The very mention of the word diamond, brings to mind a diamond studded ring or a necklace. That’s because diamonds have traditionally been associated with jewelry. Most are not aware that diamond is one of the hardest known materials, in fact so hard that it can be employed for cutting metals, including steel.
This characteristic of diamond was first exploited in the 1950’s for making what we know now as industrial diamonds. Well, these were certainly not as bright and colorful as their counterparts used for making jewelry.
Technological developments over the years have led to making of synthetic diamonds as good as the natural ones. The techniques of making synthetic diamonds have been perfected to such an extent that even an expert will find it difficult to distinguish a synthetically produced diamond from a natural one.
That gives you an opportunity of making money by selling synthetic diamonds. This is how to go ahead with this business:
1. You’ll need to collect the prevalent prices of the item. Conduct your own survey and look for principal dealers who can offer you synthetic diamonds in bulk at maximum discount. Here’s a helpful tip: these diamonds are about 30% cheaper than equivalent natural diamonds.
2. Next, you have to look for industries that use these diamonds. Quite a few manufacturing activities need synthetic diamonds for different manufacturing operations.
For instance, industries involving cutting of metals and polishing of glass are major consumers of these diamonds. Then, there are manufacturers of cutting tools that primarily depend on synthetic diamonds for their production requirements.
Cutting tools have very wide industrial applications; as a matter of fact any manufacturing unit needs some kind of cutting tool. Keeping your profits to reasonable level you can surely get customers in this segment.
3. Else, you may purchase raw diamonds and send them for cutting and polishing to another vendor and then sell the finished product. This allows you to have better margins than just selling raw diamonds because of the value addition by way of cutting and polishing.
You may use polished diamonds and create your personal designs of jewelry. In case you are unable to locate a unit specializing in cutting and polishing of synthetic diamonds, you may buy finished diamonds for making jewelry in your own designs. Here, again you may hire a professional designer for doing the needful and selling the finished product.
4. There are many channels for marketing your synthetic diamond jewelry. You could sell them thru retail stores as well directly to end-users. Have your website for online sales, ensuring reliable arrangements for shipping and returns. It’ll be necessary to have a long-term agreement with an insurance company, as you’ll be dealing with high price items.
Advertise the product using different channels of media, like newspapers, fashion magazines, online advertising and even cable television. You may even try selling jewelry thru online auctions.
5. Depending upon the availability of funds, you may open your own retail store for selling synthetic diamonds. You could even tie up with some of the reputed stores to sell your synthetic diamonds or jewelry produced by you on profit sharing basis.
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