If you don't have unlimited capital and you want to work with gemstones, becoming a broker is the risk-free way to go. Gemstone brokers do not buy and sell gemstones; they simply set up sales between gemstone sellers and potential gemstone buyers. Gemstone brokers make money by charging commission from the buyers and sellers that they matched up. The best gemstone brokers can also evaluate and vouch for the value of the stones that they are selling.
Earn the Certified Gemologist Appraiser (CGA) title awarded by the American Gem Society. Check their website for information on how to receive this certification. It will involve advanced training and lots of experience with gemstones. With a CGA title, you will have to work for American Gem Society firms, such as jewellery manufacturers and retail stores to keep your certification. You will also need to recertify annually.
Find contacts online. Try using social media sites such as Twitter and Facebook to connect with potential gemstone buyers and sellers. You need to locate entrepreneurs who sell gems. You will then need to connect them to possible buyers.
Establish reputability by always being honest. This will help you keep clients and they will recommend you to other people that are looking for and selling jewels. Developing a set of references is the best way to get your foot in the door when dealing with gemstones.
Charge commission. You can charge up to 20 per cent for gemstones. The higher the cost of the actual stone, the lower the commission, because buyers are already spending large amounts on expensive gemstones and don't want to pay high commissions too.
Apply for a job in an established jewellers/gemstone firm. If individual business doesn't work for you, you can work in a company that already has contacts and marketing taken care of. This will also help you keep your CGA certification.
Watch out for scams. There are ads that claim to teach you how to become a gemstone broker with a phone and an e-mail account.
Tips and warnings
- Watch out for scams. There are ads that claim to teach you how to become a gemstone broker with a phone and an e-mail account.