By Wosilat Yiseyon Ramon
Nigeria has the potential to capture a significant share of the $350 billion global gemstone and jewelry market if it shifts focus from exporting raw stones to developing a value-adding ecosystem. This was the message from the Gemstone Miners and Marketers Association of Nigeria (GMMAN) at the opening of the 3rd Nigerian Gemstones and Jewelry Expo and Conference (NGJE), which took place at the International Conference Centre, University of Ibadan, from August 25 to 27.
Speaking at the event, Prof. Adesoji Adesugba, co-founder and Trustee of GMMAN, explained that the association, founded on 3rd November 2016, was created to unify Nigeria’s fragmented gemstone sector and position it as a driver of 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.”
The global gemstone trade in colored stones alone is worth an estimated $23 billion annually, yet Africa, despite holding nearly 30% of world reserves, contributes less than 10%. Nigeria, with over 30 varieties of gemstones including tourmaline, aquamarine, sapphire, and emerald, remains largely an exporter of unprocessed stones. By contrast, Thailand and Sri Lanka, which possess far fewer reserves, generate more than $1.5 billion each year through cutting, polishing, certification, and branding. Experts at the conference argued that with the right investment in infrastructure and skills, Nigeria could surpass these countries and become a global hub.
Prof. Adesugba commended Yakubu Gowon University, Abuja, for establishing the first Department of Geology and Gemology in Africa, describing it as a bold step that will produce a new generation of trained Nigerians capable of creating value in the gemstone and jewelry industry. He noted that this initiative aligns with GMMAN’s mission to professionalize the sector, promote ethical standards, and attract global investment.
The National President of GMMAN, Engr. Adeniran Ajibade, also addressed participants, outlining key priorities that include the creation of beneficiation and certification centers, the expansion of training in cutting, grading, and jewelry-making, the use of technology to ensure traceability, the establishment of structured investment vehicles for miners and jewelers, and the building of global partnerships to showcase Nigerian stones.
The Minister of Solid Minerals Development, Hon. Dele Alake, represented by Mr. Umoakpan Etido, assured stakeholders of government’s commitment to support initiatives that align with Nigeria’s economic diversification agenda. The Chief Host of the event, Governor Seyi Makinde of Oyo State, pledged support for investors, noting that Oyo is one of Nigeria’s gemstone-rich states with significant untapped potential.
The three-day Expo is to feature exhibitions, panel discussions, and jewelry showcases, attracting miners, marketers, investors, policymakers, and international participants. According to GMMAN, unlocking Nigeria’s potential in the gemstone sector could create thousands of jobs, attract foreign direct investment, and establish the country as Africa’s leading center for gemstone beneficiation and jewelry design.
Since its founding in 2016, GMMAN has remained committed to building a transparent and profitable gemstone industry. Its long-term vision is to position Nigeria as a global hub for high-quality, responsibly sourced gemstones and to make the sector a cornerstone of the nation’s non-oil economy.
