Post by Ismail AbdulAzeez on Nov 22, 2018 20:33:35 GMT 1
Gems and jewellery are part of many cultures and customs and also for investment purposes around the world.
Gems and Jewellery have an essential place in many societies and has gradually become important for the Nigerian economy due to its contribution in the nation's total exports.
Gemstone trade is one of the oldest businesses in the world.
Trade secrets of the gemstone business have been handed down over generations, ensuring continuity of the trade.
The gemstone industry includes sourcing, processing, manufacturing and selling of precious metals and gems such as Gold, Silver, Diamond, Diamond, Ruby, Sapphire, among others.
Gemstones are capable of earning foreign exchange like agricultural products like cocoa, rubber and industrial minerals such as gympsium, kaolin, coal, tin and columbite.
The gemstone industry is a multi-billion dollar industry if properly harnessed, hence the need for entrepreneurs to take advantage of the business opportunities as gems and jewellery are exported across continents.
There are different kinds of solid minerals and precious metals in Nigeria's soil. In Nigeria, gemstones abound in Osun, Kwara, Kogi, Niger and Kaduna states.
The commercial value of Nigeria’s solid minerals is high with 70 per cent of the minerals buried in Northern Nigeria soil.
Gemstones do not usually depreciate in value, which is why the business remains very successful, which points out the need to develop entrepreneurs in Nigeria to take advantage of the enterprising sector.
In many countries, the gems and jewellery industry basically depends on the supply of raw materials.
The raw material is processed and then manufactured into saleable and exquisite items for the global market.
You can travel directly to mining sites to reduce your costs. You should have a good eye for quality stones or involve someone who does so that you do not run into loss for bad gemstones. Meanwhile, the more third and fourth parties you involve in your transactions, the more you will pay for the gemstones.
Unlike agriculture, in gemstones trade, you do not have to wait where you plant, harvest and then process. We have gemstones where you can pick them up, add value and within few weeks, make millions.
The period of turnover or returns on investment is faster in precious stones trade than in agriculture or the petroleum sector.
Also, the prices of jewellery have been witnessing sudden increase, since the last few years, which makes the business quite profitable.
Gemstones can be sold to countries like India, China, USA and many European countries.
Over the years, Europe has become the largest importing destination of raw material for gems and jewellery industry.
It is important to get proper certification or training before embarking on the business. For instance, all of the gems you export to the US will need certification from the Gemology Institute of America.
While in Nigeria, approval to mine minerals must first be taken from the Ministry of Solid Minerals.
The start-up cost of the business may be high, depending on the type of gemstone, but the profit and returns of the business is worthwhile.