If you are looking to make extra money in your spare time or you’re replacing your work for a full-time business, you may consider buy and sell jewelry and precious stones. Internet has made it possible for this to happen, something that was not available to previous generations. Now people can make money by buying and selling jewelry who do not wish to have them. If you think you would do this, you read on to learn how you can make money online buying gems and jewelry, and then selling them for profit.
1. Follow daily prices of precious metals like gold or silver. This will make it easier to predict market swings. If you notice a drop in prices, try to keep your investment until prices go up and try to buy more gems and jewelry in these periods. When prices rise, sell your investments for profit. You can get the updated gold and silver prices, along with other precious metals, Kitco’s website (the link is in Resources). Note that these prices are generally received only by large institutional investors who trade amounts to more than 5000 oz. at a time, but should still serve as a guide to calculate the value of your transactions.
2. Decide how much money you think investing to start your business. Remember that although the sale and purchase of jewels and precious stones seem exotic, remains an investment, and that means they run the risk of losing some of your money. Think of an amount of money you can put at risk without worrying much. Each time you sell a jewel or gemstone, you can use some of the difference won to recover your initial investment and reinvest it to buy more gems and jewelry. The initial capital can go from about $ 100 to $ 100,000. It all depends on what your budget.
3. Purchase gemstones and jewelry. The best place to find these products on the Internet are online auction sites like eBay. Although you can get loose gems on eBay, the most cost effective way is to purchase gold jewelry such as rings, earrings, watches and bracelets. You might take time to find, but not impossible to find jewelry that go unnoticed, which are far below the actual price of precious metals. If you find an object that includes gems such as a diamond ring, you can take the gems yourself or take it to your jeweler you trust to take them off.
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4. Store your gemstones until you have a lot. When you have a large number of them, you can sell to a jeweler or online auction them as a set of loose gems. If you have a large number of loose gems, worth a visit to a jeweler in a more expensive market, such as Beverly Hills, where you can get more money for gems at a local jewelry store.
5. After you remove gems, gather your gold pieces and sell them as scraps of precious metal to melt. Never fail to follow the prices of metal scraps and you might want to have a reserve for your auction. This means you can take the proceeds of the auction if the minimum price is not met. Put the money you would have if you sold to a refiner. Sometimes someone in the online auction will offer a higher price, and sometimes the refiner will have a higher rate.
6. Bandaged your gold to a refiner if your minimum price is not offered in the auction. The refiner will pay you a fair price and then melt the jewelry to sell on the open market.