Diamond Retail Diamond Wholesale and Dump Values
Every profession has its own language, which, pithy or lame as it might seem at first, does surely save you from a thousand traps. So this technical language is not just for telling other people you know it, but also for identifying yourself as an insider. If you don’t understand these terms used in diamonds and gemstones business, go ahead reading this post.
This post describes a few of the basic concepts and terminology in Diamonds and Gemstones business. Here are the words used in the diamond industry that you should know:
Retail: This is the price the consumer pays for any product at the outlet – the original cost of production plus a little bit for each person it touched on its way to you. But it has little or no meaning these days – and that is for all things you buy, not just diamonds. In diamonds, generally, retail is double the wholesale value. This is a point of important note. Here at GemsNY.com we offer our customers whole range of jewelry items from rings to bracelets to pendants, earrings and necklaces at wholesale prices. How we do it? It’s simple we cut the middlemen and sale directly to you.
Wholesale: If retail is the highest price you should pay for a thing, then wholesale is the best you can get for it. So you can guess who is losing out on the bargain when you purchase a good from wholesale. There is the manufacturer, and then there is the vendor. You get it from the vendor and save the extra amount you would have paid to the retailer.
Rapaport or Rap value: Now this has nothing to do with vocalized profanities or awkwardly dressed singers. There is something called the Rapaport guide published by the Rapaport Diamond Report at 47th Street, New York. It gives the wholesale prices of diamonds of every size, shape and color. So ‘Rap value’ is nothing but the wholesale price.
Dump value: Now this is the one thing you will have to know to make or save money in any diamond and gemstones trade. It’s the minimum amount that you should get on a sale to tell yourself that you have not been fooled. Now liquidating a stone into hard cash costs you something, and that is fixed at 40% of the wholesale. So 60% of Rap value is what a dealer will most likely offer you for your piece. That’s all there is to it.
I hope I made some sense to you when I talked about this diamond business terminology. If you would like to know more kindly leave a comment. 
