Oman’s gold imports surge 41% to RO 176.5mn in 2024

Muscat: The Sultanate of Oman’s total import of gold recorded a 41 percent increase to reach OMR176,591,960 by the end of May of this year compared to the same period in 2023, which recorded about OMR125,100,929.

The total weight of gold imported by the Sultanate of Oman by the end of May 2024 amounted to about 8,443 kilograms, compared to 5,675 kilograms in the same period in 2023, according to data issued by the National Centre for Statistics and Information.

The United Arab Emirates came first in the list of countries exporting gold to the Sultanate of Oman at the end of May 2024, with a value of OMR170,395,964, followed by Hong Kong with OMR3,173,485, followed by Turkey with OMR1,420,125, then the Kingdom of Bahrain with OMR680,688 , and Russia with OMR314,625.

On the other hand, statistics showed that the total value of the Sultanate of Oman’s gold exports recorded at the end of May of this year a value of OMR 14,690,377, with a decrease of 23 percent compared to the same period in 2023, where the value of exports recorded OMR 18,990,963. The total weight of gold exported by the end of May of this year amounted to about 510 kilograms, compared to 924 kilograms by the end of May 2023.

The United States of America came at the forefront of the countries importing gold from the Sultanate of Oman by the end of May 2024, with a value of OMR7,228,175, followed by the United Arab Emirates with OMR 8,004,272, then Hong Kong with OMR 603,488 then the Republic of India with OMR 475,584 , and then the Kingdom of Bahrain with OMR 203,601.

Statistics showed that the total value of re-exports from the Sultanate of Oman of gold recorded at the end of May of this year a value of OMR 52,682,300, an increase of 826 percent compared to the same period in 2023, when the value of re-exports recorded OMR 5,690,737.

The total weight of gold re-exported by the end of May of this year amounted to about 2,084 kilograms, compared to 1,247 kilograms by the end of May of 2023. Iran came at the forefront of the countries to which gold was re-exported from the Sultanate of Oman by the end of May of 2024, with a value of OMR41,594,815, followed by Turkey with OMR3,833,541 , then the United Arab Emirates with OMR 3,346,732, then the United States of America with OMR 3,183,838 and then the Republic of India with OMR 723,374.

It is noteworthy that the average price of a gram of 24-karat gold rose by the end of the second quarter of this year to OMR29 and 950 baisas, compared to OMR26rials and 400 baisas at the end of the first quarter of this year.

The average price of a gram of 21-karat gold rose to OMR25 and 833 baisas, compared to 22 Omani riyals and 717 baisas, and the average price of 18-karat gold reached OMR22 and 33 baisas, up from 19 Omani riyals and 350 baisas.

The total number of institutions and establishments operating in the retail sale of gold and jewelry reached 771 institutions by the end of the second quarter of 2024, including 536 in the Governorate of Muscat.