commercial business just a hobby.

Ooops sorry!!! I probably should have put more time into my response.


First, I really was impressed by your enthusiasm, and if you could pair that with technical knowledge, you are off to a great start.


Maybe you could look into doing a few courses in jewellery making at the very least.


No doubt as a hobby it would be a fun and rewarding (but expensive) thing to do. Plus, you would be very popular with your friends!!!!

My family have been in the jewellery business for almost 100 years. My negativity was based on how I know the industry works. There arent many jewellers that I know of that would buy off someone who just walked in off the street with two rings he made himself (first time no less). I know my husband wouldnt because it would be too risky re. quality and other issues.

My main agenda in being negative was to help you avoid spending up big to fund this as a venture. I didnt want you to end up out of pocket in the hopes of making easy money.

I think he understood you point. The negativity statement was a joke... jk = joke.

I actually understood the joke tag that he assigned to his response. But i also detected genuine dissappointment in that he thought it was a pretty good idea!!!! And no, I dont think he understood `why` I was being so negative, especially as his experience seemed to indicate he was on a great wicket!!!!!

In any case, the main thing is that we are all trying to help on this forum. I guess what anybody decides to do is up to them. And my advice is really only worth what anyone has paid for it!!!

 

[foosless]

lol jeez guys.

well your prob right, but i did buy another little diamond tonight, ill prob set put it on craigslist and take it around town to the jewelers this week.

im driven by your negativity. haha

pretty sweet buy though, i think.

colorless (f) .68 marquise SI2 1.8-1 (h-w)

be the best buy you''ll see on craigslist might end up sellin it to one of you guys, $325

 

[Sharon101]

Date: 1/22/2009 2:03:44 AM
Author: foosless
lol jeez guys.

well your prob right, but i did buy another little diamond tonight, ill prob set put it on craigslist and take it around town to the jewelers this week.

im driven by your negativity. haha

pretty sweet buy though, i think.

colorless (f) .68 marquise SI2 1.8-1 (h-w)

be the best buy you''ll see on craigslist might end up sellin it to one of you guys, $325

Ha! One day when you`re a multi milionaire famous jeweller you can definately say `I told you so` to me!!!!!

And btw, best congrates for your engagement and thanks for your service!!!!!

 

[Lorelei]

Date: 1/21/2009 5:26:24 PM
Author:foosless
After spending a long year in Iraq i decided i would show my girlfriend how much i appreciate her support back home by asking making her my wife. I quickly learned i could spend less and wind up buying her a much more beautiful diamond by staying clear of the retailers like zales, and pretty much anywhere you could find in your local mall. I ran into a deal on an online auction for 3 diamonds. One was just under a ct, while the other two were about 1/2 ct''s, and they were all GIA certified. These were loose diamonds so i then needed to have them set and i found out once again i would save big bucks if i could buy the settings and learn to set the diamonds myself. After buying a couple seperate tools I successfully set my first diamond, and it looked beautiful.
With all the time, money, sweat, blood and tears I had instilled into these I had found a new passion! So, I set my 2 other diamonds and took them to several local jewelers to see if they would be interested in taking them off my hands. To my surprise i was being qouted about $150 above what i payed for diamonds and settings per ring!!! Ofcourse i looked at their rings and noticed they were charging about 3 times what they offered me for far more inferior rings.
Now what the reason for my newbie inspiring story is the will to learn. I''ve seen what i could do by just putting the time into learning a few techniques for myself. So, i''m going to throw a few questions out there that i expect you JEWELER VETERANS to answer and give a COMBAT VETERAN much advice.

1. Is a GIA cert neccassarily going to make a big difference when reselling my rings???
2. Are there other places where i might be offered more for my diamonds? Or possibly consignments???
3. Where can i pick up diamonds at rates where i am def going to be able to profit from them???
4. MOST OF ALL... ANY ADVICE FROM VETERAN JEWELERS WITH SALES EXPERIENCE

Just bumping this for you William that maybe one of the experts will see it and advise. I also thank you for your service.

 

[denverappraiser]

Good morning William,

Thank you for your service.

What you’re asking is whether it’s possible to make a living as a jeweler. Definitely yes, and there’s always a need for high quality merchants. It *IS* possible to buy, manufacture and trade in diamonds and jewelry at a profit and there are folks out there who do it regularly. That’s the good news.

Now for the reality check.

It’s not as easy as you might think. As you are discovering, the hard part is in the selling, not the buying. Sometimes you get lucky but for the most part is just plain work. The job you’re talking about is known hereabouts as a ‘picker’. These are people who search through the pawnshops, flea markets, garage sales, ebay et.al. looking for things that are mispriced or overlooked that they can sell into a more appropriate market for a profit. In economics this is known as arbitrage. There’s some serious competition at this, starting with your sellers themselves. For every bargain that’s there you will find 1000 traps that claim to be a bargain. Sorting through it all is where the work part comes in and some folks are so skilled at this that it seems almost like a psychic power. I have no idea if you've got the talent but there's definitely an art to it.

To answer your questions directly:

1. Is a GIA cert neccassarily going to make a big difference when reselling my rings???

As mentioned above, for every bargain that’s there you will find 1000 traps that claim to be a bargain. This is true both when you buy and for your buyers when you sell. GIA paperwork is helpful both to you as a buyer and helpful in convincing your customers of what you have. ‘Necessary’ is perhaps not the right word but, in most cases it’s very helpful. Especially if you and/or your customer aren’t experts yourselves. If you're not going to be relying on GIA for your grading data, how will you make this decision? Believe the seller?


2. Are there other places where i might be offered more for my diamonds? Or possibly consignments???

The phone numbers of customers who are willing to pay top dollar for things is the most valuable commodity out there. Such buyers are few and far between. As a rule, the top money comes from direct sale to retail consumers and the bottom prices come from direct sales to dealers for cash. The article linked above discusses this quite a bit.

3. Where can i pick up diamonds at rates where i am def going to be able to profit from them???

Guarantees are definitely out of the question. A more likely question is where might you find good supplies. You can get up to the 1/1000 odds discussed above by lurking at pawnshops, flea markets, garage sales, estate sales, physical auctions, thrift stores, craigslist and the like. Those guys with metal detectors on the beach even occasionally come up with something. If you’re not good at it, you WILL get burned at this and even if you are, you might. You’ve got to kiss a lot of frogs before you find a prince. If you can get your sales skills up to where you can make a profit buying directly from manufacturers your ability to replicate the deal improves dramatically, which is why this is the approach of almost every jeweler out there. Shopping garage sales can be pretty time consuming and it doesn't generally produce all that much in the way of results.

4. MOST OF ALL... ANY ADVICE FROM VETERAN JEWELERS WITH SALES EXPERIENCE


Luck is required but you’ll find that the harder you work the luckier you get.


Thank you again for your service.


Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[Lorelei]

FANTASTIC post Neil!!

 

[denverappraiser]

A comment that caused me to read this thread.

One of the things I see an increasing amount of is US service personnel who do an overseas tour, especially in Afghanistan, who are being presented ‘bargains’ by local merchants with the pitch that they can bring these things back to the US and make a profit as an importer because things are worth so much more here than over there. This plan rarely if ever works out and it’s a way to lose your paycheck. DON''T DO IT. I’m all for supporting the Afghan economy and I agree that there are some beautiful things that can be purchased over there for some attractive prices and that may be enjoyed by your loved ones but this is NOT a business opportunity.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[Lorelei]

Date: 1/22/2009 9:13:22 AM
Author: denverappraiser
A comment that caused me to read this thread.

One of the things I see an increasing amount of is US service personnel who do an overseas tour, especially in Afghanistan, who are being presented ‘bargains’ by local merchants with the pitch that they can bring these things back to the US and make a profit as an importer because things are worth so much more here than over there. This plan rarely if ever works out and it’s a way to lose your paycheck. DON''T DO IT. I’m all for supporting the Afghan economy and I agree that there are some beautiful things that can be purchased over there for some attractive prices and that may be enjoyed by your loved ones but this is NOT a business opportunity.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

That is an excellent point and well worth mentioning.

 

[foosless]

Thanks for the posts Mr. Beaty.
Ya i would probably agree about soldiers picking up diamonds In Afghanistan for the most part, but you have to consider that 90% of your soldiers there never leave the fobs(temporary bases), so they are actually purchasing from local dealers that first typically have to go through our gov''t Walmart called Aafes. Now im not sure if the merchants come on base and overcharge or if they are just being charged a ridiculous amount through Aafes, but i can guarantee you that soldiers are getting the raw end.
The only reason i mention this is because i was one of those soldiers that spent a good deal of my time driving through many cities in Iraq. And believe it or not a couple of the cities around the area were safe enough for me to drop my vest and stuff my rifle in the trunk and walk around with nothing but a pistol strapped to my waste in the markets and in restuarants (although the trip to and from these cities could be hell, hahahha). Anyways, I found a couple stores that sold 100% silk rugs, made from india and also persian rugs. It was funny because my whole life when i heard Silk persian rugs i thought wow those sound expensive, but the stores that carried these carried them by the 100''s and they weren''t even department stores, it was more like a small building with a garage door that stayed open.
After being greeted with chi at the garage door I had my interpreter ask for prices and found that the popular silk rugs about 6x4 ft were around 40000000000 dnar, haha, like 400 bucks, so i bought one. the next day i am looking at stores on the fob and find the same types of rugs in an Iraqi locals store (with a big Aafes sign on the side) for 1000 bucks!!!!!
My point is that yes your right many soldiers are getting ripped off on jewelry and other fine goods on deployments but like many have said in this forum, if you dont know what your doing you''ll get burned.
(by the way those rugs go for at least 2-3 grand here in the states i believe- if you could find a buyer)

 

[AprilBaby]

Congratulations on your engagement and Thanks for your Service!