Understanding The Principles of Successful Gemstone Business in Nigeria
A business is a business when it adds value to the society and industry. You want to provide choice of Gemstones, don’t you? So what value do you want to add? Or do you think you’re going to make it doing gemstone Business in Nigeria? By the way, how do you even begin gemstone Business in Nigeria
Now, Despite the seemingly enormous saturation and supply of several diamonds in the industry, you’re still going to be able to expect for profit. Starting a business isn’t so simple though, but I’m going to show you how to do it easier when it comes to doing gemstone Business in Nigeria.
Now, there’s no denying the fact that the mineral sector presents one of the most successful business choices. This id unconnected to the diversification of the monolithic market of Nigeria owning to the deposits of minerals in the country. About 35 mineral deposits have thus far been discovered in the nation. Nigeria is blessed with unique kinds of diamonds such as topaz sapphire.
What is Gemstone? Physical Properties of Gemstones
A gemstone is a kind of attractive mineral, which when polished and cut is traditionally used to make jewelry or other adornments.
Some physical properties of Gemstone which makes it to stands out include its lustre, although most of them are tough. Rarity is another attribute that brings value.
Stone according to this is valued dependent on not it’s just quantity but also from the 4C which govern Clarity, Cut, Carat Weight and Colour.
Colour: Color is the most important element for gemstones. All stone have a color or an assortment of colours that are preferred. The more the color varies from this variety — darker or lighter, more vibrant or less — the less precious the stone. Colour is made up of three dimensions: hue, tone, and saturation.
Hue refers to the belief of color noticed like yellow, red or blue.
Tone refers to the degree of darkness or lightness of an item.
Saturation defines the level of purity of a colour.
Cut: Cut refers to the design or shape of a stone in addition to the accuracy of the proportions of the stone and complete. The cut shows a gem’s beauty.
Gemstones are cut into shapes. Additionally, they are fashioned or are sometimes carved into different designs. Under Cut property of Gemstones, we have two other sub-properties namely Proportion and End, respectively.
Proportions involves appeal and the equilibrium of the design. End identifies the detail of this workmanship. A cut using a finish will demonstrate the optical properties of a stone. When all other variables are even (colour, clarity, and carat weight), a more better-cut gem will probably be valuable.
How To Begin a Gemstone Business
Possessing a broad assortment of diamonds is vital. Particularly if targeting diamonds or jewelry, you should be be able to purchase gemstone beads and make one off designer beads which are in hot demand. The easiest way to build long-lasting confidence in the heart of your buyers would be to get a huge choice of gemstones. By means of a gem testing lab like the GIA, you will be able to test these diamonds and include a certificate. This will enable your buyers to make choices even as they build trust in your business.
Read Also: The Basics of Running Successful Cupcake Business in Nigeria
Strategize On Methods of Targeting and Attracting Buyers
Start as a hobby for pleasure and also have it at the back of your mind that for a start, you will make few mistakes first time buyers do. But you can avoid this if you take necessary precautions.
Try out your ideas for beginning. So, you’d need to do some market research first. Ensure that your goods are much better than what others are offering. As soon as you have a Variety of the stock, you simply move over and acquire a store where you offer them for sale.
Try to Build That Trust
One thing about Gemstone business, just like any other jewelry business is that it needs lots of trust and confidence from both the seller and the buyer. So, be enthusiastic about the business and your clients will have confidence to buy from you.
Invest Your Time and Money
You also have to devote your time to the business. However, the most essential and also key thing is to invest large quantity of money. Gemstones are costly, and sapphires and the diamonds are the most of all stones. In purchasing gemstone, you can visit mining websites where you could buy gemstones from.
Go Along with Someone Who Knows the Market while Purchasing
It is always good practice to visit the store with someone who knows the in-and-out of Gemstone business so that your trade will be worth your cash. You will find several stores offering the products online and off the streets. For drop-shipping, the shipping expenses will be added.
Read Also: Profitable Crude Oil Business You Can Do In Nigeria
Decide What Sort Of Gemstones You Would Like To Market
On the flip side, before you buy gemstones, you need to decide what sort of gems that you would like to market. Likewise, establish whether you’ll market the diamonds in retail marketplace or at wholesale. You may use bead cutter to cut the stone if you would like to diversify the market and put more money into your pockets by selling cut gemstones.
Make More Money Selling Cut Gemstones
About promoting in marketplace, the fantastic thing is that you’re able to gain profits. Since you would have to buy machinery and you probably would have to employ a gemstone cutter the capital you will require will probably be greater. Be certain that you buy only what you would need.
In the event that cut stones will be sold by you, it’s compulsory that you hire a gemstone cutter. The cutting of this product can add the cost and thousands of dollars.
According to specialists, in cutting stones such as diamonds and sapphires compared to gemstones you would have to pay great attention. This usually means that the purchase price of the jewelry or the diamond is dependent upon how it’s cut. That’s the reason why having good knowledge of gemstones cutting is significant to your success in the business.
Strategize and Re-strategize on Your Sales Options
Having said the above, you need to identify buyers or your intended audience. You may sell your items on the internet or off the streets. Investors can be your customers especially those searching for collectors’ things.
Read Also: How to Start Crèche Business in Nigeria
You’ll have the ability to cater for their needs by identifying your target clients. You would have to look into the market for more prospects in the gemstone business. Make the quality, quantity of the gemstones in addition to the cost ok for everyone to afford. You have the opportunity to expose your business to more clients by selling your products online. Doing so, you can have the opportunity to make even more money.
Concluding Remarks
Gemstones are Precious stones in the Nigerian marketplace. The current market is saturated and will take up as much volume of the product without having any effect on the purchase price against supply. The more the quantity available, the better your bargaining power.
The purchase price of gemstones can grow by as much as involving 10 percent to 15 percent once the item is cut.
It’s pertinent to say at this juncture that gemstone export in has been a recurring event and just a few men and women are profiting from it due to lack of information.
You can key in today and make huge profits doing gemstone business in Nigeria.
See More Business Ideas Here. | Please drop your comments below.
