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Fashion Opportunity: Jewelry Business In Nigeria

Agbagba Bukola
Selling of jewelries is a very lucrative business in Nigeria. It is one of the most classy fashion accessories males and females wear to compliment their entire look, although it is mostly worn by females.
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People wear jewelries to different events and places. Jewelry can spice up a bland and boring look to appear more stylish. While some wear jewelries to show off, others wear theirs to add finesse to their overall aesthetic. The cost of buying and selling jewelries in Nigeria is quite expensive. Though, a person starting the business can choose to start with a lesser price depending on the quantity and quality of the jewelry he/she wants to sell. Jewelries are not usually sold in its raw form; gold, diamond, etc. It is rather sold as earrings, rings, bracelet, chains, necklace, etc. You can also sell jewelries as a set; a collection of various pieces. For instance, a gold necklace with a matching set of gold earrings.  Jewelries are usually worn in events. Brides and grooms use it on their wedding, people dating use it as engagement rings, etc. Jewelries are usually more on display in parties in Nigeria.  To sell jewelries in Nigeria, you need to sharpen your skill set; be at alert. You need to be able to differentiate the quality of different jewelries to avoid being cheated. Also, you need to know the price and target market you intend to work with. Infact, there are a lot of factors to be considered before venturing into jewelry business in Nigeria. To make it easier to assimilate, the factors will be discussed individually.

  1. Carry out research

For you to start any kind of fashion business in Nigeria, it is mandatory to carry out research. The truth is that not everyone can run a successful jewelry business. You need to acquire some certain skill set.
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To carry out research on jewelry business, you can do that by asking people around you that do the business or those far from you. You can also surf the internet, follow social media platforms jewelries are sold and discussed. Research is not a one time thing. You cannot carry out research on starting a particular business under few minutes or hours or even days. It takes time. The more you research, the more you know.

  1. Know your target market

If it very important for you to know people who will be interested in buying from you. The kind of target market you have will determine a lot when starting the business.  Your target market will determine the following: online or offline market, the kind of jewelries to invest in, your pricing, etc.

  1. Determine your starting capital

When it comes to jewelry business, many people usually ask how much you should start with. The fact is, if you are investing in real gold and diamonds, you will need millions of naira.
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Jewelries are usually expensive because it is created out of a raw material. Something you have to dig deep into the soil to find and go through a lot of process to refine.  If you want to sell less quality jewelries you need hundred of thousands or way lesser to start. From your research and target market, you will arrive at the perfect start-up capital.

  1. Find a supplier or suppliers

You need to find a good and reliable source you can buy your jewelries from. The source can be in Nigeria or outside the country.  Also, it depends on your start-up capital. If you intend to buy real gold and diamonds, it is advisable to buy outside Nigeria while for little capital, you can buy from markets in Lagos, Kano, etc.

Conclusion

Asides the factors mentioned above, you also need to rent a shop (offline business), make sure the jewelries are safe (security), determine your pricing and other factors. Jewelry business is no doubt a great business you can start in Nigeria.  Featured Image source: Freepik
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