Appointment-only gold and diamond buyer

You pay sellers up front. Refiners, dealers and sometimes private buyers pay you when you resell.

You earn the difference between what you pay and what you sell for, after costs such as testing supplies, insurance and shipping. Without a shop, fixed costs stay low, but your buying float limits how much you can do.

• Testing metals and grading diamonds
• Negotiating and building trust
• Marketing yourself online and locally
• Personal safety awareness when handling valuables

• Secondhand or precious metals dealer licences can apply even without a shop. Check your municipality and province
• Dealers in precious metals and stones may have federal reporting and record keeping duties. Check with FINTRAC
• Carrying cash and valuables creates a real security risk. Meet in safe places, never alone at a stranger's home, and think about insurance that covers items in transit
• Stolen goods, fakes and scams. Always verify ID and test items
• Insured shipping to refiners and clear records of every purchase
• Check GST/HST treatment of your purchases and sales
• Quebec has its own rules and French-language requirements

Estimates suggest startup costs typically around $5,000 to $25,000 CAD, depending on your testing tools, the insurance and security arrangements you choose and how much you set aside to buy from sellers.

Monthly revenue is typically estimated at around $4,000 to $20,000, depending on how much you buy and resell to refiners and dealers, and on metal prices. Without shop rent, your costs may be lower.

Secondhand or precious metals dealer licences can apply even without a shop, so check your municipality and province. Also check FINTRAC duties, GST/HST treatment, insurance for items in transit, safe meeting places and Quebec's own rules.