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Diamonds and Rubies - Thanks to Doverjewelry.com
Tomorrow will be the day of truth on that large 4.29 carat diamond that was presented to me for sale. Yes it is a real beauty, but there is a flaw that may hold the value down a little, so I will have to wait and see. However, it did peak my interest in other pieces of jewelry that I have seen in the past few months and perhaps changed my way of thinking about them .
What I am finding in jewelry, like most other things, is that only the true top of the line pieces are selling quickly. But I have been thinking. The quick sales are going to other dealers and not the ultimate users, so does this give me a real advantage if I am buying for my customers? I believe the answer to that question is an absolute affirmative. I hope that I haven't lost you in my thinking and I will try to explain. Nothing but the best is selling and these markets are even bringing down the value of those pieces we would call the best of the best. This give us the opportunity to buy real quality cheaper than before.
Let's take a pin from the Kovel's price guide as the example I will use. First the description: Hawaiian Flower, Rubies, Sapphires, and Diamonds, Van Cleef and Arpels, 6 ¾ inches. Now let’s assume that the guide has this pin priced at $9500. So what is my best opportunity to maximize my profit potential? In the past, I have mostly gone to another dealer who has more knowledge in the jewelry field than I do and sold directly to him. Here would be the tracking of the transaction. I would purchase it, hypothetically at $2500 to $3000, and I would be very satisfied moving it along to another dealer at $4000, making 30% on my money. But that doesn’t reach the goal that I teach in my book 31 Step to Your Millions does it, even if it is a quick flip? The more I think about it, why wouldn't I be willing to hold the pin for a little longer and find a customer whom I could give a real deal to at $6000 on the pin? My customer would be extremely happy, I would have three times more profit than if I had simply flipped it and I would also stayed true to my own rules. Remember, we only need to compound our money twice a year to become extremely wealthy. So if it took you 90 days to sell the pin, that would definitely stay within our guidelines.
Patience hasn't ever been one of my greatest qualities but I am learning. Working with the members of the Daryle Lambert's Antiques and Collectibles Club, I think that I am learning as much as they are, if not more, from our association with one another. Over the next week or so, I will be introducing you to our new jewelry and watch expert and he has given me the assurance that all the special needs from our members in his field of jewelry will be attended to with his prompt attention.