During the recently concluded third edition of the annual African Gemstones and Jewellery Exhibition and Seminar (AGJES) in Abuja, Professor of Business Administration Adesoji Adesugba stated that Nigeria could make well over $12 billion from gemstones annually if it invested in a laboratory to certify the value of the precious stone.
According to Mr. Adesugba, the worth of gemstones that are taken out of Nigeria and sold on the global market determines the nation’s current income, which is “between $10 billion and $12 billion.” Nigeria and all other West African nations that produce gemstones lack a laboratory capable of identifying and certifying gemstones. He claims that this is partially to blame for Nigeria’s present extractive industry losses.
The jewellery store industry is expected to bring in a solid US$2.67 billion by 2024.The forecasted compound annual growth rate (CAGR) for this market is 13.88% from 2024 to 2028. In terms of revenue generation, India tops the world when compared globally; in 2024, they are projected to generate an astounding US$81,260 million. In Nigeria, the jewellery market is expected to generate US$11.67 in revenue per person by 2024. This number is computed in relation to the nation’s total population. By 2024, it is expected that non-luxury jewellery would account for 96% of jewellery sales worldwide. This demonstrates how dominant this certain market niche is in Nigeria. Nigeria’s growing middle class has been the main
A booming jewellery sector has been generated in Nigeria by the country’s expanding middle class and rising desire for luxury items and design. For regional jewellers and designers, the growing demand for jewellery made of gold, silver, and gemstones offers tremendous prospects. Government funding can be provided to establish jewellery design incubators and schools in order to take advantage of this trend. Building a solid reputation for Nigeria’s jewellery business can also be facilitated by marketing Nigerian jewellery companies both domestically and abroad.
Nigerian jewellery designers are able to produce distinctive, eye-catching items that appeal to a wide range of consumers by fusing traditional patterns with contemporary aesthetics. Still, in order to guarantee the jewellery industry’s ongoing expansion, issues like raw material and funding availability must be resolved. Given the appropriate backing.
