Kano state is Nigeria's hot spot for trading gold and other precious stones.
You need good marketing skills if you really want to go into this business full time. This is because there is a lot of bargaining and negotiations to do in this business. If you are good at negotiation after buying at a relatively cheap amount, then you stand a much better chance of making huge profit from this business.
In this article, I am going to narrow the scope down to how you can set up your jewelry shop. In this shop you can also sell beads, silver, diamond etc.
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I always advise anybody who wants to go into business to register their business name with the Corporate affairs commission. Now after you have done this, here are the necessary requirements to start your jewelry shop.
The price of gold drops and rises, so you must be conversant with this trend. In order to maximise profit you must know when prices are falling or rising, else you may run at loss.
GET A SHOP
When you have your funds handy, the next thing you should do is to rent a shop in a decent environment where you know the inhabitants love fashion. If you make the mistake of setting up your jewelry shop in a rural area, sorry na your name o. LOL
Better still, look for popular shopping malls around you and book a retail space.
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When your shop is ready, the next thing to do is purchase your goods, you can buy online, from other jewelry sellers, or you can travel overseas to buy on your own. I would advise you buy your gold from Dubai if you have the required capital and if you are buying much.
You can also buy from the black market or the aboki's that are in your locality, these are even cheaper as they have been used before. But ask the seller for proof of payment o.
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GET YOUR TESTING KITS
The gold testing kit is a combination of acids that will enable you to identify authentic gold metals and how much of it is used in a particular jewelry item. You will also need some other tools for picking really small pieces of gold or diamond, and a measuring scale.
EXHIBIT YOUR GOODS
You need fancy show glass to exhibit your goods, but in doing this please do not stock your shop with all your products. Unless you wish to invite the bad guys or perhaps you have an insurance cover.
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Well, I dont't know how much capital you have, but let's just go with this description below. This can guide you appropriately if you have 500,000 naira and above.
Items Description Price
Jewelry Different types and sizes of rings, necklaces, earrings, etc. 400,000
Showcases Made of wooden furniture. 35,000
Metal security doors 150,000
Shop rent Situated in the middle of a city. 200,000
Gold testing kit 1,760
Weighing scale With a 100g by 0.01g precision. 4,240
Receipts Contact a local printer. Per booklet. 3,500
CAC registration 50,000
Total = 844,500
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In conclusion, be mindful of your security and the area you site your shop, because when you start dealing on gold, people tend to think you are a multi millionaire.