How To Start The Lucrative Export Of Garnet Gemstone From Nigeria To International Buyers
The abundance of solid minerals in Nigeria continues to make the nation one of the wealthiest in the world. Over 120 different minerals are beneath the country’s surface. And profitable as they may seem, one of the most globally demanded minerals which are in vast volumes in Nigeria is the rich presence of Garnet Gemstone.
International buyers all over the world are always looking to purchase Garnet Gemstone from Nigeria because of its quality, abundance, and price. They come into the country on a regular basis for meetings with commodity trading companies and miners to see how they can establish long-term relationships with them to guarantee a steady supply of the commodity every month for at least one year. Depending on what they agree, they decide which supplier or suppliers to go with, issue an ICPO (Irrevocable Corporate Purchase Order), sign a contract, and start transacting.
The large demand for this mineral in Nigeria by international buyers makes venturing into the export of Garnet Gemstone from Nigeria to several countries around the world a lucrative export business to start up.
First, What Are Garnet Gemstones?
Garnets are a group of silicate minerals that have been used since the Bronze Age as gemstones and abrasives. It is a chemical element with the formula X3Y2(SiO4)3.
So What Is Garnet Gemstone Export About?
Garnet Gemstone export is the export of Garnet from Nigeria to international buyers located in various parts of the world. It is exported in its raw state and further processed upon arrival at the buyer’s facility into different forms for various uses.
Facts About Garnet Gemstone Export
- Garnet mining or processing can create a great source of employment.
- Garnet is a chemical element with the formula X3Y2(SiO4)3.
- Garnets come in virtually all colours, with Blue been rare.
- Garnet is a gemstone.
- The profit margins on the sale of Garnet to international buyers can be anywhere from 15% to 110% depending on if you’re the miner or are purchasing from the mines.
- As a broker, you can venture into this business with $0.
- China is the top importer of Garnet in the world, accounting for a collective 24% of all gemstone imports.
Business Opportunities In Garnet Gemstone Export
1). Garnet Gemstone Export:
Garnet Gemstone is usually sold at varying amounts at the mines and are then further resold to international buyers at varying prices per metric tonne depending on the specification, the seller’s connection to the mines, the trade process, and the final negotiations with the buyer.
In all, your profit margin from the export of Garnet from Nigeria can be anywhere from 15% to some rare cases of over 100%.
2). Garnet Brokerage:
When you have zero cash to start up any type of business, the first thing you should do is to venture into the brokerage of that business’ products, and in this case, Garnet.
You could venture into the Garnet mineral brokerage business by linking a buyer to a seller, and in the process, adding a markup price per metric tonne for your organisation, after getting the final selling price from the seller.
But to ensure you have a successful brokerage business, it is important you legally protect your commissions. Any seller who claims to give you something without a contract backing it is bullshitting you. If they get arrogant and tell you to wait to get it without a contract, simply walk away and find another seller.
98% of all sellers are not trustworthy without a contract in hand or a bank indemnity to pay you your commissions.
Setting Up Your Garnet Gemstone Export Business
1). Register Your Export Business:
The first step to starting a Garnet export business is to register a legal business. To do this, you must first register a limited liability company with the Corporate Affairs Commission of Nigeria, then go on to register your business with the Nigerian Export Promotion Council and the Ministry of Solid Minerals.
Registered business names are not allowed to register with the NEPC, and so, you can only function as an exporter with a Limited Liability Company registered under the laws of the Federal Republic of Nigeria.
2). Find The Direct Mines and Sources For Exports:
Although this can be done before, during, or after your company has been registered with the appropriate bodies, the next step is to source for the direct mines that would be mining the Garnet Gemstone for you on behalf of your clients.
It’s usually better you get direct access to the mine, so you can get the best possible price. Going through a proxy would waste more time, cost more money, and reduce your profit margins.
Some states with mining sites to find Garnet mineral miners are Nasarawa and a few other states in Nigeria.
3). Setup A Proper Business Structure, Trade Process, & Branding:
During or after registering and securing your buyers, it is important you set up a proper business structure that looks internationally reputable. Some ways to do this are to build an international standard website, get a business address, create a company profile, and also have a corporate offer format you can customize and send to buyers who request an offer. Also set up a corporate email that reads something like this: “email@example.com”.
If renting an office is too expensive, you could pay for a virtual office at a co-working hub and use their address for meetings.
When you organise your company this way, buyers would feel really confident about doing business with you and would tend to choose your business as their preferred partner.
4). Source For Buyers:
The next thing is to source for international buyers for your products. You can do this by registering on websites like:
And several others.
You can also build an influential social account on LinkedIn and market your Garnet Gemstone to a unique business audience you’d build over time.
5). Export Your Products:
Upon sealing agreements with the buyers, getting issued an Irrevocable Corporate Purchase Order, signing a Sales and Purchasing agreement, and more, you can then proceed to ship the Garnet Gemstone to the buyer.
The shipment could be done on either Free On Board (FOB) or Cost, Insurance and Freight (CIF) basis. Where FOB means you cover the cost of the goods and every other thing till its arrival at the shipping point, and CIF means that you cover the cost of everything including insurance and transporting the goods to the buyer’s port of destination.
Challenges Of The Garnet Gemstone Export Business
1). Lack of experience causes exporters to either purchase the wrong specifications, underprice or overprice their products, and much more.
2). Your mined Garnet Gemstone en route a warehouse may get robbed or seized by government officials before arrival.
3). Fake buyers wasting exporters time with fake inquiries.
4). Most prospective entrepreneurs have little to no access to finance for their projects.
5). Most Garnet Gemstone sellers have poorly managed supply chains and may sometimes be unable to deliver.
6). Your time could be wasted as a result of long-term conversations with Garnet Gemstone buyers who have no real money to pay.
7). The large pool of fraudsters posing as Garnet Gemstone sellers makes it difficult for Garnet Gemstone buyers to trust you.
The Garnet Gemstone export business is a lucrative one for anyone who chooses to venture into the export of solid minerals from Nigeria. Depending on the quantity the buyer needs, your profit margins could be far higher or lower, but still substantial.
Starting a solid mineral export business in Nigeria with an initial focus on Garnet Gemstone is a way to not just only get into the industry, but a great start to building a long-term business that could someday employ thousands of people directly and indirectly.
An Important Point
Trying to buy Garnet Gemstone from Nigeria through genuine sellers can lead to a lot of wasted time and efforts on the part of the Garnet Gemstone buyers. They spend a lot of time vetting sellers in Nigeria, doubting their results even if positive, and going back and forth too many times than they can count, only to end up either cancelling their decision to buy or making a purchase after months or years have passed.
Finding real Garnet Mineral sellers in Nigeria can be a problem. To make this possible for Garnet Mineral buyers, Startup Tips Daily Media, through her sister company, Globexia, can export Garnet Gemstone to genuine buyers from Nigeria or anywhere in the world.
Whatever will help buyers close genuine Garnet Gemstone export-based transactions fast, transparently, and easier, we can make the process as stress-free as possible.
Our Garnet Mineral export business is completely transparent, and as a result, we will not deal with a buyer who intends to cut corners or outsmart any party in the course of the transaction.
If you’re a genuine Garnet Mineral buyer, you can reach out to us through the contact form below. If you’d like us also to help you export most of your Garnet Gemstone, we’d be glad to do so with mutually agreed terms.
In addition to our Garnet Gemstone export business in Nigeria, we’re also Mica Mineral sellers in Nigeria, and can export Mica minerals to buyers around the world.
If you’re only a scam, don’t waste your time, as the conversation wouldn’t last too long after a few questions and demands to prove your authenticity have been made from our end.
Our Garnet Gemstone Trade Specifications are listed below:
Mineral Type: Garnet Gemstone
Physical Specification: Based On Buyer’s Specification
Quantity: Based On Buyer’s Specification
Price: Negotiable / Metric Tonne
Trade Process: Ex Works/FOB/CIF
Payment Method: 100% irrevocable SBLC or L/C at sight from a top 25 prime bank
Shipping Time: 15 days after confirmation of L/C
Loading Port: Lagos, Nigeria
We look forward to hearing from you.
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All you have to do is request an understanding of your proposed business model, and you’d have a professional MBA standard business plan ready for you in anywhere from 5 to 14 days. You can click here to get started with using StartupTipsDaily’s professional business plan writing service to create the perfect business plan that’d get accepted anywhere.
What are your thoughts on this article on how to start the export of Garnet Gemstone from Nigeria? Let me know by leaving a comment below.
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