Diamond Buyers

Diamond buyers are an essential link in the jewelry business, one that brings raw diamonds in contact with diamond cutters on their way to jewelry stores and ultimately, onto a bride-to-be’s left hand.

Diamond buyers need more than cash.

Because the jewelry industry has exacting standards for judging diamond quality, a raw diamond must progress through many steps before it is finally set into a stunning engagement ring, diamond necklace, or pair of diamond stud earrings. After a diamond is formed, it must then be carefully mined. There are plentiful diamond mines throughout the world, with superb mines in Australia, Africa, and even Canada.

After a stone is mined, local diamond shop owners in mining regions purchase them in bulk. They may visit several different mines to amass a large quantity of raw stones, and they may make some preliminary quality assessments based on carat size or other basic factors.

This is where diamond buyers come in. They visit local diamond shops and dealers to purchase stones. The buyer may be looking for a specific type of stone quality or size, or they may have other considerations in mind based on where they plan to sell the stones. Buyers are one of the first steps in a stone’s quality evaluation – a buyer has to find decent stones that they can hope to sell for a profit.

After obtaining sufficient stones, the buyer then sells them to one of several sources. Independent jewelers may work with trusted buyers to find gems for their work, or buyers may be commissioned by specific jewelry companies to find stones of a certain quality.

Once the diamonds have been passed on to jewelers, they are then cut into the familiar faceted diamond shapes that adorn exquisite jewelry. A cutter could work independently and sell polished gems to jewelers, but more often jewelers employ cutters trained specifically in the techniques the company is interested in using.

Once the stone is cut and polished, it is then either sold as a loose diamond (which couples can set in semi mount diamond rings or use to create a custom engagement ring or other unique piece of jewelry), or set immediately into a piece of jewelry to be sold at the retail storefront. From there, the diamond may become a family heirloom, special gift, a symbol of a couple’s commitment, or a treasured adornment of any type.

A buyer does more than just acquire raw gems from regional diamond shops. A buyer must be well versed in:

• Judging Diamond Quality: It takes a special eye to discern a rough value for a stone based on its raw appearance. Buyers must be able to gauge basic stone quality even before a gem is cut.
• Negotiations: In order to make a suitable profit, a buyer must negotiate with shop owners, jewelry merchants, and diamond cutters. This may mean buying a bulk lot of raw gems to obtain a single luxurious stone or haggling for exclusive rights to review newly acquired stones before other buyers.
• Security: Particularly in African countries, the trade in conflict diamonds can be fierce, making transporting valuable gems exceedingly dangerous. A buyer must be able to protect the investment and see it safely to the next interested party, especially because blood diamonds and stones without proper certification can become virtually worthless in the jewelry market.
• Market Expectations: Diamond prices can fluctuate widely, and good diamond buyers will understand the current market rates as well as emerging trends for different colored diamonds, a variety of carat sizes, and other gem characteristics. By keeping up with the best value in diamonds, a buyer can establish a very profitable business.

Clearly, there is more to being a successful diamond and gemstone buyer than simply purchasing raw stones and passing them along to other interested parties. But where do buyers learn the tricks of the trade that can make it a profitable career?

There are no university degree programs leading to a certification as a diamond buyer, and no trade school programs to teach eager students how to break into the market. The best way to become an established diamond and gemstone buyer is to start at the bottom – perhaps even working in a mine to learn the insider tricks of finding good stones. Many buyers work though several parts of the industry – learning to mine, taking gemology courses, studying with diamond cutters, etc. – before launching a career as a buyer. When first starting out, it is best to work as an apprentice with a reputable buyer and learn how they negotiate deals and otherwise navigate the sometimes less than crystal clear world of the diamond trade industry. That apprenticeship can also lead to better contacts and personal relationships that can become very profitable for any new buyer.

In the end, it can take years for a buyer to establish a profitable business. The key is to understand the intricacies of the field and work to master each one instead of assuming that just buying stones and selling them for a profit is an easy career.

Legitimate diamond buyers are essential to the creation of beautiful jewelry. They scout for quality stones and bring them to the attention of craftsman who can fashion stunning cut gems and luxurious pieces of jewelry. While anyone can learn how to buy a diamond to suit their preferences, a good buyer must suit the entire industry and that is no small task, even for the smallest stone.

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