Online loose diamond broker

Couples buying engagement rings, independent jewellers and custom ring designers who need a specific stone.

You earn a margin between your supplier price and your selling price on each stone. Some brokers also charge a small sourcing fee for jewellers.

• Knowing diamond grading (cut, colour, clarity, carat)
• Building trust with buyers and suppliers
• Negotiating and selling
• Careful record keeping

• Anti-money laundering rules: check with AUSTRAC whether and when your business must enrol and report, as rules for dealers in precious stones have been changing
• Insurance for stock in transit and on approval, plus public liability and professional indemnity
• Australian Consumer Law: describe stones accurately and honour refunds and consumer guarantees
• Check supplier sourcing, including conflict-free (Kimberley Process) statements and lab-grown versus natural disclosure
• Check your state or territory rules on second-hand dealers if you ever buy used stones
• Price swings and fraud risk: verify buyers and suppliers, and use secure payment and insured delivery

Startup costs are typically around $3,000 to $20,000, depending on the website, grading tools and insurance you set up. Because you source stones on approval, you may hold little stock, but check insurance for stock in transit.

Monthly revenue is typically around $1,500 to $7,500, depending on how many stones you sell and their value. Diamond prices can swing, so treat these as revenue estimates, not guaranteed profit.

Check with AUSTRAC whether and when your business must enrol and report under anti-money laundering rules. Also check Australian Consumer Law on accurate descriptions and refunds, supplier sourcing and lab-grown disclosure, insurance, and state rules on second-hand dealers.