Abuja Gold Market: Nigeria's High-end Jewelry Market Gets The Headlines

Admin 27-Feb-2021 Fashion, Special_Report

By Ojo Adebola & Olayemi Esan

Gold is one valuable everyone wants to have and own and this goes for both men and women.  

Good  can be considered an asset and can be used to measure ones assets hence the reason why people invest in gold either in small or large scale. In this special report, Ojo Adebola and Olayemi Esan take a look at Popular Gold as lucrative business especially in Wuse Gold Market in FCT, Abuja.

In Nigeria and all over the world, gold jewelry market is big and very lucrative and is one of those few luxury items that never goes out of fashion.

Gold being  this important, we can not take away the fact that there are authentic and fake gold out there (very sad but true). 

Many people have fallen victim of fake gold and therefore lost a lot of money in the process. As  they say once beaten twice shy. This has made people who have decided to still possess gold either as accessories or asset regardless of the uncertainty to go the extra mile to get the real one even if it means to travel out to get it.

In northern  part of Nigeria most especially  Maru, Anka, Malele, Tsohon Birnin Gwari-Kwaga, Gurmana to mention a few are popularly known for gold deposit. The  gold market in Wuse , Abuja act as sales utlets for this gold mines.

Sources have it that, gold sellers in Wuse market get their gold from Zamfara which happen to be part of the gold major gold mining states in Nigeria. 

Some gold traders from Saudi Arabia, Dubai and other parts of the world come all the way to Abuja to trade in gold. 

Women , and men too , who are popularly known for investing in gold from different parts of the world (It will amaze you how much millions women invest in the buying of gold) form part of the traffic to Abuja for the business. 

During our visit to the gold market at Wuse we had little chat with the Chairman and some of the gold sellers in Wuse.

The Chairman of Jewelries Marketers Association of Nigeria, Abuja Chapter, Hamz Gambo Bagwai told our reporters  that, gold  business is so lucrative that you can start with small capital and earn huge profits in return. "That's what attracted me to the business", he said.

Trading  in gold commodities in the commodities market is even more profitable as you get to sell your gold when the price goes higher, making you trade at a steady profit" he said.

He added that, gold business from history apart from being one of the formal legal tender, gold has always maintained its value, regardless of the different economic situations like currency devaluations playing out in each country. As such, people buy gold as a way to retain the value of their money and to be able to resell at even greater price when they  really need the  money.

One of the sellers, Mr Abubakar Umar also disclosed that, he has been into gold business for years. "I have have been selling gold at Wuse market for almost two decades now" he said.

Umar also added: “My customers are from every part of the nation even foreigners when they visit the country”. “Most of my customers come from outside Abuja and  from different part of the country. People come here because the market is safe ,no scam or fake gold here. people come here because the market and the seller and the gold can be trusted", he further said.

When asked why people choose this particular gold market over traveling out to buy their gold, he said: “People come here because the market is safe, no scam or fake gold here. People come here because the market and the seller and the gold can be trusted. The gold here is authentic. You get original gold here nothing less".

Mr Abbubakar Umar also revealed that, the gold in Wuse Market is as authentic as the one gotten anywhere outside the country. 'It is cheaper here considering the currency used to buy outside the country coupled with the traveling expenses etc. You get the same value of gold and very cheap too here" he said.

Another seller Honorable Bebeji who runs two different shops revealed that he has been selling gold for about 15 years after relocating from  Kaduna to Abuja 

"I have sold gold in Kaduna but business is not encouraging at all before coming here. The difference is very clear. When I was in Kaduna gold business is not encouraging until I moved here and the story has changed. Since I moved her over 15years ago I have not thought of going back to Kaduna. “

Bebeji also expressed satisfaction in the security and organisation put in place by the  Gold Market Association.

“Business , he said , is moving well no doubt “.

One  thing special about Wuse gold market is that it’s organized. Everyone has his or her section.   There are elected leaders  (Chairman, Secretary) and rules to enforce law and order.  This  has really helped the business even more.

When  AbujaCityJournal Crew visited we observed a lot of people, most of whom are women coming in to buy gold and going out satisfied with what they bought and returning to their various locations across the country to sell to their different customers.

Gold , for the aficionados, is really worth having and also a very lucrative business. Therefore for the sake of buying authentic gold either for sale or personal use no doubt gold market in Wuse Abuja is indeed one of the best places to get value for your money.

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