Nigeria’s Gemstone Sector Holds Multi-Billion Dollar Potential – GMMAN

Nigeria can tap into the $350 billion global gemstone and jewelry market if it transitions from exporting raw stones to building a value-adding ecosystem, the Gemstone Miners and Marketers Association of Nigeria (GMMAN) has said.

This was disclosed at the opening of the 3rd Nigerian Gemstones and Jewelry Expo and Conference (NGJE), held from August 25 to 27 at the International Conference Centre, University of Ibadan.

Speaking at the event, Prof. Adesoji Adesugba, co-founder and Trustee of GMMAN, explained that the association, established on November 3, 2016, was created to unify Nigeria’s fragmented gemstone industry and reposition it as a catalyst for economic growth.

“Each gemstone mined in Nigeria is more than a stone — it is a story of resilience, creativity, and national potential,” he said. “Nigeria must move from being a raw supplier to becoming a world-class creator of value, jobs, and export earnings.”

Despite Africa holding almost 30% of the world’s gemstone reserves, the continent contributes less than 10% to the global gemstone trade, which in colored stones alone is worth an estimated $23 billion annually. Nigeria, with over 30 varieties including tourmaline, aquamarine, sapphire, and emerald, still exports mainly unprocessed stones. By contrast, countries like Thailand and Sri Lanka, with far smaller reserves, earn more than $1.5 billion yearly through cutting, polishing, certification, and branding. Experts at the conference stressed that with investment in infrastructure and skills, Nigeria could surpass them and emerge as a global hub.

Prof. Adesugba also commended Yakubu Gowon University, Abuja, for setting up the first Department of Geology and Gemology in Africa, calling it a bold move that would train a new generation of professionals to add value to the sector. He noted that this aligns with GMMAN’s mission to professionalize the industry, uphold ethical standards, and attract international investment.

In his remarks, GMMAN National President, Engr. Adeniran Ajibade, outlined key priorities for the industry, including the establishment of beneficiation and certification centers, expanded training in cutting, grading, and jewelry-making, deployment of technology for traceability, structured investment platforms for miners and jewelers, and stronger global partnerships to showcase Nigerian gemstones.

The Minister of Solid Minerals Development, Hon. Dele Alake, represented by Mr. Umoakpan Etido, assured stakeholders of government support for initiatives that align with Nigeria’s economic diversification agenda. Oyo State Governor, Seyi Makinde, who served as Chief Host, pledged his administration’s support for investors, noting that Oyo is one of Nigeria’s gemstone-rich states with vast untapped potential.

The three-day Expo featured exhibitions, panel discussions, and jewelry showcases, drawing miners, marketers, investors, policymakers, and international participants. According to GMMAN, unlocking Nigeria’s gemstone potential could generate thousands of jobs, attract foreign direct investment, and make the country Africa’s leading center for gemstone beneficiation and jewelry design.

Since its founding in 2016, GMMAN has remained committed to building a transparent, competitive, and profitable gemstone industry. Its long-term vision is to position Nigeria as a global hub for responsibly sourced, high-quality gemstones and to make the sector a major pillar of the nation’s non-oil economy.