the jewellery/precious metals business
- Thread starter cm1179
- Start date
Me, we started with one shop buying scrap gold, then moved onto more shops and diamonds as the main thing.
ah that explains the username
how hard was it to get started?
Well it wasnt hard at all it just needed a few quid to get kicked off.
Would i start the same business with the game the way it is now, no. You got too much competition.
What is it exactly you want to do? Make jewellery, sell jewellery buy scrap?
i know nothing about it other than (as you've said) it is very competitive but i have often wondered how people got into it and assumed it was because they had a large capital input. i was also interested in how the pricing worked and how one would know whether they are getting scammed on a deal or not, is there a price index or a book of rates, would a requirement ever go out to tender etc or is it more a case of favoured suppliers and unique stock?
Associate
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I work in metallurgy and buy metallics / rare earths every day.
Im not quite sure what you are asking there so i'l do my best.
Where i am in Hatton Garden, most items are sold on weight, precious stones aside.
In the high street the mark up is so big they just have a fixed price and thats that.
Are you being scammed? Well its a buyer beware world, but i would say that you are paying over the odds in the high street.
Favoured suppliers? Well the holy of holy in the diamond game short of having your own mine is to be a DeBeers siteholder, but thats not going to happen any time soon
For buying stock when we bothered selling jewellery we got most of ours from Italy.
Unique stock, there is no unique, any item can be made by any competent jobbing jeweller, you just try to stock what sells.
We long ago gave up selling to the public, they are in the most part a pain in the arse, scrap buying and pawnbroking is a steady thing, ups and downs like anything, position of shops is important.
I dont really know what else to tell you other than the glitter soon wears off and it is going to be hard work to break into this game now.
You cant spend interesting in Tesco though,interesting seldom equals money sadly, what line of work are you in now?
i'm from a buying background in the motor trade and construction industry but i'm used to working from price lists, manufacturer book times, book of rates, bill of quantities, specifications and regional pricing etc and i'm assuming that this industry doesn't really work like that?
I do as little as possible now iv sort of semi retired.
But yea we deal in diamonds uncut and cut, also buy scrap and pawn broke. Dabble in a bit of property, cars, land whatever, i dont care where a pound note comes from, if its cheap i'l buy it
i dont care where a pound note comes from, if its cheap i'l buy it
i'll look out for that one in your apprentice appearance
in all seriousness, it's a good rule to go by!
Soldato
- Joined
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- 21,352
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- North Yorkshire
I do as little as possible now iv sort of semi retired.
But yea we deal in diamonds uncut and cut, also buy scrap and pawn broke. Dabble in a bit of property, cars, land whatever, i dont care where a pound note comes from, if its cheap i'l buy it
How do you know its cheap at the time? Surely by the time you have done your research if its that cheap then it will be gone?
Not doubting your strategy for 1 second just asking the obvious question
I do as little as possible now iv sort of semi retired.
But yea we deal in diamonds uncut and cut, also buy scrap and pawn broke. Dabble in a bit of property, cars, land whatever, i dont care where a pound note comes from, if its cheap i'l buy it
Sounds very James Bond. Is it a dodgy business or nothing like the movies?
How do you know its cheap at the time? Surely by the time you have done your research if its that cheap then it will be gone?
Not doubting your strategy for 1 second just asking the obvious question
He who dares wins, no seriously, i stick to things i understand and take the odd mad gamble
James Bond my bum, nothing glamorous about it. If you want to go on a road trip to Sierra Leone and buy some stones its quite exciting, iv not seen many people blown up in Hatton Garden though to be honest.