Hello All,
New participant and first post.
I am sure this has come up a many times before and my apologies for asking the same question. My business partner has a very successful family run Diamond business in India. He is thinking of expanding it and entering the US market where he resides and wholesaling loose diamonds. Both of us are new to the industry and have come to realize in a short time that there is much to learn as well as this being a highly competitive industry as well. We are putting in the time and energy to gain knowledge and incite in hopes of one day getting to a level that can be called experienced and knowledgeable. What we do know is that there is a 6% duty charge as well as a Surety bond needed to import Diamonds into the US. We are also using the Rapaport Report to get a basic idea of establishing value knowing that the report is not 100% accurate.
We are exploring what market segment to enter but at this time leaning towards selling wholesale if pricing and room for small margins are reasonable and manageable. I was hoping to get feedback and response from the forum experts and any guidance on how to proceed as well any wholehearted advice on whether this is a viable venture. I know I may be asking for advice from those that may be considered competitors so I fully understand if response is not given. Thanks in advance for any guidance,
Sincerely,
Ather
New participant and first post.
I am sure this has come up a many times before and my apologies for asking the same question. My business partner has a very successful family run Diamond business in India. He is thinking of expanding it and entering the US market where he resides and wholesaling loose diamonds. Both of us are new to the industry and have come to realize in a short time that there is much to learn as well as this being a highly competitive industry as well. We are putting in the time and energy to gain knowledge and incite in hopes of one day getting to a level that can be called experienced and knowledgeable. What we do know is that there is a 6% duty charge as well as a Surety bond needed to import Diamonds into the US. We are also using the Rapaport Report to get a basic idea of establishing value knowing that the report is not 100% accurate.
We are exploring what market segment to enter but at this time leaning towards selling wholesale if pricing and room for small margins are reasonable and manageable. I was hoping to get feedback and response from the forum experts and any guidance on how to proceed as well any wholehearted advice on whether this is a viable venture. I know I may be asking for advice from those that may be considered competitors so I fully understand if response is not given. Thanks in advance for any guidance,
Sincerely,
Ather
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