QuestionQUESTION: Im currently a 22 yr old stay at home dad of triplets and i think the best thing for me to do at this time is start my own home business. I want to get into buying and selling jewelry,whether its selling on ebay or having my own website but i just dont know where to start. I've recently subscribed to the australian wholsalers site but can not find any sites/companies that sell in bulk. Im interseted in buying and selling gold and diamond rings. Any ideas of where i can start?
Thanks.
ANSWER: Hi Jamie, Sorry for not getting back to you more promptly but I have been traveling. My first peice of advice after 30+ years in the trade is to learn about gems, precious metals, and your proposed markets for selling inventory. You can take home study courses through GIA to learn what you need to know. You say "bulk" which I interpret many items sold at once. Please clarify your meaning of this for me. Next, start with at least $100,000.00 of inventory you wish to sell. Buying from wholesalers of jewelry limits you in the markets you can sell to like retail jewelers who can and do buy from these same wholesalers based upon their decided product mix. The real money is in closeouts. Buying from distressed situations, auctions (ebay) and bankruptcies so you can sell the items to retailers and others at lower prices than they want to do the work to find. You are in essence a "finder" for them on what they are looking for. It is a risky business and an expensive on to employ yourself in with insurance, marketing etc. Slow selling inventory will kill your profits so you need to focus on finding the most desireable items at the lowest possible prices to resell. Find a niche', create your own market for it and blast away to people who want to buy from you.
Steve Kretser
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QUESTION: Yes, bulk. i want to buy large quantities of jewellery. I came across this site www.planetgemz.com do you think its legit? And a good place to start? Its got me thinking 'How can such fine jewellery be sold so cheap and the amount of money you save on each item'.
Thanks Steve.
AnswerYes this company is legit. Find out where the products are made. The prices they distribute at are very low, probably make in China and are of poorer quality, but find out anyway for your protection. Returns can kill you. Gordon Bros. in Boston, Silverman Consultants in NY, and Wilkerson Assoc. in Arkansas are close out dealers, try them also. They buy bankrupt stores.
Steve
