You may have heard of how lucrative it can be to sell diamonds, and you are now considering going into the business. If so, you have probably been lured by the possibility of earning a huge turnover from a high-demand market. Well, you are in luck.
Building a successful diamond industry business is possible, and it mostly requires innovation and great marketing skills. Most guides would tell you the steps to take when starting and how to brand your business. That is not what you are going to learn here.
This guide discusses the basic things you need to know about diamonds before becoming a merchant in the diamond industry. You will find everything you need to know about the business, from diamond cuts and styles to prices and types.
1. Types of Diamonds
In the diamond business, experts characterize diamonds into four main types: types Ia, IIa, Ib, and IIb – based on their physical and chemical properties. Yet, this knowledge would not get you far if your target audience are casual shoppers.
Regular buyers do not use these terms when categorizing the types of diamonds. There are two ways your buyers can refer to diamonds, and you have to understand both.
Some buyers would use the four basic terms for classifying diamonds. A Brisbane diamond retailer assisting a customer on the quality of diamonds may use the four Cs as a guide, the four Cs are: colour, carat, clarity, and cut.
Diamond cuts refer to the visible attributes of the jewel. This includes its polish, symmetry, finish, and proportions (depth and width). The clarity of the diamond talks about the flaws, while the carat, a more common attribute, describes its weight.
Depending on what the buyer is in the market for, they may use basic terminologies to categorize diamonds. These four terms are:
- Natural diamonds refer to the colorless and bright sparkling jewel that is harvested from mines.
- Treated diamonds are natural jewels that have been artificially altered by the addition of colors or inclusion filling.
- Natural coloured diamonds are usually found in pink, yellow, purple, violet, red, gray, and black diamonds. The rarer colors, white, red, blue, and green, are typically more expensive.
- Man-made diamonds are not naturally occurring jewels; they are made in the lab using advanced technology. These lab-created diamonds are more common as they are cheaper than mined diamonds.
2. Jewelry Shapes
The diamond shape is another distinguishing feature that a buyer would be interested in. It is typically influenced by the natural attributes of the diamond and how it was cut. The shape of the diamond can affect other features like its clarity and suitability for a particular type of jewelry.
For instance, the styles you would find in a diamond engagement ring are typically very different from that of a diamond pendant. The casual buyers more likely to be interested in this feature are brides. This is because wedding ring shapes are a major deciding factor.
Common shapes you should ensure to stock are:
- Round Brilliant-cut (the most common for proposal rings)
- Cushion-cut
- Princess-cut
- Oval or pear-shaped diamonds
- Emerald-cut diamonds
3. Wedding jewelry
One of the best ways to make money in the diamond industry is by selling wedding sets. As the wedding season approaches, couples would be in the market for wedding day diamonds that are the envy of all.
Some couples want a diamond wedding band or a matching set. Brides are more likely to influence diamond buying decisions, so stocking more wedding bands for women is a great idea.
On the other hand, more and more people are looking to own diamonds. However, not everyone can afford them, especially natural ones. This is why more lab-grown diamond stores are popping up. Therefore, it is ideal to stock more of these kinds of diamonds for wedding jewelry shoppers.
4. Diamond Earrings
Round cuts are the most popular diamond styles for most jewelry, including earring studs. It is even more common for a diamond tennis bracelet than an emerald cut. Diamond stud earrings for women also come in princess cuts.
Brides often want to pair their diamond engagement rings with real diamond earrings. Moreso, some brides may want to splurge on a large piece or prefer small earrings, like small diamond studs for women.
5. Making A Price Chart
Now that you know more about the diamonds you would be selling, let’s discuss the diamond price chart. There are a lot of factors to be considered when pricing diamonds. As with all the other things we have discussed, the 4 Cs are also important here. The quality and rarity of a diamond also play a significant role in its value.
The higher the carat of the diamond, i.e., its weight, the more expensive it becomes. An example is a natural 3-carat diamond ring, which costs upwards of $18,000. The cut of the diamond is also a major determinant. The cushion cut is less expensive than the round cut.
Creating a ring size chart, for instance, would depend on certain features like its settings, color, shape, and the quality of the cut. Engagement ring settings like the solitaire and pavé can also affect the price.
It’s time to get bedazzled
The diamond industry isn’t putting any brakes on its luxury, nor should you. Selling diamonds is a very lucrative business, and there is no reason why you shouldn’t profit from it. No one can be a hundred percent sure about their success in any venture, so start now.
Take time to plan your way forward to ensure you don’t make silly mistakes. Remember those guides we talked about at the beginning of this article. Especially the ones that teach you a little more about the intricacies of the business. They are great for learning how to start up a successful jewelry business.
Whether you decide to specialize in the sale of lab-created diamond rings, or studs earrings, there is a market for you.