Oh.. you *have* to get velour. It's so darn plush. *I* want diapers made of the stuff. .. .. well, maybe just underwear

But seriously, I made a little newborn dipe and a medium-ish diaper for Katherine out of some navy velour... and it looks like you could swim in it (not that it's a swim diaper of course, but the lushness of it looks like you could just dive on in).
So go for velour -- grab some in different colors if possible!! You can always use the scraps for all kinds of things ... wipes especially! I

my velour wipes!! They always seem like they'd be a nice thing to feel on your bum!
Then what else... I'd totally get some wool. I can't tell you whether I like wool jersey or wool interlock better yet though. I've only felted up the jersey I've gotten -- but whoa! best cover EVER!! Plus, there are always fun colors to choose from.
And.. hm... you can never have enough good elastic, FOE, quality thread, good aplix, etc. Don't forget about notions! (plus, a rotary cutter and a cutting mat are *invaluable* investments if you don't already have those!)
But back to material... .. I'm loving cotton interlock now too. It feels like a good heavyweight t-shirt material.... not anything flimsy, but a comfy, comfy t-shirt. And then again, you get a great selection of colors to choose from! I

color! Or, if you're more into prints, get some cute print materials to make outers with. You can get a lot of variety in prints, because if you only use it for the outer layer, you can get short yardage amounts!
Hemp french terry is super too. While I love hemp jersey, I like using fewer layers, but still getting great absorbancy from something like hemp french terry and not having to worry about catching all the layers!!!
Or... I prefer microfleece to suedecloth, personally (something about suedecloth gives me the heeby-jeebies)... so you could get some of that for making pocket diapers.. or just for a great stay-dry liner!!
Gosh... I wouldn't even know where to start if I had a nice chunk of money to purchase diaper-making materials with!! I'd be like a kid in a candy shop!! But definitely get velour!!
And then of course you'll have to post here and let us know what you actually *did* pick out

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