Estate and pre-owned diamond buyer

Private sellers get paid when you buy; your income comes from jewelers, dealers and private buyers who purchase the stones from you.

You earn the difference between what you pay sellers and what you get on resale, so accurate grading and fair, confident offers matter most.

• Diamond identification and grading
• Fair valuation and negotiation
• Handling sensitive conversations with sellers
• Record keeping and ID checks

• Secondhand dealer or precious metals dealer licenses and police reporting or holding periods: many cities and states have them, so check locally
• Stolen goods risk: verify seller ID and keep clear purchase records
• Anti-money laundering rules for dealers in precious stones: check if your volumes trigger requirements
• Misidentifying lab-grown, treated or simulant stones can cost you money, so use lab reports on higher-value pieces
• Personal safety when meeting sellers and holding cash or stock, so use a safe, public or insured location
• Insurance for stock and for carrying items, since general liability alone may not cover it

Estimates suggest startup costs typically around $3,000 to $15,000, depending on testing tools, buying cash and insurance. Monthly revenue is typically estimated at around $1,500 to $7,500, depending on how many stones you buy and resell.

Check secondhand dealer or precious metals dealer licenses and police reporting or holding periods, which many cities and states have. Also verify seller ID, keep clear purchase records, and check whether anti-money laundering rules apply to your volumes.

Useful skills include diamond identification and grading, fair valuation and negotiation, handling sensitive conversations with sellers, and careful record keeping. Misidentifying lab-grown or treated stones can cost you money, so consider lab reports on higher-value pieces.