Help,
I would like to import diamond jewelry from India and sell it here to retailers. How do I go about it?
Questions:
1. How do I find the retailers that would be willing to buy the stuff?
2. What are the import duty rates? I tried looking for diamond jewelry on the CRA and the CBSA websites and from what I could understand it says "free". Obviously I am missing something. What is it?
3. What should be the expected profit margin on such jewelry?
4. Which is better and why:
a. To take orders from retailers and make and supply product as per requirement
or
b. Import readymade jewelry and find a market for it.
Any other information you think is necessary. Thanks in advance.
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Diogenes
====================
The Cynic
Quote:
Orginally posted by DiogenestheCynic
Help,
I would like to import diamond jewelry from India and sell it here to retailers. How do I go about it?
Questions:
1. How do I find the retailers that would be willing to buy the stuff?
2. What are the import duty rates? I tried looking for diamond jewelry on the CRA and the CBSA websites and from what I could understand it says "free". Obviously I am missing something. What is it?
3. What should be the expected profit margin on such jewelry?
4. Which is better and why:
a. To take orders from retailers and make and supply product as per requirement
or
b. Import readymade jewelry and find a market for it.
Any other information you think is necessary. Thanks in advance.
I know of a person who gets jewelry readymade and sells it within contact circle. Actually he is doing business with retailers too but earning is more thru contact business. He quotes that if people of 3 -4 business house buy jewelry from him, it gives him profit of complete 1 year.
A small ear ring pair made in white gold with small diamond in centre cost about $100 - $ 120. You can tell us what profits that person must be making.
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Try overtaking child's imagination
importing is a tricky business. however, i have heard from various sources that if the stones are UNCUT, there are NO IMPORT DUTIES and no questions asked at customs.
i find this hard to believe since there is worldwide attention to 'blood diamonds' (diamonds from areas in conflict, esp. in Africa).
however, i have heard from many sources that uncut diamonds are not controlled or regulated by customs.
obviously, you would be wise to check this on your own.
I can help you in semi-precisious jwellery from india. pl. pm me if you are intrested.
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Driller the thriller
Quote:
Orginally posted by Chris
importing is a tricky business.
Could you please elaborate a little on what exactly do you mean by "tricky"? Tricky in what way?
Quote:
Orginally posted by jago_desi
Actually he is doing business with retailers too but earning is more thru contact business. He quotes that if people of 3 -4 business house buy jewelry from him, it gives him profit of complete 1 year.
What exactly do you mean by "contact business"? Do you mean friends and others that he knows at a personal level? If yes, then how does he manage business continuity? Wouldn't a market of personal contacts get saturated quite fast?
I agree about the profit part.
Quote:
Orginally posted by desi_driller
I can help you in semi-precisious jwellery from india. pl. pm me if you are intrested.
I think diamonds come in precious stones category, not semi-precious.
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Diogenes
====================
The Cynic
Location: Canada-Glorious and Free
Posted on: 19-01-05 11:29:45
Hello there,
First, if this is going to be a business, you need a Import/export account with Revenue Canada. That way you can collect GST on your sales and claim GST from your imports. This is voluntary if your revenue is going to be < $30,000.
Second, Border Services of Canada have a comprehensive website that has all kinds of documents on duties , levies and restrictions -
http://www.cbsa-asfc.gc.ca/menu-e.html
Here is the whole document on tariffs - (1200 pages!!!)
http://www.cbsa-asfc.gc.ca/general/publications/tariff2005/01-99r4-e.pdf
OR YOU COULD JUST CALL THE HELPFUL AND FRIENDLY STAFF @ (800)469-9999. Get all the answers you need regarding importation from your local customs agent.
B V
Quote:
Orginally posted by DiogenestheCynic
Quote:
Orginally posted by jago_desi
Actually he is doing business with retailers too but earning is more thru contact business. He quotes that if people of 3 -4 business house buy jewelry from him, it gives him profit of complete 1 year.
Yes, within friend circle. And it does not get exhausted becaue people buy gifts for their loved ones round the year. Like Hindu - Diwali, Muslim- Id Christian- Christmas etc
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Try overtaking child's imagination
