Travel and Buying

One of the best, and most important books I ever read was called How to be an Importer and Pay for your World Travel. While it had valuable tips about how to do what I now do for a living, it more importantly gave me the courage and will to go out and give it a shot.

They say the world is growing ever smaller, and with the advent of the internet it is true that your reach extends far overseas. But there is really nothing as exciting as making a purchase in a foreign country over a cup of strong tea with the hopes of returning home and making a profit.

The nice thing about importing jewelry items as I do, is that they are lightweight and (relatively) high value. This means I don't have to make arrangements for slow-moving containers, and I don't have to wait long for the goods to arrive if I ship them myself via UPS or Fedex.

While there are plenty of unscrupulous people just waiting to take advantage of a traveler far from home, there are just as many or more that are looking for a new business contact with the hope it will bring more business down the road.

Here then, is a brief overview of the road to importing and defraying the cost of your travels.

Job number one is research. What is the area you are traveling to know for? For the sake of this article, I will stick to India and my experiences in the silver jewelry import business there. Before I went there my first time, I did some window shopping at midrange women's boutiques in San Francisco.

I had been told that India was a major supplier of silver jewelry and gemstones. With this in mind, I spent some time looking at designs and trends, and most importantly, prices. I got a feel for what was popular, and I talked to the people working in the stores to find out what I could about where they got their jewelry and how it was made.

Next, you should make sue you know what you are getting in to when you try to bring something back into the country. In the case of silver jewelry, it was a simple affair. Each piece had to be marked with a country of origin, and I had to provide an invoice with detailed costs and original receipts. For silver jewelry, this meant that each piece needed to be stamped "Made in India," or it had to have a tag attached physically to the piece with this information.

It is also a good idea to find out exchange rates ahead of time, and if possible, what the best way to get the best exchange rate is. In Thailand, you get the best rates on travelers checks. In Bali, the best rates are on US $100 bills, but don't try to use any bills older than 2003: no changer will accept them. Little details like this can save as much as 10% and make your life a lot easier.

Try to find names of dealers through directories or websites that are reputable. Alibaba.com is one such site, though there is really no guarantee that advertisers on the site are reliable or honest.

Next, figure out how you will sell your merchandise when you get back, and set a budget for your purchases. Sales can be done at flea markets, house parties, in the office lunch room, at coffee shops, on consignment with local retailers, etc. You don't necessarily have to have a ton of merchandise if it is unusual, high quality, and/or a good price.

When you arrive at your destination, pound the pavement. Ask about wholesale from the concierge at your hotel or from other travelers you meet on the way. Fellow travelers especially can be a great source for unbiased info.

Often in the East, markets are arranged into bazaars where many shops in a specific area sell the same type of merchandise. Markets or tradeshows can also be a great way to see lots of similar merchandise from a number of suppliers. In India this is especially true. For silver jewelry, go to Jaipur in Rajasthan, and walk Johari Bazaar and Chameliwala Market for tons of small silver shops that also sell wholesale.

Finally, beware of scams. In India, people will often try to get you to temporarily purchase gemstones with the promise they will be bought by relative of business associate of the seller when you get back to your home. If it sounds too good to be true, it is. No ifs, ands or buts. In the case of the gemstone deal, the gems are usually real, but there is no "buyer" on the other end. The gems are sold at an inflated price and the buyer is stuck with them.

So the next time you travel abroad, think about investing in something along the way to pay for your travels. It can be fun, exciting and profitable.

Article by Mike McGinnis
wholesale silver jewelry and wholesale sterling silver by indiasilver.com