Gold prices have been on the rise, and with that comes the increased risk of counterfeit products flooding the market. Uzoamaka Ezeugwa, the Creative Director of Uzo Jewelry, recently appeared on News Central TV’s Business Edge to issue a stern warning to buyers about the importance of verifying the authenticity of their purchases before making any commitments.
Ezeugwa emphasized the need for due diligence when it comes to investing in jewelry, especially with the surge in gold prices over the past decade. She shared her own experience of purchasing gold jewelry for ₦30,000 in 2011, only to see the price of gold skyrocket to around ₦150,000 per gram now. Ezeugwa highlighted gold as a safe and appreciating asset, making it a popular choice for investors.
In addition to gold, Ezeugwa also shed light on the growing interest in gemstones in Nigeria. She mentioned the abundance of natural gemstone deposits in the country and stressed the importance of understanding the local market dynamics. According to Ezeugwa, gold is the top-selling metal in Nigeria, while silver, unless pure, may not hold as much value.
To help buyers avoid falling victim to counterfeit products, Ezeugwa outlined key authentication methods such as the magnet test, acid test, and float test. These tests can help determine the authenticity and purity of the jewelry being purchased, ensuring that buyers get what they pay for.
For Nigerian investors looking to enter the jewelry market, Ezeugwa recommended sticking to gold due to its superior value retention. She specifically advised investing in 18-karat gold for the best returns and emphasized the importance of proper storage and security for valuable jewelry pieces. Ezeugwa suggested using secure jewelry boxes or bank safe deposit boxes for storage and stressed the importance of insurance for high-value investments.
As interest in jewelry investment continues to grow, Ezeugwa’s advice remains clear: education is key. By educating themselves about the market and authentication methods, buyers can protect themselves from scams and make informed investment decisions that will help them grow their wealth over time.
Overall, Ezeugwa’s insights serve as a valuable reminder for buyers to exercise caution and conduct thorough research before making any jewelry purchases in today’s market.
