Post by Trade facilitator on Feb 24, 2021 0:20:52 GMT 1
The Federal Government Of Nigeria (FGN) To Build Gemstone Market In Ibadan
The Ministry of Mines and Steel Development of the Federal Republic of Nigeria is planning to undertake the setting up of a gemstone market in Ibadan in the South West Zone of the country.
This is an initiative of the Federal Government which is aimed at developing the activities in the sector within the six geopolitical zones of the country.
The processing outfit is to be located at Ojoo, along Ibadan-Oyo road, in the Akinyele Local Government Area of the state.
Before we go further, what exactly is gemstone and why is important to us? The Federal Government decided to go into its development because there is something good they have seen.
Wikipedia describes gemstone as a piece of mineral crystal which, in cut and polished form, is used to make jewelry or other adornments. However, certain rocks and occasionally organic materials that are not minerals are also used for jewelry and are therefore often considered to be gemstones as well.
The following are examples of gemstones, diamond, topaz, tourmaline, opal, fieldspar, turquoise, quartz, and many others.
The Minister stated that this is an initiative of President Muhammadu Buhari; part of the post Covid-19 palliatives in the sector to be sited within the six geopolitical zones of the country.
The Ministry decided to establish a gemstone market for the south west zone to promote trading in gemstones. Trading in gemstone has been going on in Ibadan, though as an informal market in the Ojoo area of the state.
He also stated that the main reason for this decision was to formalize the business in that area as the gemstone business has become an international business.
The Minister further stated that formalizing the market would enhance the gemstone trading to benefit all tiers of government in the country.
The Minister also made it known that the state government is fully in support of the plan by donating a portion of land for that purpose.
When the market is completed, the informal market in Ojoo will be officially moved to the place.
The minister explained that funding for the project is already available. He assured the people that they would do everything possible within their power to complete and inaugurate the project before the end of this year 2021.
The project when finally completed and transactions start taking place, the internally generated revenue of the state will be boosted.
How can you participate in the gemstone business as the market will soon be officially established in Ibadan Nigeria? It is going to be easier for you if you have been a part of the informal market, but nonetheless, we are going to explain to you how you can be part of the booming market.
One misconception is that people always think that you only make good money from high-end gems investments, it is not necessarily the case, and one can also equally make good money from lesser value gems.
Gems of lesser value often appreciate more and are easier to liquidate, that is the reason why many well-informed investors in most cases choose low to moderately priced gems. But some investors also make excellent returns in the rare, high-end, or unusual segments of the gemstone market.
One of the things you should be careful about is how gem traders describe the product; some will call their gems precious, others will call theirs semiprecious, these terms are too broad for a newbie to properly understand.
Like in any type of business, if you want to go into this gem business, you are advised to learn the ropes before making investments so that you do not make unnecessary losses.
To participate effectively in the market, there are rules to follow which will guide you, in our next article on this topic of gemstone business; we will look into all the rules that will guide us in trading.
The Ministry of Mines and Steel Development of the Federal Republic of Nigeria is planning to undertake the setting up of a gemstone market in Ibadan in the South West Zone of the country.
This is an initiative of the Federal Government which is aimed at developing the activities in the sector within the six geopolitical zones of the country.
The processing outfit is to be located at Ojoo, along Ibadan-Oyo road, in the Akinyele Local Government Area of the state.
Before we go further, what exactly is gemstone and why is important to us? The Federal Government decided to go into its development because there is something good they have seen.
Wikipedia describes gemstone as a piece of mineral crystal which, in cut and polished form, is used to make jewelry or other adornments. However, certain rocks and occasionally organic materials that are not minerals are also used for jewelry and are therefore often considered to be gemstones as well.
The following are examples of gemstones, diamond, topaz, tourmaline, opal, fieldspar, turquoise, quartz, and many others.
The Minister stated that this is an initiative of President Muhammadu Buhari; part of the post Covid-19 palliatives in the sector to be sited within the six geopolitical zones of the country.
The Ministry decided to establish a gemstone market for the south west zone to promote trading in gemstones. Trading in gemstone has been going on in Ibadan, though as an informal market in the Ojoo area of the state.
He also stated that the main reason for this decision was to formalize the business in that area as the gemstone business has become an international business.
The Minister further stated that formalizing the market would enhance the gemstone trading to benefit all tiers of government in the country.
The Minister also made it known that the state government is fully in support of the plan by donating a portion of land for that purpose.
When the market is completed, the informal market in Ojoo will be officially moved to the place.
The minister explained that funding for the project is already available. He assured the people that they would do everything possible within their power to complete and inaugurate the project before the end of this year 2021.
The project when finally completed and transactions start taking place, the internally generated revenue of the state will be boosted.
How can you participate in the gemstone business as the market will soon be officially established in Ibadan Nigeria? It is going to be easier for you if you have been a part of the informal market, but nonetheless, we are going to explain to you how you can be part of the booming market.
One misconception is that people always think that you only make good money from high-end gems investments, it is not necessarily the case, and one can also equally make good money from lesser value gems.
Gems of lesser value often appreciate more and are easier to liquidate, that is the reason why many well-informed investors in most cases choose low to moderately priced gems. But some investors also make excellent returns in the rare, high-end, or unusual segments of the gemstone market.
One of the things you should be careful about is how gem traders describe the product; some will call their gems precious, others will call theirs semiprecious, these terms are too broad for a newbie to properly understand.
Like in any type of business, if you want to go into this gem business, you are advised to learn the ropes before making investments so that you do not make unnecessary losses.
To participate effectively in the market, there are rules to follow which will guide you, in our next article on this topic of gemstone business; we will look into all the rules that will guide us in trading.
