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World Bank to establish gemstone institute in Abuja


The World Bank has concluded arrangements to establish a gemstone institute in Abuja to boost the production of the commodity and the jewelry industry in Nigeria.

Project Coordinator of MinDiver in the Ministry of Mines and Steel Development, Adie Linus, made the disclosure yesterday at the African Gems and Jewelry Exhibition and Seminar (AGJES 2018) in Abuja.

He said the institute, which takes off next year, would provide a platform to galvanise development of gemstones, precious metals and jewelry value chain in the country.

The exhibition promoters regretted that the industry had failed in translating the huge deposits into foreign earnings.
According to them, Africa has the largest mineral sector in the world, adding that the size of the global gem and jewelry market as at 2015 was $300 billion, with the continent accounting only for three per cent.

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