Process for the preparation of toner particles for electrostatic liquid developers, which upon fusing to paper have a gloss .gtoreq.10 units over the paper gloss comprising:(A) dispersing at least one thermoplastic resin, at least one pigment, and a hydrocarbon liquid having a Kauri-butanol value of greater than 120 such that the dispersion contains 10% or more by weight solids by means of particulate media whereby the moving particulate media creates shear and/or impact while maintaining the temperature for 5 to 180 minutes in the vessel at a temperature of at least 15.degree. C. above the point at which the resin is plasticized or liquified by the hydrocarbon liquid and below that at which the hydrocarbon liquid boils and the resin and/or pigment decomposes,(B) continuing dispersion of the resin, pigment and hydrocarbon liquid as in Step (A) while maintaining the temperature for 5 to 180 minutes in the vessel at least 5.degree. C. below the point to at least 10.degree. C. above the point at which the resin is no longer plasticized or liquified by the hydrocarbon liquid,(C) cooling the dispersion containing 10% or more by weight solids in said vessel to permit precipitation of the resin out of the dispersant, the particulate media being maintained in continuous movement during and subsequent to cooling whereby toner particles having an average particle size of 10 .mu.m or less are formed, and(D) separating the dispersion of toner particles from the particulate media.Electrostatic developers are prepared by the addition of a charge director compound. The liquid developers are useful for preparation of copies and proofs of various colors and result in images having a higher gloss.