If you have been considering commissioning some bespoke jewellery and sourcing the materials yourself, you may have heard the term gemstone tender on your search and might not be sure what it is. There are gemstone tenders throughout the world, and any country with a high production of precious gemstones will most likely have a tender. Below is an explanation of a gemstone tender and everything that you need to know about it.
What Is A Gemstone Tender?
A gemstone tender is when a mining company has an auction to sell off some of the precious gems they have mined and is an excellent way for the company to liquidate some of its assets. The famous Argyle mine in Western Australia would hold its annual Argyle Pink Diamond Tender. A selection of the highest quality gems was auctioned off every year, and it was an invitation-only event before the mine closed in 2020. However, other tenders worldwide can be open to the public, but only if you have enough cash available.
What Can You Buy At A Gemstone Tender?
Gemstone tenders are meant for bulk purchases, as the mining companies would prefer to sell off as much of their stock as possible in one go, rather than lots of smaller transactions. Each mining company will have different mines that produce other gemstones, so depending on which mining company is having a tender will dictate what will be for sale. At a tender, you may be able to find different coloured diamonds, rubies, sapphires, emeralds, loose diamonds, and many other precious gemstones that would often end up in designer engagement rings Sydney ladies and other ladies around the world would be wearing. These gems are often sold in bundles.
Can You Attend A Gemstone Tender?
Some tenders are invitation-only, but some tenders you may have to apply to join if you are interested in making a purchase. These happen all over the world, but you do not have to visit in person if you cannot travel, and the tender is often conducted online. You will need to register for the event, and if you are accepted, you will be able to log in for the live tender where you will be able to bid on any of the gems for sale. It is vital that before attending the tender, you must read and understand the rules, as breaking these may mean you are illegible to make a purchase.
Can You Save Money At A Gemstone Tender?
You can save a lot of money when you attend and purchase from a gemstone tender, but you must keep in mind that you must buy in bulk, which may mean spending more than you want. The gemstone tender idea is to sell off the inventory to the industries that purchase them in bulk, such as the jewellery industry. As such, you will often find buyers from large corporations and jewellery houses attending these events and bulk buying stock for them to turn into jewellery.
If you can attend one of these events and have the money to buy in bulk, you can use the gems you like best for your jewellery, sell the remaining ones, and you may get a reasonable discount on your gemstones.