Why Nigerians melt their gold jewellery in Dubai

82ea47a7f3414a7a419dd17de6c45ccd_LDUBAI likes to describe itself as the city of gold – but many, including Nigerians, don’t just come here to buy new jewellery, they also bring their old necklaces and bracelets to be melted down and restyled.

Rows of 22-carat gold chains and bracelets twinkle in the shops at Dubai’s main airport, one of the busiest in the world.

 

Waiting by the gate for the 14:25 flight to Lagos, Nigeria, is the Esochaghi family, who are returning home after a shopping trip.

“My favourite pieces are these necklaces,” says Ugochi Esochaghi, gesturing towards a small butterfly bobbing on a chain round her neck.

“I got one for my daughter too, spelling out her name,” she smiles, as toddler Valeria sucks her thumb.

“For me and my family, gold is a really treasured thing. I was brought up with it, I love it.”

Esochaghi’s gold butterfly sparkles under the bright airport lighting as she describes her latest visit to Dubai’s famous gold souk.

“We brought some of our old jewellery and it was weighed. We were then given some designs to choose from and the ones we wanted were created by melting down the gold we already had.

“It took around two days from start to finish. The product is good and it’s also cheaper here than in Nigeria.”

Husband Enyioha, who has been anxiously watching the airport clock, agrees to pose for a photo with a bottle of Johnnie Walker Gold Label whisky he bought in duty free.

Esochaghi can’t hide her glee.”You don’t see this everywhere, it’s a special thing so we’re giving it to a good friend as a gift.”

As people become increasingly connected and more mobile, the BBC is exploring how identities are changing. The Esochaghis’ story is part of a series about travellers passing through Dubai International – one of the biggest airports on Earth.

But is it normal for Nigerian families to travel to Dubai to buy gold?

“Yes,” says Ugochi, as she heads for the departure gate. “A lot of my friends come here. It’s a popular thing to do.”

One of seven Emirates, for years Dubai has been furiously marketing itself as a tourist hub – last year it attracted more than 14 million visitors who stayed for at least one night. And gold tourism has been carefully cultivated.

Although there are other global centres for the gold trade – India and China being two of the biggest – according to the World Gold Council (WGC) about 30-40 percent of the world’s gold flows through tiny Dubai.

“Ten to 15 years ago, Dubai became famous as a gold souk. Since then it’s developed as a commodities centre, and a trading business has emerged,” says John Mulligan, the WGC’s head of member investor relations.

Not having a sales tax is key, Mulligan says, as is the quality of the gold on sale, which makes it an attractive investment.

“It’s generally high caratage, which means it’s relatively pure. If you’re buying jewellery, the gold will have high intrinsic value. Because of this, it will be easy to work out how much it’s worth.”

Ugochi Akwiwu, a travel blogger, tells me more about her love of gold from her home in Benin City, Nigeria. “Nigerians in general love gold and in my part of the country it’s a show of wealth,” she says.

“My roots are with the Igbo community in south-east Nigeria and it’s traditional for mothers to hand down their gold to their daughters. Men get property and land, women inherit gold and Hollandais –  patterned fabric wraps.”

 

Ugochi Akwiwu’s tips for budding gold buyers

• Haggle, haggle, haggle – it’s expected and the only way to get the best price

• Take your passport as this will be required by gold merchants and when you’ve bought your jewellery, don’t forget to collect your receipt

• Only buy from a reputable shop – you might be approached in the street by men offering to sell you jewellery but don’t be tempted

• Check the current price of gold on the day of your planned purchase

Akwiwu travels to Dubai once a year, invariably coming back with gold, often in the form of earrings. These are just for herself and her family but others have turned shopping trips into a business.

“When I was at school, some of my classmates made money by buying gold in Dubai and selling it in Nigeria.

“A few managed to put themselves through university with the profit. Gold is roughly $5 (£3.60; 4.50 euros) a gram cheaper over in Dubai and who doesn’t like a bargain?”

With fluctuating exchange rates, the price disparity can be even greater and there are opportunities for serious buyers. Lagos-based Talutu Ahmed Olulana, for example, is a self-made woman who trades in gold.

“We buy around 5kg of gold a year and the source depends of what it’s used for,” she says. “I get raw gold from Africa but for finished gold I’ll go to Italy, India and Dubai.

“Gold is a store of value, it is movable, divisible, it appreciates and it provides a hedge against inflation. It’s really a true measure of wealth.”

Yet, like Akwiwu, she does not only regard gold as a commodity to be bought and sold. “It’s symbol of royalty. Traditionally kings, queens and chiefs would be adorned with what we call the king of metals – gold,” she says.

“I’m from Kogi state in north-central Nigeria and culturally we ascribe a lot of importance to owning it. In most parts of my state owning gold is a prerequisite of marriage.”

Fast cars and flashy jets may come and go, but – for Nigerians in particular – there will always be gold.

-BBC

 

ABOUT: Nana Kwesi Coomson

[email protected]

An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.

View all posts by: Nana Kwesi Coomson  

Leave a Reply

Your email address will not be published. Required fields are marked *

ABOUT 233TIMES

233times is a Ghanaian media house which serves as a major source of exclusive interviews ,music and video downloads, news and more.

233times reports on major events,news covering entertainment, politics, sports, business, technology, etc from within Ghana, Africa and beyond.

We have a platform for the amateur artistes to portray their staggering talents ...more...

CONTACT US

For further enquiries, please contact us via our contact us page link: CONTACT

WE ON SOCIAL MEDIA. FOLLOW US


To advertise with us or make enquiries, please visit 233times.net/advertise or call Selorm (Selorm) | Selorm (Nana Kwesi)