[Seahorse]

Hi PGer's

I am new at posting here, I have been reading for quiet a while, and have learned a great deal. I have decided to take the plunge and get in the pearl business. After searching the net and asking all of the jewelers I know I think the best answers to my questions will probably be found here.
I recently (just last week) did the Pearl Lab at Gia Carlsbad. I asked around there, but got different answers from different people. No one from my area has ever been to Hong Kong. My main questions are about paying for purchases, I will be attending the HDK International Jewelry Show. Someone told me you have to pay in cash? I don't feel comfortable carrying large sums of cash. I have also been told that you should take possession of your purchases and bring them back with you.
What is the process for this? Pack them in the luggage? Where do you store daily purchases? What do you declare with customs? Some of the purchases I have made thus far from China mark them as beads.
I want to commend all of you; because of my knowledge gained from reading here I was on top of all of the subjects at the Pearl Lab. I was surprised at the number of people that were in the class that had not taken the Pearl Course. Any help would be greatly appreciated.

Darla

[GemGeek]

Some people use small wheeled carry-on type bags to put their purchases in as they go through the shows. Alternatively, you can use a laptop case, which is more discreet when you are outside of the shows. Lots of people here who have experience with Hong Kong will chime in. Good Luck!

[Nerida]

Hello Darla,

Yes, most of the trade at the HK show is in cash. USD, HKD, or GBP are acceptable. I also felt a little reluctant to both carry large (for me) volumes of cash, and also, to carry my purchases around with me.... until you realise that we are talking pearls, and most of the diamonds etc are also traded in the same way at the show. I figure that those guys are carrying heaps more than I am!! I had dinner one night with some insurance brokers who were covering some major pearl vendors, and also covering cash movement at the show - the sums of cash they were speaking of were unbelievable!

Carrying pearls etc out of both HK and China is no problem at all - there is no limit, nor legal requirement to declare, what you are carrying. Importation to your own country may be a different issue. There are different customs codes for unstrung pearls and finished jewellery - for me in Aus, that is a difference of about 5%. Check with your own customs department's website. In Australia, we need to declare all purchases, and pay sales tax, so I always use a customs broker on re-entry. I am sure the situation is different in the US.

Regarding storage of your purchases - I use the hotel's safety deposit boxes, and have never had a problem. At the show, I just use a small laptop bag as GemGeek suggests.

Some of the vendors at the show will make appointments - look around first before starting your purchasing, as quality, and stock inventory, vary greatly between the booths. It is always difficult though to determine price until you are actually ready to buy. Most vendors won't negotiate until they are sure you are serious.

Good luck. The show is great fun, a little daunting, hard work, and exhilarating! Let us know how you go!

[Seahorse]

Thanks Gem Geek and Nerida,

Do the vendors at the shows provide areas to examine merchandise?
Do I need to provide my own light source? Color contrast cloth? Should I take mm gauge? Of course, there have been some people trying to scare me, warning about pick pockets and the bait and switch tactics. Are there American based banks there? Doing online research the only one I found was Bank of America, but they didn't say wether or not they actually had a bank there. Do the bigger guys (Wan or Paspaley) take plastic? One of the instructors at GIA kept telling me to just do business with them. I am sure part of this is because they are such large contributors. I am currently in business(Ranch) and have some knowledge of how things work. I also realize that right now there are Jewelers filing chapter 11's everyday and this might not be the best time to get started, but on the other side, it sounds like vendors need to move product and I might have a chance at getting inventory to start for less. Most of the local jewelers think I'm crazy. I get this "We don't sell very many pearls" If you could see their quality and display you would know why. When I first got interested in pearls I tried to shop locally, but was very dissatisfied with what I found. On the cash issue, I keep getting warned that anything over 10,000 will flag me and they could confiscate it. I am going to make a trip to the local airport and check with TSA and the customs dept. there before I leave. And I will be carrying my State business registration papers, resale#, GIA alumni card etc.

Darla

[Nerida]

Not sure about cash requirements on exit from the US. In Australia, you need to declare more than 10K in cash, but no limit, or legal issue with carrying more.
Check your banks, but ATM's are everywhere, and accept most cards - the fees though are a little steep. There are ATM's all through the show, as well.

I take my own gauge, but honestly, most of these businesses are huge, and run a fair operation - you might be a little more careful with some of the smaller vendors. There are places to sit and examine the goods at most booths.

[Nerida]

By the way, it is far better to preregister for the show - you still have time, and your entry card will be sent to you before you get there. Registration lines at the show are huge!

[Pearlsintime]

Have a great show everyone, would of been a nice break to attend, but time to play with at the olympics... Molson Canadian house is the place to be if you enjoy a good pint....

[GemGeek]

Lucky Vancouver resident!

[Seahorse]

Yes, I am sure some of the people in the Eastern US would love to send some snow to VanCouver. For those of you that have been to Hong Kong, what are your favorite places near the Convention Center to eat? What about other "must do" while there? Thank goodness the convention has set hours or I might not find time for anything else.

Darla

[Hanaleimom]

Originally Posted by Serenity

I'll take as many pics as they'll allow and post them upon my return.

Serenity
Today HK - tomorrow Zhuji!

Serenity,
Did you have time to take any pictures to share? How was your trip?