Usman Muhammad Hamidu, a seasoned gold vendor with over three decades of experience, has cautioned the public to exercise extreme care when buying gold jewellery, warning that the market is flooded with deceptive practices and counterfeit products.
In an interview with Nigerian Mining, Hamidu stressed that knowledge and caution are the buyer’s best defence in today’s complex gold market.
“Gold plated is not gold,” he emphasised. “Yes, it can be sold as real gold to someone who doesn’t know anything. That’s why it’s important to know a legit shop.”
Hamidu, who has been in the gold and jewellery business since the late 1980s, noted that many unsuspecting buyers often fall victim to fraudulent sellers, particularly across state lines.
“We often get people bringing jewellery they bought in another state. We test it and find it’s fake. They’re confused. There’s a particular state known for this, but I won’t name names,” he said.
He explained the technical and regional distinctions in gold quality:
“18 carat is Italian gold, while Saudi and Dubai gold come in 21 carat. Then there’s ‘999’ gold from Dubai—pure 24 carat, sold at ₦210,000 per gram, strictly for saving, not for beautification.”
Beyond purity, Hamidu highlighted how consumer preferences are driven by fashion trends.
“Designs change like iPhones,” he joked. “From iPhone 6 to 16, the gold designs change every year. The quality stays, but the look evolves.”
On the question of starting a gold business, his advice was simple but stern:
“First, meet trustworthy people. No matter how much you know, you can’t do it alone. You need capital too. A gram is now ₦170,000. But if you’re serious, start with kilograms.”
Dispelling the myth that success in the business is measured in cash, he said:
“Your profit isn’t in money—it’s in turnover. Sell 30 grams, maybe you gain 1 gram. That’s your real value. If you focus on naira alone, you’ll miss the point.”
With counterfeit jewellery circulating freely in the market, Hamidu’s central message is one of vigilance and integrity: gold may be timeless, but trust should never be given without verification.
