Starting Your Own Wholesale Company
Starting and running your own wholesale company is another possibility. The great advantage of working with someone else first, is to gain the experience that they have to offer. By not having that experience, chances are you will make a few mistakes along the way, but hopefully these will not be too costly. Without a doubt, the diamond business can be very profitable, but on the other side of the coin, it can be financially treacherous. Most dealers have to work with very tight profit margins, so one loss could take many sales to recover. Insurance can be expensive, if not impossible to qualify for at first. The possible losses can include: armed robbery; burglary; inadvertently damaging a diamond; a deadbeat account who skips town; a bounced check; shoplifting.