Ilorin gold merchants' laments low patronage
- Oyiza Ishaq
- Aug 3, 2015
- 2 min read
Gold Merchants at Oja Oba Market in Ilorin, the Kwara State capital, said the present economic situation of the country is greatly affecting their businesses as they now record low patronage from their customers.
The Association’s Secretary, Alhaji Aliyu Abdullahi, stated this while speaking with Pilot Business last weekend, adding that the current high prices of gold globally is also not helping the merchants because it has been discouraging their customers to invest in the business.
According to him, gold is a major asset to customers and the motive is to invest their money in it with the mind-set of re-selling the jewellery after a while and make their profits. This is because no matter how it is, they will later re-sell the jewellery at a higher price than they bought it initially.
Presently, the reverse is the case as the prices continue to rise on daily basis. These days, we barely see customers to come and buy the jewellery.
He said that before now customers came in their large numbers to patronise the market while some even came from neighbouring states because of the fact that they have gold in abundance at the market.
Abdullah, who bemoaned the situation lamented that things had since changed for the gold merchants.
Another gold seller, who identified himself as Alhaji Zubair Alimi at Oja Oba Market, said "When dollar rises, it is bad for us (gold merchants') because we lost customers in the period but when it is normal we buy cheaply and sell as such so we get more patronage.
Also, another merchant, Alhaji Akeem Aminu, however absolved the merchants from the rise in the jewellery price, saying that while they felt the customers' plights, they still have to sell what they bought from the market.
Aminu however prayed that the economic situation improved soon for the benefits of both the merchants and the customers.
Speaking, one of the customers at the market, Mrs Adijat Oniyangi said the difference in the buying and selling rate is too much and frustrating for customers as it is no longer profitable to them like used to be.
“We now buy English gold at N7, 500 and sell at N5, 700, Dubai gold is now N9, 000 and sells N6, 700, Saudi gold is N8, 500 and also sells at N6, 700 respectively.
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