Online mail-in gold and jewellery buyer

You pay the sellers. Your income comes from refiners and resellers who buy the gold, silver and pieces from you. Customers are often people in smaller towns without a local buyer.

You earn the gap between your payout to the seller and the price a refiner or reseller pays you. A strong website and good reviews keep your costs per sale down.

• Testing and weighing precious metals
• Clear customer communication
• Basic website and online marketing
• Careful record keeping

• Secondhand dealer or precious metals licensing and police reporting rules vary by province and municipality, so check where you operate
• Dealers in precious metals and jewellery may have FINTRAC duties, including ID and record keeping, so check with FINTRAC
• Lost or damaged parcels: check courier insurance and your terms for returned items
• Disputes over test results or offers, so photograph and document every item on arrival
• Insurance for stock in transit and at your workspace, plus commercial general liability
• Fraud and stolen goods risk when you cannot meet the seller in person

Startup costs are typically around $3,000 to $15,000, depending on your testing equipment, shipping kits and stock float. Treat this as an estimate and check insurance costs for stock in transit.

Monthly revenue is typically estimated at around $2,000 to $10,000, depending on how many parcels you receive and the metal you resell. That is revenue, not profit, since you pay sellers first.

Check secondhand dealer or precious metals licensing and police reporting rules where you operate, plus FINTRAC duties including ID and record keeping. Also check courier insurance, terms for returned items, and fraud and stolen goods risks when you cannot meet sellers.