Start a gold and diamond buying shop
Open a small shop that buys gold, diamonds and jewelry from walk-ins and resells to dealers or the public.
- $15k-60k
- Full-time
- Own premises
- Licence or permit needed
Estimates for a small start in the US, not guarantees.
Official data
6,949 US businesses with employees in this field, -0.2% in a year
NAICS 423940 “Jewelry, watch, precious stone, and precious metal merchant wholesalers”. Source: U.S. Census Bureau, County Business Patterns 2023.
What it is
A small retail space with a secure counter where people walk in to sell gold, silver, diamonds and jewelry. You test and price items on the spot, then sell scrap to refiners and resell good pieces in a display case.
Your first three steps
- Research your area for foot traffic and competition, and check zoning and lease terms for a retail buying business
- Contact your city, county and state about precious metals dealer or secondhand dealer licensing before signing a lease
- Price out a safe, security cameras, testing equipment and a jewelers block insurance quote, then plan how much cash you need on hand to buy
Who pays
Walk-in sellers get paid for their items. Refiners, dealers and shoppers looking for pre-owned jewelry pay you when you resell.
How it makes money
You profit from the difference between buying and selling prices, plus any retail markup on resold jewelry and small extras like simple repairs or appraisals.
Skills that help
- Valuing metals and stones accurately
- Customer service and building trust
- Bookkeeping and inventory tracking
- Security awareness
Watch out for
- Required dealer licenses, holding periods, ID recording and police reporting, which vary by state and city
- Large cash needs, since you must pay sellers promptly and may carry thousands in stock
- Robbery and theft risk, so check insurance and security requirements
- Possible anti-money-laundering and IRS cash reporting duties
- Gold price swings that can leave you holding stock bought at higher prices
- Sales tax registration for any jewelry you sell retail
Deep research report · US
Everything you need to start: gold and diamond buying shop
Researched with live web search for United States: real startup prices, the licences and rules, what others charge, a break-even example, how to find your first customers and a 30-day launch plan. With sources.
- Startup costs with real prices
- Licences, registration and rules
- Pricing: what others charge
- Break-even example
- Finding your first customers
- 30-day launch plan
- Risks and how to reduce them
Questions people ask
How much does it cost to open a gold and diamond buying shop?
Estimates put startup costs typically around $15,000 to $60,000, depending on your premises, security and how much cash you hold to pay sellers. Check insurance and security requirements, as robbery and theft are risks.
How much can a gold and diamond buying shop make?
Estimates suggest monthly revenue typically around $10,000 to $50,000, depending on how many sellers and buyers you attract. The estimates assume at least about 35 hours a week. Gold price swings can leave you holding stock bought higher.
What licenses and rules should I check before opening?
Check required dealer licenses, holding periods, ID recording and police reporting, which vary by state and city. Also check possible anti-money-laundering and IRS cash reporting duties, and sales tax registration for any jewelry you sell retail.
Other ways to run this business
Gold and diamond buyer by appointment
Buy unwanted jewelry, gold and diamonds from local sellers and resell to refiners or dealers.
- $2k-10k
- Side hustle
- From home
Pop-up gold and diamond buying events
Host short buying days at hotels, community centers or markets, and travel to towns that lack a local buyer.
- $5k-20k
- Side hustle
- Out and about
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