Synthetic diamonds were first produced by General Electric in 1954, according to The New York Times. Initially, synthetic diamonds were made strictly for industrial uses, and their quality and aesthetics were far from the real thing. Today, synthetic diamonds have evolved in quality to the point where most experts can not tell the difference between them and "real" (naturally formed) diamonds even upon close inspection. Those wishing to profit off of this development can now sell synthetic diamonds as a money-making enterprise.
Obtain a wholesale source where you can buy bulk orders of synthetic diamonds at discount prices. Research current market prices for synthetic diamonds keeping in mind that they ordinarily sell for 15 percent less than equivalent mined diamonds, according to CNET.com.
Establish an industrial use distribution channel. Contact manufacturing firms that need to purchase diamonds as a component of their production processes. Focus on prospective customers who have the need to polish glass, cut precious metals or produce high-end drill bits. Mark up the prices of the synthetic diamonds in order to yield a profit margin, but do not price yourself out of the industrial market.
Purchase raw synthetic diamonds and have them cut, polished and incorporated into rings and other fine jewelry. Benefit from the large mark-up on synthetic diamonds as they are transformed from their raw form into finished pieces of jewelry. Acquire already finished synthetic diamond jewelry if you do not have the expertise needed to oversee the process required to make fine jewelry.
Market your synthetic diamond jewelry to retail stores as well as directly to the general public. Create a website to generate online sales. Devise and implement shipping and returns procedures. Insure the shipment of high-value items. Advertise your synthetic diamond jewelry online and in applicable offline media, including newspapers and cable television. Attempt to sell your synthetic diamond jewelry using online auction sites.
Open your own brick-and-mortar synthetic diamond retail store if your capitalization allows it. Benefit from weak economies when consumers seek to save money on large-ticket purchases. Partner with an existing retail jewelry store to share profits on the sale of your synthetic diamonds as an alternative to your own retail location.