Gold and other precious metals are purchased and sold in the Nigerian market for millions of dollars. Typically, they are marketed in the form of jewelry, like necklaces and not raw bands.
This is offered to brides as presents from their relatives or also spouses. Gold is a special preference at weddings. The rich are indeed the owner of lavish jewellery.
The majority of the gold and Jewelry been sold are mostly bought by the rich class. The northern territory particularly Kano State is the main trade point for gold.
To start this company, one has to increase one’s selling skills, since it requires exciting negotiations to optimize income.
The good you are at a selling presentation, the more you can receive, the more it is usually purchased at cheaper rates and offered to customers at higher prices.
Your corporate model is the type of organization with which clients come and purchase from you or give you their jewelry or other jewels. This may include the diamonds, silver , platinum, coral and, of course, jewelry.
Other gems are in the style range, where beads are manufactured and plastic gems are produced in bulk, but we concentrate on the costly or very rare ones in this article.
It is advised that you declare the business as sole proprietorship before starting any plans, so that you file first with the CAC.
Below are portent steps you should take:
Gold rates fluctuate quickly and you should review them every now and then for the latest pricing estimates, else you may end up selling or purchasing at a higher rate while they are meant to be cheap at the moment. You can check for current rates online or from another gold source near you.
Ensure you locate your store in a good market place, well visited by the people of the State, also make sure you find and join other gold merchants.
Alternatively, you can get a shop in a shopping mall. Unlike some of these shop centres, it’s more intimate, beautiful and yet visited by many.
And you should know that this business works majorly in the cities, so if you try a medium-sized city or village, it fails miserably.
You can buy the jewelry from other jewelry shops at a wholesale price. Another choice is to purchase from abroad, but you’ll need a good connection for this one, a gold merchant who also flies abroad to purchase his jewelry.
He takes the order, and then others take their fee when the items are shipped, as it’s cheaper in countries like Dubai.
Purchasing from the public is often a successful profit earner in the business. People would come to desperately sell their precious stones and treasures, perhaps due to a family ‘s death, debt or simply to raise some money.
The point is that you should always be ready to jump at the cash prices, by spending some cash for this specific purpose. However be very sure that the individual gives you a proof of ownership to avoid buying from a thief.
You won’t be supplying the shop full of costly stones, as it is a form of supply store, no. The start-up expense is enormous if that’s the case. It is best for you to have first of all basic vitrines for you, wood and covered with glass, black cloth. The gems are set in the glass vitrines.
You will take a carpenter to the store and show him where you need it, so that he can measure it. At least three of those a meter long will be needed.
The gold check kit is a mixture of acids that helps you to recognize genuine gold metals and how much of it is used in a particular piece of jewelry. You will also need tool to select very small gold or diamond parts and scale for measurement.