The diamond business is a constant test of a dealer’s moral fiber. The temptations for cheating are common in most businesses, but probably more so in the diamond business. The nature of the product is allowed some subjectivity but the… Continue reading
A diamond on memorandum is one that’s borrowed from a supplier for the retailer or wholesaler to show, and hopefully sell, during a short period of time. If it doesn’t sell, it is promptly returned. For example, a potential client… Continue reading
Memorandums are an excellent way to increase sales without additional investment. The profit margins will be narrower versus diamonds you own in stock, but nonetheless it is an effective alternative, especially when first starting your diamond business.
Usually before a dealer overnights a diamond to you — the unknown person on the other end of the telephone line –a credit check is in order. Credit is of utmost importance to open doors that are closed to so… Continue reading
If first starting out, small transactions with very few dealers will begin building your credit standing in the trade. As you prove yourself honest and reliable, suppliers will take larger risks, and you will be empowered to use these dealers… Continue reading
The Jewelers Board of Trade is a credit rating and information providing agency for the industry. A listing (not a rating) in the JBT directory is a start, but for purposes of getting credit (memorandums), a high rating is critical.… Continue reading
Selling is the second half of the diamond business equation unless you are planning on only collecting or stock-piling your purchases. To sell diamonds successfully, like buying, the dealer must have a good working knowledge of the product. This is… Continue reading
Dealing directly with private party clientele can be very rewarding but also much more work, along with a potentially higher liability factor. If you, the seller, has a working knowledge of the product you deal in and represent it properly,… Continue reading
The author is a firm believer in relaying as much information as possible without overwhelming the buyer. Many retailers believe that the less information you give a customer the better. Their reasoning is to avoid confusing the customer. This attitude… Continue reading
If you’re just starting out, you probably won’t want to invest a lot of money in lab equipment. But some basics are highly recommended: A presentable office, which does not contain distractions that may detract your customer’s attention. Loud colors… Continue reading
If you’ve completed this course successfully, your working knowledge of diamonds will easily be your most important tool in selling. If your excitement of the product along with a detailed presentation hits home, you are on the right track for success in diamond sales.
This diamond-size-indicator is a great prop for retail clientele to show the different size categories. Since these are not diamonds the cost is very affordable. Competitiveness is always an issue with any product, especially a product that is in very… Continue reading