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Home News Global Gemstone Market Hindered by Nigeria’s Smuggling Activity

Global Gemstone Market Hindered by Nigeria’s Smuggling Activity

by Madonna

Former African Chairman of Communities Artisanal and Small Scale Mining (CASM), Linus Adie, recently discussed Nigeria’s gemstone industry and its potential for growth amidst challenges like smuggling. He emphasized the need for Nigeria to emulate countries like Sri Lanka and South Africa in developing its gemstone sector.

Adie highlighted the current demand for Nigerian gemstones globally but lamented the rampant smuggling of these valuable resources out of the country. Despite advancements in gemstone identification and local processing, smuggling remains a significant threat.

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He acknowledged the Nigerian government’s recognition of the industry’s potential and its intention to foster its growth. Adie drew parallels with India’s successful gemstone industry, suggesting Nigeria could replicate such success with the right expertise and support.

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Adie proposed learning from countries like Sri Lanka, which boast thriving jewelry industries, showcasing locally produced high-quality pieces on the global market. He stressed the importance of establishing a gemological center in Nigeria to enhance research, identify gemstones accurately, and uncover hidden treasures.

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Addressing challenges faced by Nigeria’s gemstone sector, Adie called for the development of comprehensive gemstone policies and improved monitoring to curb smuggling. He highlighted the Ministry’s initiative to establish a gemstone market in Oyo State as a step toward formalizing the industry.

Adie emphasized the government’s role in regulating and developing the gemstone industry, advocating for a legal framework to ensure transparency and ethical sourcing. He noted the potential for economic growth, job creation, and cultural expression through the development of Nigeria’s gemstone sector.

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