How Much is 18 Karat Gold in Nigeria? Complete Guide for 2025

When it comes to understanding how much 18 karat gold costs in Nigeria, having accurate and current information is crucial for buyers, sellers, and investors alike. As of April 2025, we’ve put together this detailed guide to explore the price of 18 karat gold in Nigeria, factoring in market trends, exchange rates, and local dynamics. Whether you’re purchasing jewelry, investing in gold bars, or selling scrap gold, we’ll provide a comprehensive breakdown to help you navigate the costs effectively.

What is 18 Karat Gold?

Before diving into pricing, let’s clarify what 18 karat gold means. Gold purity is measured in karats, with 24 karat (24K) being pure gold, or 99.9% gold content. 18 karat gold, also known as 750 gold, contains 75% pure gold and 25% other metals like copper, silver, or nickel. This alloy enhances durability, making it a popular choice for jewelry in Nigeria, balancing value and practicality.

Current Price of 18 Karat Gold in Nigeria

The price of 18 karat gold in Nigeria fluctuates daily due to global gold market trends and the Naira’s exchange rate against the US Dollar (USD). Gold is traded internationally in USD per troy ounce (31.1035 grams), and local prices in Naira reflect this base rate adjusted for purity and currency conversion. As of April 2, 2025, with an estimated exchange rate of ₦1,650 per USD, here’s the cost breakdown:

• Per Gram: The spot price of 24K gold is approximately $2,700 per ounce, or $86.83 per gram. For 18K gold (75% purity), this translates to $65.12 per gram, or roughly ₦107,448 per gram in Naira.
• Per 10 Grams: Around ₦1,074,480.
• Per Kilogram: Approximately ₦107,448,000.
• Per Tola (11.66 grams): About ₦1,252,844.

These figures are based on raw gold rates. Retail prices for finished jewelry or gold bars may include additional costs like craftsmanship, taxes, or vendor margins.

Read also: How Much Is One Gram of Gold in Nigeria? A Detailed 2025 Guide

Factors Affecting 18 Karat Gold Prices in Nigeria

Several elements influence how much 18 karat gold costs in Nigeria:

• Global Gold Market: Prices are set by the London Bullion Market Association (LBMA) and fluctuate with supply, demand, and geopolitical events.
• Exchange Rate Volatility: With the Naira at ₦1,650 per USD in April 2025, any depreciation increases local gold prices.
• Local Demand: High demand for 18K gold jewelry, especially during weddings or festive seasons, can drive prices up.
• Mining and Supply: Nigeria’s artisanal gold mining contributes to supply, but refining and export costs affect pricing.

How Much is 18 Karat Gold Jewelry in Nigeria?

Jewelry prices exceed raw gold rates due to design and labor. For example:

• 18K Gold Chain (5 grams): Raw gold cost is ₦537,240, but retail might range from ₦600,000 to ₦800,000, depending on craftsmanship.
• 18K Gold Ring (2.5 grams): Base cost is ₦268,620, with retail prices between ₦300,000 and ₦450,000.
• 18K Gold Earrings (1.5 grams): Raw value is ₦161,172, often sold for ₦200,000 to ₦300,000.

These estimates reflect market trends observed in cities like Lagos and Abuja.

18 Karat Gold vs. Other Karats in Nigeria

Comparing 18 karat gold to other purities helps contextualize its value:

• 24K Gold (99.9% pure): ₦143,264 per gram, ideal for investment but too soft for daily wear.
• 22K Gold (91.6% pure): ₦131,158 per gram, common in traditional Nigerian jewelry.
• 14K Gold (58.3% pure): ₦83,523 per gram, more affordable and durable.

18K gold strikes a balance, offering 75% purity with enhanced strength, making it a favorite for modern and durable pieces.

Where to Buy 18 Karat Gold in Nigeria

Knowing how much 18 karat gold costs in Nigeria is only half the equation—where you buy matters:

• Jewelry Markets: Wuse Market (Abuja) and Lagos Island Market offer competitive prices, though haggling is key.
• Reputable Jewelers: Stores like Azarai Jewelers or local goldsmiths provide certified 18K gold, often at a premium.
• Online Platforms: Websites like Jumia or verified vendors on social media list prices, such as an 18K gold chain (5.6 grams) at ₦728,000.

Always verify authenticity with hallmarks (e.g., “18K” or “750”) and request receipts.

Selling 18 Karat Gold in Nigeria

If you’re selling, expect slightly lower rates than buying prices due to refining costs and profit margins:

• Scrap Gold (Per Gram): Buyers may offer ₦90,000 to ₦100,000, compared to the raw rate of ₦107,448.
• Jewelry: Prices depend on condition and design, typically 80-90% of the raw gold value.

Visit gold dealers in Lagos, Ibadan, or Kano for the best offers, and ensure you weigh your gold accurately.

Exchange Rate Impact on 18 Karat Gold Costs

The Naira’s value significantly affects 18 karat gold prices in Nigeria. At ₦1,650 per USD, a $65.12 gram of 18K gold costs ₦107,448. If the rate rises to ₦1,800, the same gram jumps to ₦117,216. We recommend monitoring forex trends via the Central Bank of Nigeria or financial apps to time your purchase or sale.

Why Invest in 18 Karat Gold?

Despite its cost, 18 karat gold remains a smart choice:

• Durability: Stronger than 24K or 22K, ideal for everyday wear.
• Value Retention: Holds significant worth, even amid inflation.
• Cultural Appeal: Widely accepted for weddings and gifts, ensuring demand.

It’s a practical investment blending utility and wealth preservation.

Tips to Get the Best Value

Maximize your budget with these strategies:

• Buy during price dips by tracking global gold trends.
• Negotiate with local vendors for bulk or scrap purchases.
• Avoid unofficial dealers to ensure purity and fair pricing.

For real-time updates, check GoldPrice.org or local market reports.

The Worth of 18 Karat Gold in Nigeria

Ultimately, how much 18 karat gold costs in Nigeria reflects its blend of beauty, durability, and investment potential. Whether adorning a bride or securing your savings, its value endures in Nigeria’s dynamic economy.