How to Establish Credit in the Diamond Trade | Importance of Paying Promptly

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 as references by which to develop relationships with other suppliers. It also takes effort to maintain the type of good reputation critical to doing well in the trade. Some good strategies to accomplish this would include: (1) Sending payment for sold merchandise as soon as possible. It will especially impress suppliers when the terms are net 30 days (due in 30 days) and they receive payment within a week. (2) Communicating the status of the diamond you are working with, to your suppliers. Call them when it is received, tell them when you will be showing it and again, when it is sold or on the way back. (3) Selling their merchandise. Easier said than done, but with experience, and this course, your sold memorandum percentage should be very high. (4) Being honest about problems. Don’t make promises you can’t keep.

During the Covid-19 crisis we are still serving the public with safeguards. At this time it is by appointment only Monday-Saturday so feel free to contact us by calling (408)358-5336, texting to (408)455-9885 or email to Stay safe and wash your hands often!

Copyright 1980-2020 Lovelady Diamond