I have heard this “buy gems overseas cheap and sell them for a profit back home” Expat/ New Rich/ Nomad Lifestyle idea a hundred times from a dozen different types of Expats – and no matter their education, job or nationality they all have one thing in common… Not a single one knows even a tiny thing about gems or the international gem industry.
Yet somehow they think that they are more clever or knowledgeable about gems than a local gem dealer that has been working in the business for over 30 years.
I have heard this “buy gems overseas cheap and sell them for a profit back home” Expat/ New Rich/ Nomad Lifestyle idea a hundred times from a dozen different types of Expats – and no matter their education, job or nationality they all have one thing in common… Not a single one knows even a tiny thing about gems or the international gem industry.
Yet somehow they think that they are more clever or knowledgeable about gems than a local gem dealer that has been working in the business for over 30 years.
I have heard this “buy gems overseas cheap and sell them for a profit back home” Expat idea a hundred times from a dozen different types of Expats – and no matter their education, job or nationality they all have one thing in common… Not a single one knows even a tiny thing about gems or the international gem industry.
Yet somehow they think that they are more clever or knowledgeable about gems than a local gem dealer that has been working in the business for over 30 years.
I only know one person that is successful doing this – and he is GIA certified, had 3 years of full time experience in the gem business (plus 15 months an a apprentice) and speaks 3 dialects of Chinese. He makes around 300K a year traveling around the world.
If you can’t quote all of the major gems market prices based on weight, clarity and shape (including raw) right now (this very second) off of the top of your head and if you cant look at a gem with your bare eye and even tell what type of gem it is (out of all 1000+ types of gems) – then don’t bother, its like saying you want to be a surgeon because there is allot of money in the medical racket.
If you are serious about doing this - then take all of the courses from the GIA, get certified, spend a year working as an apprentice, 1 to 3 more actually grading gems, raze around 20 to 100K USD in cash and then you may actually make some decent bread in the gem business.
Be advised the international gem business is similar to the international Persian Carpet/Teak Furniture/Thai Silk/Open a Bar in Southeast Asia business – Every Expat and traveler has already thought that it was a great “moneymaking on the road” idea – and only the most knowledgeable, professional and well funded Expats are successful at any of those businesses - everyone else gets ripped off or, throws their money into a bottomless money pit or never breaks even and just quits
Oddly even though they throw their money into a business that they know ZERO (nada, nothing, zilch) about except that “they heard you cam make tons of easy money in it” - it is always the “locals in (insert 3rd world country here) fault because they were swindled 
{ 2 comments… read them below or add one }
I think they guy wrote this article is pretty experienced because that is the sad true. But I would add that the locals are also part of the expat failure and sometime they are behind the scene.
But…obviously the expat is very silly to believe to them. ven if do you know some rich local be aware that he will always have a percentage on untrust in you …………
Unless you are deep rooted in teh local society (0or your local wife is) or (dangerous but efficient) in good contact with local mafia ….then go ahead and set up the business.
You know why i say that?
because I\m pretty sure that 75% of South east Asia people is untrastable when you come to money or business and they will always see you as someone to rip off.
I wrote that article based on interviews I did with a few people who were ripped off, honestly every time it was their fault for being greedy and not thinking clearly.
But you are right about having good local mob contacts if you want to do business in Southeast Asia. It is as important as having a good accountant.
And when I say “mob” I am not necessarily referring to something like the Italian mob in the states – (as you know) “mob” refers to anyone that is connected in the government, police, military or the shadier aspects of business dealings in Asia (like collections)