Business Idea

Start A Diamond Mining Business

About

Starting a diamond mining business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell , or selling online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$3.48B
starting costs
$24.5K
gross margin
43%
time to build
9 months

About

Starting a diamond mining business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell , or selling online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$3.48B
starting costs
$24.5K

 

gross margin
43%
time to build
9 months

Startup Costs

Min Startup Costs Max Startup Costs
Equipment & Supply Expenses $550 $6,500
Retail Business Expenses $1,250 $11,650
Inventory Expenses $350 $14,750
Advertising & Marketing Costs $75 $9,636
Software Expenses $0 $425
Website Costs $17 $275
Other Expenses $0 $300
Total Startup Costs $2,242 $43,536

Successful Businesses

Business URL Rank
Forevermark forevermark.com #108,753
Only Natural Diamonds naturaldiamonds.com #179,145
De Beers Group debeersgroup.com #400,847
Custom & Stock Spring Manufacturer & Designer diamondwire.com #495,090
Diamond Challenge diamondchallenge.org #528,448
Online Payment Solutions for Private Schools diamondmindinc.com #727,158
Wholesale Canadian Diamonds, Engagement Rings, GIA and AGS ideal cut Certified Diamonds, Wedding Bands, Platinum Jewelry direct from Diamond Broker canadadiamonds.com #2,102,215
Black Diamond Group blackdiamondgroup.com #2,169,357
Diamond Medical Equipment diamond-medical.com #2,680,290
Dominion Diamond Mines ddmines.com #2,884,968
House of Diamonds – Custom Jewelry, Engagement Rings, Better Diamonds Direct From Cutters Kansas City mybigrock.com #3,064,928

Pros & Cons

Pros Description
Rewarding work Starting a diamond mining business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Meaningful business connections You never know who you will meet as a diamond mining business. This could be the start of an incredible business opportunity!
Daily physical activity Diamond Mining Business's typically involve a much greater degree of movement than other lines of work. Most days, you will spend your day walking, running errands for your business, and performing a multitude of tasks. This can have a positive impact on energy levels and your overall health.
Amazing perks and discounts Working in the diamond mining business comes with its perks! As a seller for these products/services, you typically also get to enjoy industry perks and discounts.
You are your own boss! With starting a diamond mining business, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!
Local Community One of the best parts of starting a diamond mining business is that you can develop a local following by selling your products at craft shows, farmers' markets, or even local storefront businesses! This gives you access to additional revenue streams and loyal customers.
Cons Description
Crowded Space Competition is high when it comes to your diamond mining business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Finding The Right Supplier Most businesses in this space go the supplier/manufacturer route, which isn't a bad thing! However, finding the right supplier can take a lot of time, energy and trial/error. If done properly, this process can save you months (if not years) of time and energy. More on this below in the "finding a supplier" section.
Motivation of employees If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
Low margins The gross margins for your diamond mining business are typically around 43%, which can make it more challenging to incur new expenses and maintain profitability.
High employee turnover In the diamond mining business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.
Taxes As a diamond mining business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.