1. Be "important" to your supplier.
Diamond suppliers give the best deals to customers who are "important" to them. If you buy a lot from one supplier consistently every month, you will be treated like a royalty, as opposed to someone who calls every once in a while and wants a prime diamond.
This is a business of relationships, and if you have a good relationship with a supplier, he will be there to help you anytime.

2. Know your supplier.
When you talk to a supplier, ask them what they carry, ask for their strength. Ask your supplier about the language of their assortment, in terms of color, purity, cut, size and the type of material. Every dealer has both strong and weak areas but unless you have a thorough understanding you may not always get the great deals.

3. Double-check the grading of the color, purity, cut, size and the material.
Always keep some samples of your good buys and always compare with your samples when you buy. For those dealers and manufacturers who deal everyday, it is still recommended to compare with their samples.
For every single parcel of diamond you want to buy, evaluate and confirm the shade of the parcel. Try to avoid buying parcels that are too mixing in color or purity.

4. Provide your supplier with relevant information.
If you are looking for a parcel, specify the quality range and your first and last choice.

5. Capitalize on your buying strengths.
You may be a more valuable customer than you realize. If you pay quickly, you can avail of more range of goods, more goods during off-season and difficult goods and get a better selection and price from the vendors.

6. Remember that your supplier has to make money, too.
The best relationship between the buyer and the seller are true partnerships, which means both partners are happy in the end.

7. Report on memo goods quickly.
If you give a fast turn- round on memo, you will definitely get a better deal in the future.

8. If you see a good deal, grab it!
Supply is tight on a lot of key items, and if you see a good deal on a popular stone, do not hesitate to buy it, because chances are there are other dealers looking for it, too.

9. Never rest on your laurels.
Relationships are important, but it never hurts to look around every now and then to ensure that your sources are competitive. Stay up-to-date on price information and have back-up supplier’s double check prices.

10. Buy during the spring and mid-summer, rather than at the end of the year.
The best deals are found during the spring, when the diamond business is mostly quiet. But there is more business and therefore higher prices, right before Christmas and in January, as well as in the summer following the major trade shows.

11. Buy, instead of memo.
Buying instead of memo gives a competitive advantage - you can buy cheaper and sell cheaper. The best way to get a good deal is to walk into your supplier's office with a checkbook in you hands.

12. Be a consistent buyer.
One of the best ways to become an important customer is to become a regular which means buying all through out the year. "Being a steady buyer absolutely gets you the best deal".

13. Buy less popular items.
If helps if you buy what everyone isn't buying. The market sometime comes back on the less requested items, and in the meantime, you have bought some thing at a quite attractive price.

14. Plan ahead.
Timing is everything in this business. You need to get the best deal at the right moment. People buy the worst when they are under pressure.

15. Make sure your supplier has access to a steady supply.
Consistency is important. Sometimes when you get a new supplier, you get the first shipment and the goods look great, but on the second buy, the goods are not as great and the third one is even worse.

16. Check your references.
Just as a diamond supplier will get references on you, you should get references on them as well. Word of mouth is probably the most popular way of doing this.

17. Where is the best price information?
There is no substitute for being actually present in the market.
The best source of information sometimes can be your own vendors. If you have a good relationship with your dealer, he should give you price information. Price sheets such as Rapaports are the other important resource.
The most useful price list can be the one you make yourself.

18. Goal of the goals.
The goal of this newsletter is to show you how to make more money, but don't forget that the goal of the goals is happiness and happiness is the result of good relationships.


International Diamond Club, INC.