How to start Gold investment in Nigeria
Gold mining is a process that extracts gold from the earth. In order to extract the gold from the ground, it is necessary for a large amount of machinery and equipment to be used.
Gold is a precious commodity that you can get in foreign countries. It is not just the product that counts, but also the service and marketing of your business.
Gold is one of the most valuable metals in the world. Gold mining is a process that uses all the machinery and equipment to extract this metal.
Gold Investment in Nigeria is a growing trend and has the potential to become Nigeria’s most sought after asset class. Gold can be converted into hard currencies and traded for foreign exchange, but it also represents a long term investment with the potential to produce short term gains which can be further translated into hard currency or best of all, Naira.
Gold has been an investment for centuries. It is still widely used in many countries including China, India, Indonesia, Malaysia and South Africa to store wealth.
However much of the gold that we use today is mined from the ground and is not something that can be stored in a bank vault. Even though Gold mining is a very complex process and mining techniques have changed over time collieries employ different methods.
Steps involve in setting up a Gold business
We have been able to establish a brief overview of what Gold is all about, let’s now look at the process involve in setting up a Gold investment in Nigeria.
Get knowledge and first-hand experience about Gold business
The first thing you need to do when starting out and setting up a Gold business is for you to get the required knowledge about the business. You need to know the different kind or classifications of Gold that we have.
Gold is the class of products which are generally used by the customers. It can be either a single product, or an entire line of products. This product is always available at a very affordable price for the customers, you need to have all this knowledge about the Gold business.
Research on the type of Gold to invest in
After you have gotten needed experience the next thing is to research about the various type of Gold, you will need to do an extensive survey and research on the different kind of Gold that exist, you will also need to research about where to source for the Gold.
Look for a good seller and source for your Gold
You will need to locate a good and reliable Gold seller who is genuine and not fake. You need to be aware that we have a lot fake gold merchant out there who are their to defraud people of their hard earned money.
You will need to find a good Gold seller who will sell to you at a good price that will make you resell and make good profit.
It’s a common misconception that marketing is an art, but in fact it is a science. Marketing involves all aspects of advertising, sales, customer service and PR. Marketers can be good or bad depending on your business model.
Marketing is key you need to prepare how you are going to be promoting your Gold business, because a good marketing for your Gold business will determine if your business will make profit or not. Marketing will make prospective buyers to know about your product and how to get in touch with you.
You need to get and buy equipment you will be needing for your Gold business, these are equipment you will be using for testing, molding and weighing your Gold.
You will need a showroom that will be used to display your Gold like showcase
You will need a measuring scale for weighing your Gold
You will need a tester to test your Gold this will determine if the Gold is fake or original
You will also need to provide safety equipment like CCTV camera, security door and the likes to detect and curb theft and fraud
Secure license and permit
It is important you register your business with the relevant authorities, in the case of doing Gold business in Nigeria you will need to register your business with the corporate affairs commission and also you register with the Gold dealer association in Nigeria.
Capital is a very important element when starting any business and this those not excluding Gold business. As you know Gold business is capital intensive and you require enough capital to be able to venture into this business, because capital will be needed for getting the needed equipment, capital to get few Gold to start business with.
From research you will need between $1000-$10,000 to start with.
Gold License Permit
Finally you will need to get the needed Gold license by applying to the ministry of solid minerals development to give you the needed license to operate as a Gold seller in Nigeria.
In conclusion we have been able to show you the needed steps involve when setting up a Gold investment business in Nigeria. Kindly help share this write up with your social media network and also you can drop your comments in the comments box below.