Merryshine Jewelry, Moment, Faith, Forever.

business articles - gold & diamonds buying your way to ...

by:Merryshine     2019-10-26
When I opened a scrap shop 13 years ago to buy and sell gold, diamonds, watches and antiques, I started to own a jewelry shop and eventually I moved to high schoolend bridal.I bought a lot of scrap gold and made a living on it, which was $275 an ounce.Now you can give someone $450 an ounce.This is a considerable amount for their scrap jewelry.
Imagine trying to buy someone a 14 k gold bracelet for $7 and they paid $75 for it, which was what it was 10 years ago.Now let\'s take a look at today\'s scene: a customer bought a 3G bracelet 10 years ago for $75, and at today\'s price you can scrap the bracelet for $46You can give the bracelet $23, which seems to be a fair price.This makes it easier to buy scrap from customers, and there\'s a lot of money to make-you can\'t ignore it anymore.
If you never bought goldthe-Counter and would like to know how to create purchasing department successfully, please read on.To determine the value of an item, you need to know the daily spot price of gold.I use kitco\'s website for daily quotes.Multiply the daily spot price by the percentage of gold melting your refiners pay you (most refiners pay you 80%-90% for .
999 after melting, the correct number is 90%, I will not use anyone who gives you less pay), then take the number multiplied by the karat content of the metal and divide the number by the weight, then make your quotation based on this number.Therefore, the formula is (spot gold) x (melting percentage) x (karat)/(weight) = scrap value per gram or load ton.As shown in the following example: Example-5G 14 k gold bracelet, spot price-$895.
$895 x 90% = $805.
50 x .
585 = $471.
22/31G = $15.
$15 per gram50gr x 5g = $77.
50 scrap steel worth $38.
75 and earn P Gross profit how much gold should I provide to my customers?Many complete cheap scrap shops/Pawnshops offer no more than half of the scrap, trying to buy most of the gold with 1/3 scrap.In order to be fair and competitive, I personally provide half of the scrap value.If you have a mature retail store, then creating a purchasing department is a windfall, and any profit you make in any case is pure gravy.
So why not treat your clients as fairly as possible and still make money.I create a logo every day with a quote for the day of 10 k, 14 k, 18 k, Platinum per load ton.I showed this in my purchase area and everyone has the same gold price.
This will legalize the purchase process and remove some of the stigma behind the purchase of gold and diamonds.Some of your competitors play games with their customers and won\'t give them a quote.They asked customers to tell them how much jewelry they wanted, and eventually the jeweler looked like a vendor.
I prefer to keep my image in the community as a resource for honest answers and jewelry needs services.So I put it on the table and let the customer decide what is best for them.I also recommend that you create a separate area in the store away from paying customers.
The mix of the two is not good, and when paying customers see you buying used jewelry, they sometimes think that most of your jewelry is used.So keep the distance between the two.If the sales customer starts a conversation with you in front of the purchase customer, then please bring them to the purchase area.I don\'t say enough about the importance of using your separate purchase area.
What is my diamond price?When the scrap was near war, I calculated the carat weight of the diamond and paid the customer $1.75 points per caratThis, of course, assumes that the diamond is of better quality and can be resold.I don\'t pay more than that because some diamonds are damaged and some are lost when they are removed.
Also, you can buy good quality melee from here.01ct to .The price of 08ct is about $ 500ct.If it\'s a diamond.25ct and bigger then I buy with a slightly different recipe.Sometimes you come across jewelry that looks more important or redesignedThen you need to change your whole mindset.
You have to determine how much you think the item can be retail and then quote at 1/4 to 1/3 of the estimated retail amount.Don\'t be ashamed to quote.I often talk to jewellers who are afraid of offering 1/4 retail prices to their customers.Keep this in mind-you have to pay COD!You can buy beautiful new jewelry from your supplier any day of the week and get generous conditions.
Therefore, you need to motivate them to buy items rather than from suppliers, and you also have to advertise in order to meet these customers.You also don\'t need to buy ads from your suppliers, so don\'t pay more than 1/4 to 1/3 of retail for these items.Larger bare diamonds will take a different approach when quoting.
I usually pay 75% to 30% rap for round, Princess and emerald cut.I\'m not so positive about all the other shapes and sometimes I go through together.Let me give you an example. for example, you can buy a 1.Buy 1500 G-2 pears for $ 00ct from your customers.
You can retail the stone for $4000 and then make $2500.What a good opportunity this is.right?!Wrong!By contrast, buying diamonds from your supplier for $2800 looks attractive to buying them for $1200.But next time you sell pear-shaped, I have pear-shaped diamonds I bought 5 years ago, but I haven\'t sold them yet.
If they can\'t sell, it doesn\'t matter how cheap you can spend.Don\'t tie your money up and save money to buy more scrap gold, bullets and princesses.You \'d better call your supplier when you need a breakmarket shapes.
Don\'t be tempted unless it\'s a very cheap deal.I don\'t use rap or imperfect diamond\'s say record, keep in mind that there are 5 different price categories for I1 diamonds.The 1000ct round diamonds that the Clarity rating can sell for $2000 or $ 1ct ct, you have to determine the perceived value of the diamonds.
Once I have determined the perceived value of the diamond, I can calculate the amount I am willing to pay.If I am sure the retail price of I1 diamond is $2999 then I will pay $800$1000.If you use the rap sheet to determine the purchase price of the I1 then you will pay too much.
Always consider the perceived value of diamond diamonds.I have to say in terms of diamond buying that you should not bid, unlike gold.Let me tell you why-the diamond price is transparent and the customer is uncomfortable --informed.
Many customers have a good understanding of the value of their diamonds because it is now easy to buy prices.In addition, many of the people you will be dealing with are involved in the process of buying diamonds, who know the purpose of the diamond purchase.More importantly, they may have an exaggerated assessment given to them by the original jeweler, in their minds, which they use as the starting point for asking prices.
If the customer\'s asking price is on the left, there is no reason to participate in the guessing game.I will give you a scene that I have been involved in many times ...... A customer had a diamond to sell and asked me for a quote.
I refused and asked them, \"Well, how much do you want?They used \"no, I want you to tell me !\" To answer my question.\"I don\'t want to miss the opportunity to buy diamonds, so I give in to temptation and bid.Then the customer tore off the diamond ring from my hand and said, \"This is ridiculous, and my assessment says it\'s twice the value!\"What have you done by quotation?Nothing, all you do is make someone angry and now they think you\'re a villain.
That\'s his/her point of view, of course, but why give anyone a chance to damage your reputation?Don\'t bid on diamonds, you will look bad at 70%.Ask them what they want first if they don\'t give you a number and then pass and see if they are thinking reasonably.Before you shoot, you should contact your local police station to determine if there is a holding law in your city or town.
The holding law requires you to hold all the jewelry purchases for a certain amount of time before selling or scraping the jewelry.If you do have holding laws in your town, make sure you meet their standards and apply for any necessary permits.In order to obtain the approval of the purchase permit, some towns need to conduct criminal background checks.
Even if you do not purchase the law, I would recommend that you develop a set of your own standards and require your employees to comply with them.When buying diamonds from a customer, I asked the person to provide an assessment or receipt with their name.I also asked everyone who sold me to provide a copy of the driver ID and sign the release form.
The release form states that the items sold are actually their personal property and that they are fully entitled to sell.If the item is stolen, no one can accuse you of buying it illegally.I have a file saved on my sales client and I have the release form, receipt and driver ID saved.
Finally, I agree with the theory that if the customer looks suspicious then the transaction can be bad.Don\'t waste your time simply passing through.The last thing you want is for the police to interrogate you in front of your regulars.
I think you will find that although ID is needed, sometimes the receipt will eliminate almost all non-Legal shop to buy.Keep in mind the principle of purchase keep your purchase business separate from your sales business make a quote for scrap gold do not quote for larger loose diamonds comply with your holding laws and keep an accurate record enjoy profitAndy moquin spent 20 years in the jewelry industry buying and selling more than $20,000,000 in diamonds, engagement rings and custom jewelry.He traveled to Belgium and Israel to work with international diamond dealers and served as a consultant for DBC diamonds, an international consortium of diamond dealers.
His experience in the jewelry industry has become invaluable to consumers and business owners.716 can contact him.630-7091, www.Andrew jeweler
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