Buying For Gold, Or Buying For Jewels? How To Decide

So, you would like to start a business whereby you can buy jewelry and resell it for profit, in some way or another. Jewelry buying is a profitable business, to be sure, but you may have to make a choice between jewelry buying with the intent of reselling for the precious metals or reselling for the stones. Here is how to decide which you want to do, and for what reasons are valid to you.

You Can Easily Test Gold and Silver to Obtain Value

Gold and silver are easy to test for their values. You can buy an inexpensive metals testing kit to start your gold- and silver-buying business. Gold and silver are also easier to sell than gemstones. This is due to the fact that you can resell the gold and silver to metal foundries that recycle these metals for other uses. Some jewelers will also purchase what you have to melt down for their craft and jewelry making. Based on the daily and hourly rates at which gold and silver are valued, you can time things just right to make a profit when you sell the jewelry.

You Need Training and an Expert Eye for Gems

Can you tell the differences among white sapphires, diamonds, rhinestones, and paste? If not, then buying gems might not be the right choice for you. However, if you have a just enough training to be able to tell what kind of gems you are looking at, their quality, and what they are worth, then buying the gems and reselling them to jewelers as loose stones will work out for you perfectly. If you also opt to buy the gold and silver mounts and settings of the gemstone jewelry, you can sell the metals separately to double your profits on the same pieces of jewelry.

You Can Make Substantial Money on Gems

While gold and silver are valuable and in high demand now, you can make more on the gems. In fact, you would have to accumulate a few troy ounces or several karats weight of gold to make the same amount of money you would make on a single, high-quality diamond. However, there is still the issue of being able to examine gem stones and determine their quality and value. If you are unable to evaluate the gems, maybe you can find a business partner for this joint venture who can evaluate gems. 

About Me

Learning About Business Success

Hello, I am Jen. When I was in college, I used all of my electives to study the world of business. I wanted to learn how small companies grew into big corporations in just a few short years. I also wanted to learn about the factors that caused a business to fail in the same amount of time. I took the time to learn about the details to avoid thinking that these situations were caused by luck alone. I will use this site to discuss every aspect of the business world from negotiating contractors to hiring employees. Thank you for visiting.

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