If you are running a small, home-based jewelry business, you may have a need for purchasing loose diamonds. These diamonds can be used in the creation of new pieces of jewelry, retrofitting existing pieces, or completing repairs. Not surprisingly, buying loose diamonds can be among the most expensive purchases a business will make. This can lead to there being a handful of considerations and strategies that should always be followed.
Balance The Need For Size With Cost
If you are in the business of making original pieces of jewelry, it is vital to balance your need for large, high-quality diamonds against the costs. For example, opting for smaller diamonds can allow you to incorporate them as highlights while still keeping your costs low. This can be an invaluable strategy for those that are needing to create products that are in a lower price range.
Decide On The Color Of The Diamonds
When individuals are thinking of diamonds, they may imagine the traditional clear diamond. However, colored diamonds have increasingly become popular. This is largely due to the tremendous utility of colored diamonds. The variations in colors will allow for these diamonds to be utilized in a number of different types of jewelry designs where a traditional clear diamond may be excessive or out of place. For example, it can be common for pink diamonds to be used to add color to an otherwise plain design. In addition to having high utility, colored diamonds are also generally more affordable than standard clear diamonds, which can allow you to offer more exotic designs while keeping the manufacturing costs low.
Insure This Purchase
Your small business may operate on extremely thin capital reserves. As a result, it is necessary to protect any major purchases that you make to ensure that they will be kept safe. Due to their high value, diamonds are often extremely vulnerable. When buying loose diamonds, you should make sure to insure them while they are being shipped. Also, a secure area should be prepared before they arrive so that they can be stored until you are ready to use them. Depending on the amount of time that you expect to store the diamonds, covering them under a commercial policy may be beneficial. Some individuals assume that their policy that covers their finished jewelry will also cover their loose diamonds. However, there is often a distinction between finished products and raw materials. As a result, you may need to insure your loose diamonds separately.
Share27 August 2019
When I was looking for ways to diversify my financial portfolio, a friend of mine suggested something interesting. He said that it might be smart to invest in high-end jewelry, so I started looking into it. I found out that many of my friends and family members had done just that--invest in designer pieces that appreciated in value over time. Unfortunately, I wasn't sure what to look for. I had to spend a lot of time learning the ropes before I purchased my first piece. Check out this blog to find out more about high-end jewelry so that you know what to buy.
