MARYGOLD ADIEME Fakery is Not Synonymous to Jewelry Business Alone

Marygold Ologun Adieme is the chief executive o΀cer of Marygold Global Concept, a jewelry business that started small, but has grown phenomenally. A holder of master ’s degree in psychology from University of Lagos, Adieme started her career in the banking industry and after working for eight years, decided to set up Marygold Global Concept. In this Interview with Oyinlola Sale, Adieme reveals the prospects and challenges of jewelry business in Nigeria

After eight years in the banking sector, you went ahead to establish Marygold Global Concept, now tell us the story behind it? My going into business was by accident. I had to get into business when I could not get a ministry job because the banking job was tasking and with little or no time for my home, my husband suggested that I quit.

I was introduced into this jewelry business by a friend called Juliet. A childhood friend of mine who saw my potential that I will be a very good business woman

Compare and contrast the jewelry business in Nigeria and abroad..

The jewelry business in Nigeria is not bad at all. Nigeria being a social country especially in the Yoruba setting.

I am one of the pioneers that brought costume jewelry business into limelight when the price of real gold sky rocketed.

What does it take to set up a jewelry business like Marygold Global Concept, is it capital intensive?

Jewelry business is capital intensive but you can start small like I did when I Àrst started.

In the Jewelry Industry, many entrepreneurs have complained about LQÀOWUDWLRQ RI IDNH SURGXFWV ZKDW FDQ be done to reduce it in the market?

There are so many fake products. It’s not jewelry alone. Even in terms of clothes, bags to name a few. The only way to get going is to keep buying from a good source. Once you are sure of the source and where you can get real and genuine, stick with it.

You are very busy woman with responsibilities of managing your business and the home, so tell us about how a typical day starts for

you?

I start my day with prayers. The beauty of being on your own as a business woman is that you have your time to yourself. You can plan your day and manage your time to your satisfaction.

Raising funds for a business is not easy, so how did you manage to

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Financing the business in the early stage was not easy at all. I started with the little savings I had and my husband supported me as well. In addition to that I was getting stock from my customer and paying after sales. Yes Once your suppliers trust you and see that you are consistent, they give you stocks to sell above your money. I didn’t go into Loan at all.

Starting up a business comes with fear of uncertainty, so tell us what were some of your biggest fears, when you started this business?

In starting a new business, there is always fear of the unknown if will it work or not. Someone like me that was coming from the banking sector, it was a big challenge for me.

I was shy initially about what will people will think about me, as a banker now selling jewelries. I had no shop. I was going from salon to salon, o΀ce to o΀ce showcasing my jewelries. I had my junior sister with me then and she gave me the boost. Before you know it, I was making money.

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of the challenges you are encountering?

Well, there are challenges in every business. I have had issues with people owing and Ànding it di΀cult to pay. Especially when we had a lot of clients in the banking sector and were laid oͿ their jobs. Many of them could not pay me and went away with my money. I lost a lot of money then. There are some customers who buy on credit and don’t pay up on the agreed time. It’s really not easy when you deal with women especially in business.

It’s also a very vast business. When you talk about jewelry business, you are talking about: wrist watches, rings, neck and ear sets, chains, bangles, accessories in general. Keeping track and counting is always very di΀cult. Sales representative will cheat, steal and accountability is always not sure. Sometimes you feel like running mad when dealing with these people. Especially when you are not always in the shop. Aside from sales reps, some customers do shop lifting. All these are part of the problems one faces in business.

Now, what makes Marygold Global Concept unique from other Jewelry and accessories brands out there in the

market?

Marygold Global is unique in the sense that we have been able to keep and maintain our customers throughout the years that we have been in business.

Satisfying our clients has been our goal. We have maintained customer satisfaction and we also do after sale service. I go from one place to another in search of quality, unique and uncommon jewelries. Most of our jewelries are near to gold and most people don’t believe it’s not real gold, because we copy real gold. The only diͿerence is that it has no karat. In terms of durability, we are number one. Our customers can testify to it.

In this your business journey, was WKHUH D WLPH WKDW ZDV VR GLͿFXOW WKDW you felt like giving up?

There are times that I really thought of giving up. Most customers like to buy on credit. Sometimes your money will be tied down for a while because you are waiting for customers to pay up. We all know that credit kills business.

There are also times when customers are rude just because you remind them to pay up their debt. But what do I do? I just have to be patient. Being in business is not an easy task. We sometimes had to source for money somehow to restock before the monies outside will begin to come in.

Business in Nigeria is not really easy, the average Nigerian wants to buy on credit.

In fact they tend to patronise someone who agrees to sell on credit. Especially products like mine. But when it comes to payment, that’s when the issue will start especially when they have no money.

However, the jewelry business, I must confess, is a very lucrative business. It has to do with a lot of dedication, time, taste and style.

As an entrepreneur in Nigeria, in what way can the government make your business thrive?

Government can create an enabling environment for small scale business to grow, If they can provide good amenities like light, good roads , Áexible loan and also let money be in circulation. If the standard of living is raised, people will live well and also be able to want to look good.

In a country where food is expensive, it’s only those that have fed well that they can think of buying jewelries and clothes to look good.

The journey in business can be quite unpredictable, but as an entrepreneur you must be visionary, so where do you hope to see Marygold

Global Concept in the next 5 years?

Marygold global concept has come a long way and we have also been known internationally. My plan is to open shops abroad, so that all over the world, Marygold will be a household name. Our slogan is “Marygold: looking good is our business”.

Adieme