How do I become a diamond trader | Work & careers | The Guardian

How to make a lot of money diamond. 4 Tips For Selling a Diamond For Cash (That Actually Work)

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How Brokers Make Money The diamond trade is complex, and breaking into the business as a broker, is not easy. You will require the proper licensing and certifications to work in the industry — with specific licenses varying — based on your country.

how to make a lot of money diamond

The broker arranges deals between sellers and buyers, and making money requires a strategic business model so that you can gain authority as a middle man. Because the broker never actually owns the diamonds, a broker can mitigate many of the legal certifications required for traders, miners and retailers.

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The Diamond Business The business of diamonds is extremely high value and the diamond broker salary potential is high for a busy broker.

The diamonds themselves have several important placements in the supply chain.

how to make a lot of money diamond

They are first mined and these rough diamonds are sold either directly to retailers or to traders. The role of a trader is purchasing in bulk and reselling to retailers on a profitable margin. The diamond trader salary has high potential when the capital is available to purchase large quantities at a discount and resell them around the marketplace.

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A trader can also purchase in bulk when prices are low and sit on the diamonds until the market demand increases and prices spike. The broker differs from the trader because they never actually own the diamonds.

A broker facilitates the purchase of diamonds between a seller and a buyer. This can happen at varying levels.

how to make a lot of money diamond

For example, a broker may manage the sale of a rare, private collection of diamonds between two private parties. The broker may how to make a lot of money diamond manage the sale of raw diamonds between the mine and a retail partner.

Building a Broker Business If you work with an existing company, they may help with leads and cover some of your costs as a broker. Regardless, an employed and independent broker both must complete many of the same objectives. The broker is tasked with connecting buyers and sellers.

  1. We could talk about the eternal values that diamonds represent and symbolize all day long.
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  3. These diamonds look identical in a ring.

The value in the brokerage business is making that connection while safely facilitating the transfer of the diamonds and money. The broker must setup an escrow service hold currency while the diamonds are verified by the broker or a certified inspector. After the diamonds are verified, the broker can manage the hands on aspect of the transfer with personal security or use a security company to manage the transfer.

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As the physical transfer takes place, the funds are released to the seller. The broker makes money on a percentage cut of the sale or a flat fee depending on the preferred business model. In many cases, the broker charges a service fee to cover overhead and a percentage that essentially functions as a commission. A diamond broker salary varies widely based on the number and value of transactions managed each year.

Selling Brokerage Services Selling the service requires working to find sellers and buyers alike.

how to make a lot of money diamond

You must find diamond mines, private party sellers and collectors that frequently buy and sell diamonds. This process requires research to locate contacts and networking skills to make the personal connections and introduce yourself along with your services.

How do I become a diamond trader | Work & careers | The Guardian

After acquiring numerous sources of diamonds for sale, you must find the clientele that wants to purchase diamonds. Working with retailers to safely broker buys with mines is a good model. It cuts out the traders and opens the retail business to a higher margin on their purchase.

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This justifies the cost of your brokerage service and both parties benefit. Outside of retailers, you can advertise online and you can network in the small world of high-end jewelry, so that you can build a list of potential private party buyers. A monthly newsletter with inventory for sale is a good idea, because your subscribers can view product but can only bid when they see something desirable.

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