Diamond, gold and jewellery buying shop

Refiners, dealers and shoppers who buy your resale stock. Walk-in sellers are paid for what they bring in.

You earn the gap between your buying price and the resale or scrap value. Display sales of second-hand jewellery can add a better margin, though stock ties up cash.

• Valuing diamonds, gold and silver
• Negotiating fairly and building trust
• Security awareness and record keeping

• Check with your council whether you need a scrap metal dealer licence, as this may apply if you buy gold or silver items to be melted down or sold as scrap
• Check with HMRC whether you must register as a high value dealer, which can apply if you make or accept large cash payments, and confirm which body supervises you for anti-money laundering
• Risk of robbery: plan security, CCTV and insurance carefully
• Buying stolen goods: ID checks and purchase records are essential, and police may ask to see them
• Hallmarking rules apply to some precious metal items you sell, so check with your local Trading Standards or the assay office before displaying them
• Rent, business rates and a large cash float make this a bigger commitment than a home-based setup

Estimates suggest startup costs typically around £45,000 to £150,000, depending on premises, security and the cash float you hold. Rent, business rates and a large cash float make this a bigger commitment than a home-based setup.

Check with your council whether you need a scrap metal dealer licence, and with HMRC whether you must register as a high value dealer and which body supervises you for anti-money laundering. Also check hallmarking rules with Trading Standards or the assay office.

Estimates suggest monthly revenue typically around £5,000 to £25,000, depending on location, what customers bring in and what you resell to refiners and dealers. The idea assumes at least around 30 hours a week.