In a previous article, we talked about buying jewelry at auction, but in this article we’re going to explore buying diamonds and diamond jewelry at gem shows. Gem shows occur all across the country, but the main ones are in Las Vegas and Phoenix. Diamond and jewelry wholesalers reserve a booth and display their wares to either retail clients or wholesale clients. Indeed, gem shows can be a great venue to purchase jewelry, but you need to know how to navigate. You don’t want to show up to a gem show and start purchasing diamond jewelry at random. Here are some things to keep in mind when buying at a gem show.
Have A Budget In Mind
Before you head to a gem show, you want to have a budget in mind. If you don’t, you could wind up spending too much money. If you need to maintain stock for your store or retail establishment, you want to purchase only as many loose diamonds, or diamond jewelry pieces as you need. If you go over your budget, you could be in a situation where you are thinning out cash flow and stretching your operating costs, which can be dangerous.
Bring Your Sales Certificate
Of course, if you are going to a gem show to purchase loose wholesale diamonds, you will need to bring your seller’s certificate. This certificate is basically a document stating that you are legally allowed to resell diamonds. Moreover, the wholesaler will need to jot down your resale license number, because it will alleviate the wholesaler from the taxes that need to be paid on the purchase. In order to protect their costs, this is a necessary formality, so be keep this document safe.
Pack A Jeweler’s Loupe
Another thing you want to pack is a jeweler’s loupe. If you are in the jewelry business, you know how invaluable this simple little tool is. Everyone else will have one, but you want to carry your own. It is an essential tool, because there is a lot that you can’t see with your naked eye. If you want to get the best deal and protect your expenditures, inspecting everything with a loupe will be critical.
Know What You Are Looking For
Before you even choose a gem show, you need to know what you are looking for. Maybe you are simply trying to get a sense of the market place – to see what type of diamonds, and diamond jewelry is popular. Perhaps you are looking for loose diamonds of a certain color or carat size. This is why you want to do your research to find the right gem show. Also, before you attend the gem show, you should know what you are looking for.
Polish Your Negotiation Skills
On top of everything, you want to be sure that you polish your negotiation skills. When you are meeting sellers, you want to be tough on prices if you think you can get something for less money. You want to be savvy, especially if you are purchasing retail. In the end, some sellers may budge, but others may be firm on their prices for diamonds and diamond jewelry.