Diamond advice needed
Q.I'm new to both the world of diamonds as well as this newsgroup. I'd like to get your opinions on how much the following *loose* diamond should cost... - 0.55 carat, round brilliant cut, VS1, G Color, Excellent symmetry (displays hearts and arrows), excellent polish, no flourescence, good proportions, with GIA grading report/laser inscription. It also has the additional inscription of "Hearts and Arrows." I am assuming that it is an untreated diamond (the grading report doesn't mention anything about treatment/enhancement). I've seen the above diamond offered for $3000 Cdn. (about $2300 U.S.?) which strikes me as a good deal. Could this make a turnover/profit if I re-sold it in U.K.? Also, any tips about buying diamonds in China/India which would re-sell well in the U.K.?
A.Everyone gave you practical advice. You just chose not to listen because it was not what you wanted to hear. Here's how I broke down your letter and came to the conclusions I did. This told me most of what I needed to know right off the bat. The world of diamond buying is a very insular society. You aren't a part of it and are not going to become a part of it buying a few stones here and there. I know people who have been in the business for 30 or 40 years who are still working to better their relationships/contacts in order to get better prices. These are people who buy 1 million dollars + in diamonds a year. I thought the world series of poker analogy was a fairly good one except that they can just luck into a win. That won't happen in the diamond industry. This told me the rest of what I needed to know. There are a number of "costs" in the diamond business. Theres the retail cost (which is the cost here), theres the ACTUAL wholesale cost (which you'll probably never see), theres the cost of buying rough (which you'll also never see), and a number of other "costs" including the cost difference between buying from a store front vs the internet. These costs can even vary considerably between the source and different venders. Oh......and there really isnt any way to give an accurate value to a stone without actually seeing it. Asking us to appraise a stone we have never seen was a huge giveaway that you had no clue. advice (assuming you havent given up yet). Take a GIA diamond grading course, or better yet as Peter suggested, take the colored stone course. Same potential for having your ass handed to you but you will actually be able to deal with people much closer to the source of those stones. You CAN get deals there if you know what you are doing. If you're determined to stick with diamonds, I've had aquaintances who have made alot of money buying diamonds from private sources (individuals, pawn shops, etc) and reselling them. Again, you really have to know what you are doing because it's really easy to get taken. If you plan on making any money at it you will also need to buy alot and become known as someone who has a good selection so you will get calls when someone needs a particular diamond. LOTS of money. LOTS of training. LOTS of chance no-one will even deal with you
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