AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
A small jewellery business in Nigeria usually starts with costume or gold-plated pieces, which cost little per item and carry high markups, rather than solid gold, which ties up large sums. In our labelled example, ₦75,000 of costume jewellery and ₦120,000 of gold-plated pieces each earn about ₦100,000 profit, but plated pieces that tarnish and come back can cut that quickly.
The main types of jewellery
| Type | What it is | For the seller |
|---|---|---|
| Costume (fashion) | Base metal, alloy, beads or resin, often with stones | Cheap per piece, high markup, trend-driven, short life |
| Gold-plated | A thin layer of gold over a base metal | Looks like gold; plating wears with sweat, water and perfume |
| Gold-filled / vermeil | A thicker gold layer, often over silver for vermeil | Lasts longer, costs more |
| Sterling silver | Silver alloy, often stamped 925 | Durable, mid-priced, tarnishes but can be cleaned |
| Solid gold | Gold alloy measured in karats | High capital, needs testing, security and trusted suppliers |
| Beads and coral | Traditional pieces for weddings and ceremonies | Strong demand around events |
Most small sellers start with costume and plated items, add sterling silver, and leave solid gold until they have capital, security and supplier relationships.
Describe each piece accurately
The fastest way to lose customers is to sell plated jewellery as gold or base metal as silver. Write the material on every listing and receipt: costume, gold-plated, sterling silver. Tell buyers how to care for plated pieces (keep them dry, away from perfume, store separately) and how long plating typically lasts with daily wear. Honest descriptions mean fewer returns and more repeat buyers.
Sourcing
Sellers buy from wholesale markets, importers and online suppliers abroad. Before ordering in quantity:
- Buy a few samples and wear them for a week, including in heat and after washing hands.
- Check clasps, stone settings and finishing; cheap clasps break first.
- Ask suppliers for the base metal and plating details in writing.
- Watch for nickel, which irritates some skin; offer nickel-free lines if you can source them.
- For imports, add shipping and clearing to the cost; see calculating landed cost.
Pricing and margins (example figures)
Example only. Two starter batches.
| Batch (example) | You pay | You sell | Profit | Markup |
|---|---|---|---|---|
| 50 costume pieces | 50 × ₦1,500 = ₦75,000 | 50 × ₦3,500 = ₦175,000 | ₦100,000 | 133.3% |
| 20 gold-plated pieces | 20 × ₦6,000 = ₦120,000 | 20 × ₦11,000 = ₦220,000 | ₦100,000 | 83.3% |
Now suppose two of the plated pieces tarnish within weeks and you refund them, writing them off. You sell 18 at ₦11,000, bringing ₦198,000, against the same ₦120,000 cost: profit falls to ₦78,000. A clear care card and honest description reduce that risk more than a lower price would.
Keep a simple record of which designs sell in the first two weeks and reorder only those. Pieces that have not moved in two months are better sold in a bundle offer than left to tarnish in a drawer.
Markups look large because each piece is cheap, but jewellery sells slowly, trends change and pieces get lost or damaged. Price to cover your time, packaging and photographs, not only the cost of the item.
Start-up cost (example figures)
| Item (example) | Amount |
|---|---|
| Opening stock | ₦400,000 |
| Display trays, busts and mirror | ₦120,000 |
| Ring light for photos | ₦40,000 |
| Pouches, boxes and care cards | ₦50,000 |
| CAC business name (₦1,000 + ₦20,000) | ₦21,000 |
| Total | ₦631,000 |
CAC fees are from the schedule published 29 May 2025, and registering the name lets you open an account in it. A stall or shop adds rent; many sellers start online and at pop-up markets.
Who buys and when
Jewellery demand follows events. Weddings, engagements, birthdays, graduations and festive seasons bring the biggest sales, and traditional weddings in particular create demand for beads, coral and matching sets for the bride and her party. Office workers buy everyday earrings and chains; students buy cheaper costume pieces that follow trends. Decide which buyer you serve first, because each wants a different price point and style.
Corporate and bridal orders can be large. Treat them like any bulk order: a written list of pieces, a deposit before you buy and a fixed collection date. Men's jewellery, such as chains, bracelets, rings and cufflinks, is often under-served and worth testing.
Display and selling online
- Photograph pieces on a plain background and on a person, so buyers see scale.
- Use a mirror at your stall; buyers want to see the piece on themselves.
- Group items into sets (earrings, necklace and bracelet) at a set price.
- Lock solid gold and silver away; display only what you can watch.
Instagram and WhatsApp carry most small jewellery sales; see how to start selling on Instagram. On Jiji, paid Boost tiers renew ads every 48 hours at the Basic level and more often at higher tiers, with current prices on its Premium Services page; see selling on Jiji.
Where Pryme fits
For online orders, take payment before dispatch. Bank-transfer checkout on a Pryme Business Account costs 0.5 percent, capped at ₦2,000, and the money shows in your own app before you send anything.
Questions people ask
Is jewellery business profitable in Nigeria?
It can be, because costume and plated pieces carry high markups. Returns, slow sales and changing trends reduce profit, so honest descriptions and careful sourcing matter.
How much do I need to start a jewellery business?
In our labelled example, about ₦631,000 for stock, display, photo equipment, packaging and CAC registration, selling online. A shop adds rent.
What is the difference between gold-plated and real gold?
Gold-plated jewellery has a thin layer of gold over another metal and wears with use. Solid gold is a gold alloy throughout and costs far more.
How do I price jewellery for sale?
Start from your cost per piece, then cover packaging, photography, losses and your time. Our example sells ₦1,500 costume pieces at ₦3,500.
Sources
- Jiji.ng FAQ: What are the types of Premium Services on Jiji? · accessed Oct 2026
- CAC New Schedule of Fees (29 May 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.