A Good Source of Cheap Diamonds and Cheap Jewelry

Here’s a good source of cheap diamonds, by which I mean cheap diamonds and cheap gemstones below or near dump value. You might come across ads in the classifieds or on TV or Radio, or just happen to pass by a store that’s having a going out of business sale. Now nine times outta ten, going out of business sales contain cheap items that are totally worthless or those that are good but not a good bargain. But the tenth one is what you do all this drill for. And believe me, it’s worth it.

So when you find a going out of business jeweler, here’s how you proceed:

1. First find out if it’s an independent store or part of a chain. Independent is good, chains won’t give you one in a million chance of a good buy.
2. Find out the last date of opening. Generally sellers get too desperate towards the end and are ready to sell the stuff the last day! Chances are most of the good buys will be over by then.
3. This is a common trick played by most people. Jewelers would normally price their plain gold jewelry for moving first – apparently, cheap diamonds can wait. So here’s what you do. Go to the counter, pick up a simple 14K or 18K gold chain and get it weighed. Calculate its dump value and find out how close it is to his asking price. That will give you an idea of how low he is willing to go to get his merchandise sold. If the price is close to dump, you can stay. Otherwise, it’s a simple waste of time.
4. Your next move is to ask for the loose cheap diamond collection. Tell him you are looking for a good deal below wholesale. Don’t go sorting through the stuff, take his advice. He knows his collection better than you and he will point you to the right buys – no chance of deceiving here.

So you note down the weights, color and clarity grades of the interesting cheap diamonds along with their their asking prices. Before leaving, check out the dump values of cheap diamonds and see if there are any good buys. If there are, head back to the counter for negotiating. But here are three things to remember while sealing the cheap diamond deal:

1. Make sure to ask for any forfeited jewelry that might be available on the sale. These are the ones that have been deposited for by customers but never claimed, or jewels that held on layaway. Some of the best bargains are sought on forfeited jewels.
2. Take your appraiser with you when you negotiate and buy the stuff. You should know exactly what you are buying.
3. I have mentioned this many times, but still it cannot be stressed enough – don’t buy the stuff unless its 10 to 20 percent below the dump value. Otherwise, there is hardly a chance that you will get it sold for a profit.

I hope I have told you all there is to be told in this context. One important thing to be remembered is that most of your efforts will go fruitless – and that’s how it works. But you do not have to lose patience. The jewelers who sell these diamonds sure know about dump values just as much as, if not more than, what you know. But they might just let one piece slip, by mistake. And that’s where you cash in. And until you get that chance, you’ve gotta keep trying and stopping yourself from doing anything stupid. Sure there is a lotta money in this business, but all that comes only after a lotta hard work.