Millions of dollars are exchanged in Nigeria for the purchase and sell diamonds and goldand other precious metals or jewels. They are typically not marketed in their raw state but rather as jewelry like necklaces and rings.
Gold and diamonds are popular choices for wedding gifts, and brides may even receive them from their husbands or families.
Rich people also buy pricey jewelryin large quantities. They handle the majority of the gold and jewelry trade, with Kano State being the most important trading location.
In order to succeed in this trade, one must hone their sales abilities because intense haggling is necessary to produce the highest possible profit.
The more effective you are at your sales pitch, the more money you will make as it is typically purchased in bulk at a lesser price and sold to clients at a higher price.
The way we'll run our business is by having a storefront where people can come to buy or sell gold or other precious stone jewelry, like diamonds, silver, platinum, rubies, and of course gold.
We are focusing on pricey or more special jewelry on this page because other jewelry belongs within the fashion category, which includes mass-produced plastic jewelry and bead creation.
It is advised that you register your firm with the CAC as a sole proprietorship before making any further preparations. Some of the most crucial things to keep in mind are listed below.
The price of gold is prone to change, so you should periodically check to see the most recent data. If you don't, you risk losing money if you sell at a loss or pay more when it should be cheaper. You can always find the current price of gold online or from other reputable gold dealers nearby.
It is best to locate other gold merchants and join them where they are; therefore, look for a suitable market area that is frequented by the people of that particular state and rent a shop there.
Or, if you'd prefer, you can lease a space in a mall. It is more upscale and private than one of those Shoprite malls, yet it still receives a lot of people. You should also be aware that this business only succeeds in large cities; if it tries to operate in a small town or village, it will fail miserably.
However, other jewelry retailers may sell you their goods at a discount. Another choice is to purchase your gold from a gold dealer who frequently travels abroad.
The general public is another excellent source of cash for the company. People would arrive frantic to sell their precious stone jewelry, whether as a result of a death in the family, a debt, or simply to raise some cash for a purpose in mind.
The fact that it is always offered at a discount means that you should always be prepared to seize the moment and save some money for this particular use. To confirm that it is not stolen property, you must insist that the person give you a receipt.
No, you are not required to fill the store with pricey stones like it's a grocery store. If so, the initial costs would be extremely high. For starters, it is best to have straightforward jewelry showcases built of wood, covered in glass, and wrapped in black linen. The jewelry is displayed in glass cabinets.
A carpenter will need to be carried to the business and shown the desired location so he may take measurements. At least three of those, each measuring a meter long, are required.
You can determine which gold metals are real and how much of them are present in a given piece of jewelry using a combination of acids found in a gold testing kit. A measuring scale and other tools are also required for selecting incredibly small gold or diamond particles.
According to Bernardine a reputable source of jewelry researches, the best laboratories are GIA, AGS, and GCAL. The most well-known and reputable diamond grading laboratory is GIA. If you can afford to buy among those options, your diamonds can become very expensive.
When you work in this industry, staying up late to finish work is not an option. You must leave your store before it gets too dark since you can be followed and attacked by crooks. Additionally, for your own safety, avoid carrying cash unless you are dispensing with it right away.
Install alarm systems and burglar-proof steel doors in your business to secure the safety of your merchandise. You should also buy a safe to store your merchandise in each night before you go home.
The price you might anticipate receiving if you decide to sell a diamond is known as its resale value. Due to the retail markup and the decline in diamond prices, the resale value is frequently far less than what you paid. Diamond jewelrytypically sells for between 25% and 50% of what was paid initially.
You can go to a jewelry store, pawn shop, or business that says, "We buy gold." The worth of the metal, diamonds, and stones, or "scrap value," will be provided by all three in the majority of cases. Of the three, a jeweler will typically pay the most.
Which method of diamond sales works the best? Finding a trustworthy diamond buyer online is advised because brick-and-mortar jewelry buyers frequently offer lower prices than online buyers, even though selling to a local jeweler or pawn shop may get you quick cash.
To sell diamonds and gold require a certain set of skills. For example, you need trade experience to evaluate the metals, weigh them, and do other important things when buying and selling jewelry made from these metals.
You might be able to obtain first-hand knowledge from a seasoned trader; although difficult to locate, this strategy pays well. You could also enroll in an online training program to learn the necessary business skills.
As an alternative, pay a tradesperson, such as an assistant from one of the shops where to sell diamonds and gold, to instruct you after his working hours.
You are prepared to begin if you are confident in your preparation and understanding of valuable jewelry and how to appraise it.