Selling loose diamonds can be a very lucrative business. Although there is much competition out there, if you purchase from the best wholesalers and advertise as much as possible, you could do very well. By selling diamonds online, you can lower your overhead and increase your customer base.
- Skill level:
- Moderately Challenging
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Things you need
Set up an arrangement with a diamond wholesale company to drop ship the diamonds you sell. You must be a licensed jeweller and have a business license in the state where your business is located. You must also be a member of the Jewelers Board of Trade with a minimum of three references from other wholesalers.
Photograph diamonds you purchased for your inventory, and the pictures can be put on your website. Take pictures from multiple angles with as much natural light as possible to show the diamond's cut quality. A good photo from the top and one from the side will allow the consumer to see a diamond's many facets as well as the overall proportions of the cut.
Create a website that includes your shipping and return policies as well as specifications of diamond clarity, colour, carat and cut. These four criteria are used to price diamonds and are called the Four C's.
Advertise on the internet on websites dealing with weddings and other jewellery. By targeting these types of websites, you will draw more consumers looking for loose diamonds for their jewellery.
Differentiate yourself from your competitors by offering as many sizes and cuts of diamonds as possible and offering free shipping. You could also offer diamond education articles and the latest news from the diamond industry.
Tips and warnings
- Make searching for diamonds as easy as possible to lower any potential customer loss due to website complication.
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