Nigeria Ignores her multi-billion Naira gemstone deposits
Gemstone business is a big income generator and Nigeria should be making good money from it. But it is not.

Nigeria is endowed with abundance of precious and semi-precious stones that can fetch billions of dollars on the world market. Gemstones like sapphire, ruby, aquamarine, emerald, tourmaline, topaz, garnet, amethyst, zircon and others are available in large quantities. Paraiba tourmalines found in Oyo state, for instance, could go for as much as $5,000 per carat, say experts.


A global report asserts that scarce precious gems like beryl and aquamarine, sapphires, zircon in bubble-gum pink and watermelon tourmaline grades from green to red can be sourced from only Tibet, Nigeria, Afghanistan and Brazil.

Gemstone mining has boomed in various parts of Plateau, Kaduna and Bauchi states for years. However, the availability and distribution of these minerals is not the subject matter; what is is the seemingly lack of information on the investment opportunities available in this sector.
In the international market, there are many factors that determine prices between one gemstone and the other. For example, a carat of ruby can cost $10,000 depending on its quality. The better the clarity, the higher the cost. Also sharp coloured and smoothly cut stones attract higher costs. The bigger the stone, the more it is per carat. Within each variety, prices are based on these qualities, with colour being the most important factor.


There is no official market for gemstones display in Nigeria, neither has there been any estimated reserve of the quantity being mined or traded,
A Nigerian blue sapphire that weighed 4.03 carats was sold for $8,625 in the United States of America recently. That is to say that it cost about $2,140 per carat. It therefore shows that good quality Nigerian sapphire can fetch a lot of money. One kilogram of polished sapphire is 5000 carats, hence 5,000 by 2,140 equals N2.1bn, which is equivalent of 214,000 barrels of crude oil at $50 per barrel,'.

Thire was found in the Mambilla Plateau, of Taraba State. According to the report, samples were taken to the GIA laboratory in Bangkok and the rough gems were found to be not only of good quality but were also available in large sizes, some ranging from 100 to 300 carats.
From the laboratory analysis, the first elements that were pointed out suggested that the sapphire deposits provided “a winning combination of size, high clarity, attractive colour and good crystal habit from a cutter’s perspective.” The discovery reportedly caused considerable excitement in the Bangkok marketplace.

Nigerian rubelite tourmaline of 5.62 carats was also sold for $1,011, approximately $180 per carat. According to her, “one kilogram of polished tourmaline, which is 5000 carats, will sell for $180 by 5000, which equals $900,000 by N198 to give a whopping N178.2m, which is equivalent to 18,000 barrels of crude oil at $50 per barrel.

Godfrey Uche Nwadike, an International Coloured Gemstone Association (ICA) ambassador, disclosed a new tourmaline mine has also been discovered in the old town of Ile-Ife in Osun state, which is not an area hitherto known for gemstone production.

Nwadike said there are presently three well-known emerald mines in Nigeria, although none has received any significant attention. He said these emerald mines represent huge opportunities for anyone willing to make the needed investment.

In 2005, a home-grown mining intervention was conceptualized. The Sustainable Management of Mineral Resources Project (SMMRP) was provided with a $120m World Bank credit to increase government’s long-term institutional and technical capacity to manage Nigeria’s mineral resources in a sustainable way. It was also meant to develop non-farm income generating opportunities through small-scale artisanal mining.
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Yes let it be abandoned for now, future generation can use it, because if it's harnessed by these set of people in government today, they would syphon the income to private pockets.

This is a very good venture to invest in as a nation.

Can an individual invest in this?