In this post, I will show you how to start gold business in Nigeria. See how to start a gold buying business in Nigeria to make good money from. Gold jewelry market in Nigeria is big and very lucrative.
In Nigeria and its diaspora, gold is one of those few luxury items that never goes out of fashion. Apart from being one of the former legal tender, gold has always maintained its value, regardless of the different economic situations like currency devaluations playing out in each country.
As such, people buy gold as a way to retain the value of their money and to be able to resell at even greater price when you really need your money.
Nigerians associate owning gold jewelry with your status in the society. Starting a gold business in Nigeria is so easy as you can start it right from the comfort of your home.
If you want to know how to start a lucrative gold business in Nigeria, keep reading to find out more.
How profitable is gold business in Nigeria
Gold business is so lucrative that you can start with small capital and earn huge profits in return. Trading in gold commodities in the commodities market is even more profitable as you get to sell your gold when the price goes higher, making you trade at a steady profit.
A gram of gold goes as high as $40, and may even go higher depending on the demand thereof. You can choose to get a location in places like Lagos’ Balogun market, or start from the comfort of your home. SELL ONLINE
Key Players in the Gold Business in Nigeria
In Nigeria, the gold business has huge players who have been able to establish trust and rapport with their customers, especially in Lagos. Some of them include:
1. An online web shop for gold, silver, and diamonds. Owned by King International Ltd.
2. Saint Tracy’s. Located in both Lagos and Abuja.
3. Azarai Jewellers. Situated in Lagos Island and Lagos Mainland.
4. Benkol Gold. Located in Surulere.
5. Situated within Siverbird Galleria, Victoria Island.
Exciting Opportunities in the Gold Business in Nigeria
If you want to be successful in starting a gold business in Nigeria, you need to craft out a niche that you would like to participate in. Mandilax, for example, does not just sell gold.
They wait for customer specifications, design the gold to their taste, and deliver it to their customers. Not many gold dealers are aware of the latest trends in gold, so you can choose to be trendy by deciding to customize accessories with gold. Celebrities and wealthy people are fond of gold-plated electronic devices, including mobile devices.
Knowledge and Experience You May Need
In Nigeria, trading in gold requires you to have an expertise that is almost unparalleled. You need to have a good eye for jewelry, making sure to detect the real ones from the fakes.
You also need to know the latest prices and trends in the gold cycle. Information like this can be gotten from sites like gold price.org and apmexcom. Above all, you must have strong negotiation and sales skills.
Lastly, you need to know who your sellers would be and where to buy them. You can choose to buy from jewelry stores at a wholesale price, order online from other countries, or buy secondhand gold from the general public.
To gain gold business knowledge in Nigeria, you can
1. Take physical training classes.
2. Undergo apprenticeship with other jewellery sellers.
3. Undergo an online gold trading course on sites like Coursera and Udemy.
Above all, keep practicing the knowledge you have gained by practising all what you have learnt.
Raw Materials to start gold business in Nigeria and Where to Find Them
Here’s a drop-down list of things you would need to start your gold business in Nigeria.
a. A shop, if you decide to not operate online.
b. A metal or wooden showcase for displaying your gold jewellery.
c. A measuring scale for weighing gold in grams, kilos, ounces, and even more.
d. A gold testing kit. This would help you know the fake gold from the real ones.
e. Security doors. This will help prevent cases of theft.
You can get most of these through online stores like Fire Gems Co or through recommendations by other dealers.
Should you decide to open an online gold business, you would need a well designed website, coupled with some other mobile devices like a smartphone device.
Prime Locations in Nigeria for a Thriving Gold Business
There are three major cities in Nigeria where you can start your gold business. They are Abuja, Lagos and Kano. Ibadan is also another option for you to pursue.
The key here is that you don’t locate your gold business in remote areas and in places where the standard of living is too low.
Amount of Funding needed to start gold business in Nigeria
Right from the equipment to your shop, you would need approximately 900,000 to 1,000,000 Naira. You can choose to get funding from your savings, families and friends, a bank, or a cooperative society.
You can always apply for funding rounds in Nigeria like The Tony Elumelu Foundation and AYEEN. To do this, you would need to draw up your business plan. Business plans show how your business model would earn money, cut costs and make profit.
Registration and Licensing
Register and document your business name with the Corporate Affairs Commission. Make sure to join the gold dealers association in your state.
Packaging, Distribution and Promotional Tips
You can choose to run a delivery service along with your gold business. This will give you an edge overrated other gold dealers.
You can promote your gold business in Nigeria using
2. Word of mouth.
3. Online advertising using either Social media Ads, Google Ads, or website Ads.
Company Structure and Staffing
Would you be running your gold business as a sole proprietorship, a partnership business or as a limited liability company? What kind of staff would you hire?
When starting out, you could borrow the services and support of your family. Overall, your staffing structure should include people with strong management skills and a good eye for gold design and quality.
A successful gold business in Nigeria is good at networking with prospective customers. Ensure your brand has a strong presence in whatever niche you find yourself in.
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