Making money importing diamonds from India

[mdorse]

Hello and thanks for reading this post...

I''ve been in India, working, for 6 very long months.

I''ve made a fair bit of cash since I''ve been here and have been told that diamonds are a way to multiply that money.

Apparently, there is a supplier in Surat, Gujarat province that can provide me with certified daimonds.

I''m wondering if the prices here are significantly low enough to bother investing my money and time to import (read smuggle) approximatly $30,000 worth of diamonds back to N. America.

The last time I was here, I picked up a couple of platinum rings and they were significantly cheaper than at home- around 50%.

If anyone has any advise- please let me know. Any specifics regarding CCCC would help greatly.

Thanks for your time,
Mike

 

[glitterata]

Um, you're posting on a public forum asking if it's a good idea to smuggle diamonds into the US?

NO! The answer is no. It's NOT a good idea to smuggle diamonds into the US.

 

[limey]

Apart from the legal issues are you experienced enough to invest in the right stones?

 

[Brian Knox]

George C. Scott one said (in character)

"you can't cheat an honest man"

This quote is from the film "The Flim Flam Man"

It seems as though (IMO)the thoughts of easy (and unethical/illegal?) riches may be clouding your judgment and common sense.

Save your money, bring it home and invest in something you know and understand.

 

[CaptAubrey]

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On 4/9/2004 10:11:05 AM mdorse wrote:





I'm wondering if the prices here are significantly low enough to bother investing my money and time to import (read smuggle) approximatly $30,000 worth of diamonds back to N. America.

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if you have to ask how to do this on a public internet forum, i would say the answer is probably "no."

 

[innerkitten]

I've been to India and a lot of people while I was there told me about gem stone scams, where people convince tourists to import stones for them and somehow you ( the tourist or visitor) winds up paying for fake gemstones. No one ever appraoched me about this but I hear it's quite common. Just letting you know. It's possible they have diamond scams too.

You mentioned that you got a good discount on platinum. From what I understand thats because platinum and gold are sold just by weight and not with a high mark up we have here, so gold and other precious metals really are cheaper in India.

 

[Garry H (Cut Nut)]

There is no import duty on unsent diamonds so it is impossible to 'smuggle' them in. But there are restraints on transporting diamonds that have no known origin in order to stop the transportation of blood diamonds and money laundering.

That said - why not give me your $30,000 and I will return $25,000 to you there by saving you a lot of money and heart ache trying to be an amateur in a highly competitve industry. I will even throw in a book or 2 on how to get rich quick.

 

[mdorse]

Hey- If you don't ask the whole question... you don't get the whole answer...right?

Thanks for the assistance.

Mike

 

[DavidEmslie]

hmmmm...lets put it this way, almost anything can be found at good prices and for the most part in this day and age its all a phone call and a fedex away.

Like the old saying goes, its who you know.

The diamond Biz is not one to get into unless you have been in it for a while and know what your doing. prices may be less than what you see in stores and online...but remember, stores, venders ect, wholesalers, they make money doing what they do. Keep in mind that there is no incentive for someone to do business with you if they can get the same goods some place else for less money. And to be blunt, 30k in the diamond biz is nothing. If you get to know stones well you could probably do better in the US scoping pawn shops and putting stones back into the market. If you want to play ball in that area, the prices will have to be exceptional. People in the biz are not dumb, they know what the prices go too after exporting and the like. It would be easy to be taken advantage of if you have not spent years building trust with dealers and merchants to put yourself in that position of being a middle man. And mostly that structure is already in place. or going away, if you have heard of the phrase "cutting out the middle man" this is what happens alot in any business, why be a middleman? why get cut out/lose out?