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?