As gold prices soar, so does the risk of counterfeits in the market. Uzoamaka Ezeugwa, Creative Director of Uzo Jewelry, has cautioned buyers to verify authenticity before making purchases. Speaking on News Central TV’s Business Edge on Wednesday, March 26, 2025, Ezeugwa stressed the importance of due diligence in jewellery investment.
“There are so many pitfalls, especially if you don’t understand what you’re buying,” she warned. “Even hallmark stamps, which indicate gold purity, can be faked.”
“In the last 10 years, gold prices have surged by about 152%. I once bought gold jewellery for ₦30,000 in 2011, and now, a gram of gold costs around ₦150,000. If you snoozed back then, you’ve lost significant returns,” Ezeugwa added that gold, in particular is a safe and appreciating asset.
Apart from gold jewellery, gemstones are also getting lots of attention in the country. “Many people are unaware that Nigeria has an amazing deposit of natural gemstones,” she noted. “Understanding your local market is key—gold sells fastest in Nigeria, while silver, unless pure, holds less value.”
To avoid being duped, Ezeugwa outlined key authentication methods:
- Magnet Test – “Gold is not magnetic. If your jewellery is attracted to a magnet, it’s not real gold.”
- Acid Test – “A scratch test with nitric acid can help determine purity—real gold won’t react.”
- Float Test – “Gold sinks in water, but this alone isn’t foolproof, as some heavy metals also sink.”
For Nigerian investors, Ezeugwa strongly recommends sticking to gold. “In this market, gold is king. Silver and some gemstones don’t hold value as well. If you’re investing, go for 18-karat gold—it yields the best returns.”
She also stressed the need for proper storage and security of jewellery. “Gone are the days of wrapping jewellery in tissue paper. Invest in a secure jewellery box or, if you own significant pieces, consider a bank’s safe deposit box. Insurance is also crucial for high-value investments.”
As interest in jewellery investment grows, Ezeugwa’s advice is clear: “Knowledge is power—if you don’t educate yourself, you risk losing money rather than growing it.”
Watch more:
