Hi, I am all new to jewellery and precious metals in Australia. on the other hand, I have experience and very good connections in wholesale diamonds and semi-precious stone in India, Thailand and Dubai. also have very good connection with some large and famous jewellers in Asia, Middle east and Dubai. I can buy the most beautiful and high-quality jewellery and stones, very cheap there. I'm thinking to start a business (wholesale/sorting diamonds) and maybe sorting and exporting Australian Pearls as well. my question is what is the best route to get to know the business here in Australia and to learn how its work. I know how its work overseas but I'm not sure if it same here. I don't have enough capital to rent a shop or office at the moment. I like to get to know and learn the business and the market here in Australia and assessing the possibility of starting a business in near future. any help and advice would appreciate. PM: what is the possibility of selling jewellery, diamonds and semi-precious stones online? Thank you
@Spannermonkey I'm in NSW, Sydney the flooded market won't be a problem. I can compensate that with amazing low prices and unreal high-quality stones and exceptional services so you say If I go to a couple of jewelers with a ziplock of loose diamonds or sets, obviously with the certificates and legal documentations with a good price I would be able to move some stones here and there? or is it possible to get orders and import accordingly? I know it sounds stupid a bit, but I'm somehow thinking out loud here! cheers
Most Jewellers here have there own connections here they trust so its a bit hard to break into. To get into the custom Jewellers you need to have very well cut high quality stones and they will only purchase them when they get an order for them if they can't get them elsewhere or at a better rate. If you are planning on selling Diamonds you will need a fair bit of capital unless you have some extremely good contacts. Why not post some examples of stones you can get and the wholesale prices would probably help be able to assess whether you will be successful or not. Best of luck!
He Means are they certified by GIA US or GIA Asia (OR GIA somewhere else) as different countries have different reputations. Most Jewellers I know don't care about certificates they have there own equipment and buy the stone not the paper.
What everyone else has already said is right. Its a flooded market with at least half a dozen different company stores in every shopping centre, then you have the added competition from online sellers. Even if you can get your stones for amazing prices, the fact is that most companies will only buy via consignment. So they will need to have the stone mounted then wait for it to sell. Once sold then you can guarantee at least a 2-3 month wait before you get your cut from the sale. So basically you'd need to enough capital to see you through for at last that long, and that's even if you can convince them that you can offer them more than their usual supplier. And even if you make it that far, I honestly couldn't think of a worse industry to be sinking funds into with the current economic climate/outlook. Jewellers are one of the first to start feeling the pinch in a slowing economy. Now if you could get your hands on dirt cheap, organic milk powder then I'd say go for it.
I'd hate to burst your bubble, but cheep prices won't cut it in this industry. I know a diamond wholesaler who survives from a 3% net margin and he's been in the industry for over 20 years. Getting orders and then importing will only work until you have someone cancel an order or not pay. The best advise I can give you, if you don't have a big starting budget, is to start small and create a relationship with a few smaller buyers and build yourself up from there. But you'll have to be selling at a loss if you want to compete on price because there are a lot of well known people who operate on razor thin margins. Good luck to you!
