There are some challenges such as obtaining permits,
funding and sourcing the precious stones. Gemstones have radiant properties and
are used as adornments.
They exhibit different characters such as hue, tone,
saturation and luster. The size, cut and finish is of great importance in the
precious stone industry. Here are some ideas on how to start a gemstone
business.
Starting
a Gemstone Business
Write
a Business Plan
The first step is to write a gemstone business plan. The
plan should focus on obtaining permit, supply and international buyers. Then
carry out a feasibility study and survey. Find out the best locations, mining demography
and supply chain.
- focus on obtaining permit
- find international buyers
- Find best locations
- mining demography
- supply chain
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Choose
a Niche
Focus on a specific product and specialize. You can
become an exporter, retailer or wholesaler depending on your business template.
To succeed you need the services of a gemstone cutter especially in retail.
Seek expert advice and always verify the purity of the
stones. It is essential you build trust, invest time, money and strategize.
Focus on a target market and sales options.
Types
of Gemstones
Nigeria is blessed with an abundance of precious stones. Basic
characteristics are carat-weight, color and clarity. You find precious stones
such as sapphire, tourmaline, and topaz in Nigeria.
- Sapphire
- Tourmaline
- topaz
How
to Obtain a License to Trade Gemstone
To trade gemstones in Nigeria you need permits and
operational licenses. The three categories of license are export permit,
purchase permit and permit to export mineral samples.
- export permit
- purchase permit
- permit to export mineral samples
Permit
to Purchase and Posses Minerals
To acquire the permit to purchase minerals you need to
incorporate your company as a limited liability entity. The regulatory body is
the corporate affairs commission. This
is mandatory under the companies and allied act.
The investor should send an application to the director
of mines inspectorate at the ministry of solid minerals development. The
application should be accompanied by several documents.
PPPM
Documents
The documents you need are evidence of technical
competence and three (3) years tax clearance certificate. Other documentation includes
bank reference, an attestation of non conviction of a criminal offence and
payment of fees.
- evidence of technical competence
- three (3) years tax clearance certificate
- bank reference
- non conviction of a criminal offence
- payment of fees
Obligations
To own a permit to purchase and possess minerals there
are some obligations. The holder of precious stones should maintain a book of
all purchases, sales and transactions. This book is periodically inspected by
the authorities to assess conformation to permit guidelines.
Permit
for the Commercial Exportation of Minerals
The investor is required to hold an extant mineral title
or license to purchase and possess minerals. The application is directed at the
director of minerals and inspectorate, ministry of solid minerals development.
PCEM
Documents
Documents that accompany the application are evidence of
source supply, three (3) years tax clearance certificate and contractual
agreement with buyer. Other requirements are evidence of royalty payment to the
Nigerian export promotion council and certificate of incorporation.
- evidence of source supply
- three (3) years tax clearance certificate
- contractual agreement with buyer
- evidence of royalty payment
- certificate of incorporation
Permit
to Export Mineral Samples
the permit to export mineral samples is made to the
director mines inspectorate, ministry of solid minerals development. The purpose
for this permit is to send samples for analysis and verification of purity.
PEMS
Documents
Documents needed during the application process are
evidence of supply. Others are evidence of correspondence with foreign partners
and certificate of incorporation. You
need to also pay the prescribed fees.
- evidence of supply
- evidence of correspondence with foreign partners
- certificate of incorporation
- pay the prescribed fees
Identify
your Target Market
You need to identify your target market for better
efficiency. The target market depends on the type of stone foreign or local
market.
Make sure your prices are competitive and follow market
trends. The business of gemstone is rather challenging and capital intensive.
To succeed you need adequate planning and networking with experts in the
industry.
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