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Where to learn about gemstones and precious metals?

0 votes

Hello, I am interested in learning about gemstones and precious metals. This website has been a great resource so far, however I still have a few questions.

Here is my situation. I'm 24 years old and will be going to school in 2 years for sustainable energy engineering. In the meantime I will be working and am trying to figure out how I can make my money earn me more money. So here is my plan.

I have found a place to buy jewellery for cheap (legally obtained, not fake), and am thinking I could perhaps buy low and sell high. I think the best way to go about this is to avoid selling to pawn shops and selling direct to a refinery. I am thinking maybe I could could buy hundreds of rings, bracelets, necklaces, earrings, etc. over the course of a year. Meanwhile I would remove the gems from the jewellery and sell the precious metals direct to a refinery for whatever price, and then sell my gems separately to a jeweller for max profits.

Since I am inexperienced in this field, I am asking you guys this question. What do you think of my plan? I am a little worried about spending over $50k on jewellery and then not be able to profit, or even break even. I may not even be able to sell it.

I am hoping the members of this community can point me in the right direction. I will get the tools required, but I am wondering what kind of risks I'm facing. It would seem fool-proof, but I'm smart enough to know that nothing is fool-proof.

What do you guys think?

asked Jul 12, 2012 by Greengreen (120 points)

3 Answers

0 votes

Stones can be risky business if you don't know The A B C of the Stones. What i would suggest make partnership with someone who knows about the stones and then start it from there and seriously don't spend 50K just start with little and try it and do an experiment on it if you know its selling well then try it on large scale but always start with low quantity first. I hope this help and good luck.

answered Aug 16, 2012 by jan1 (300 points)
0 votes

Hi, I can give you a site to go learn about stones, but I agree with the previous answer. I have been working with gemstones for years. You need a lot of tools. to identify them. I have a refractometer, dichroscope, spectroscope, Polariscope, Microscope,and 10x loope...ect. I am a silver smith, and I have a small shop and I buy and sell jewelry as well. It is tough if you don't know what you are doing. I know a lot, but there is still so much that I am learning and that I am totally clueless on when it comes to certain minerals. If you still want to learn I am happy to provide you with some sites that give information jtv.com is 1 and they sell equipment that will help you with what you are thinking of doing, it is a nice site also firemountaingems.com There is also money to be made in buying whole sale and selling the jewelry without taking it apart. I know a good site for that also. If you would like to chat about it my google sms # 240 580 8035 hope this helps.

answered May 23, 2013 by just Shell (240 points)
0 votes

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answered May 3, 2014 by CommodityTips (140 points)
 


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