How to Sell Precious Gems

Selling gems is challenging but can be just as rewarding.

How successful you are at selling precious gems will depend on many factors including price, competition and the economy. You will need practical knowledge of precious gemstones, such as types and cuts, as this will aid in marketing them. Precious gemstones maintain their value well, but how much you will profit depends on your salesmanship and marketing ability.

Things You'll Need

• Gemologist certification

Instructions

1. Become a certified gemologist. This certification is offered through the American Gem Society and will help you earn the trust of potential customers. To get the certification, you must meet certain standards the society has set, including demonstrating your gem knowledge.

2. Apply to become a wholesaler. A wholesaler is someone who buys bulk quantity products and resells them to retailers, as well as the general public. Becoming a wholesaler will allow you to buy precious gemstones direct from the manufacturer or distributor. Check with your local and state government regarding the necessary permits and licenses required to become a wholesaler.

3. Price your gemstones. Take into account the four C's: carat, color, clarity and cut. Take into account each factor to determine your selling price, making sure you are not selling the gems for too much or too little. Stay within the standards of the marketplace by looking at other sellers' prices. If you set the price too high, you will risk not selling the gem at all.

4. Be competitive. Research the market, and perform price comparisons with your competition. Test their gem knowledge by asking about a gem's carat and color, and investigate their customer service. Value-added factors such as these are just as important as price.

5. Sell online at auction sites, or design your own ecommerce site. Perform a search online for websites that offer this service. Joining the online marketplace will offer much more exposure for your business than only a store location, and you will have the opportunity to gain a wider customer base.

Tips & Warnings

• Be customer-service oriented when making a sale. Don't just try to sell the gem; be sure it is what the customer wants. This will make them happy and remember you for future purchases.

• If selling online, take into account any extra fees associated with the sale. Many sites charge a commission on sales, which can lower your profit.

References

• Gemological Institute of America: About the 4C's
• American Gem Society