How to start gemstone business in Nigeria

All the beautiful jewelry you buy and wear for fashion were all made using gemstones. These are precious stones and there are over 100 of them. Some popular gemstones include diamond, ruby, sapphire, emerald, amber, pearl, onyx, moonstone, etc.

You should know how expensive jewelry made with these gemstones are. Which means you can make more money by selling them. Take diamonds for instance; 1 carat of diamond can be sold for up to $15,000 depending on certain factors. If you’re interested, here’s how to start gemstone business in Nigeria.

Perform market research
As with every other business, you have to start with market research. Market research is simpler diving into the statistics and insights of the Nigerian gemstone market.

As mentioned earlier, there are over 100 gemstones available; you surely aren’t going to sell all of them.

From your market research, you will identify which gemstones are the most sought after in the market and those that bring in the most profit. This will depend on what part of Nigeria you are in.

Your market research will also help you understand the top suppliers in the market and where your target audience in Nigeria is.

Source gemstones at low prices
A lot of gemstones are found in Nigeria, including popular ones like diamond and emerald. Emerald is found in large quantities in Nassarawa and Kaduna states while diamond deposits have been found in Kastina state.

Several other gemstones are being mined in different parts of the country. As a result, it won’t be too difficult to source them.

However, it’s not just about sourcing them. In business, profit is the main objective therefore, you should aim to source them at affordable prices.

From your market research, you should be able to identify suppliers that (or states where) sell gemstones at the lowest prices. Typically, the price of a gemstone will be cheaper in a region where its supply is on the high side.

Get your customers ready
Before you start selling, you should make sure your customers are ready to purchase. This involves sensitizing them to your gemstone business.

We live in an internet world and it’s easier now than ever to get your business noticed. You publish posts on your social media platforms, run ads, on top websites, etc.

If you’re advertising, especially on social media, ensure your target audience is set to the regions in Nigeria where your prospective customers are.

Once people start showing interest and you’re getting inquiries on your prices, delivery, etc, the business has started.

Start selling
At this point, you can start selling. You can choose to sell your gemstones raw or you make jewelry and other adornments with them. Whatever way that your customers want them.

It’s one thing to start a gemstone business and it’s another to keep your business going. It’s important to be watchful because there are so many fake and counterfeit gemstones out there. Only source from credible suppliers. Finally, ensure you deliver goods to your customers on time.