Muscat: Oman’s gold trade has experienced significant growth, characterized by increases in imports, exports, and re-exports, by the end of November 2024, driven by heightened local and regional demand for this precious metal.
According to preliminary data from the National Centre for Statistics and Information (NCSI), Oman’s gold imports reached OMR 372 million, reflecting a 17.4% rise from OMR 316.9 million during the same timeframe in 2023.
The total weight of gold imported also increased to 15,439 kilograms, compared to 14,358 kilograms the previous year.
The UAE led as the primary exporter of gold to Oman, contributing 92.1% of total imports valued at OMR 342.7 million. Yemen followed with OMR 11.3 million, Sudan with OMR 6.4 million, Hong Kong with OMR 3.2 million, and the United States with OMR 1.7 million.
On the export side, Oman’s gold exports surged by 77.7%, reaching OMR 63.2 million by November 2024, up from OMR 35.6 million in 2023. The weight of exported gold also rose to 2,198 kilograms, an increase from 1,526 kilograms the previous year. The UAE continued to be the largest importer of Omani gold, accounting for 67.2% of total exports, followed by the United States, India, Bahrain, Hong Kong, and Iraq.
Re-exports of gold from Oman saw an exceptional increase, with values climbing to OMR 147.3 million, an 800% rise from OMR 16.4 million in 2023.
The weight of re-exported gold doubled to 5,287 kilograms, up from 1,886 kilograms. Iran emerged as the primary destination for re-exported gold, receiving 78.6% of the total, followed by the UAE, Turkey, and the United States.
In 2024, Oman experienced notable stability in gold prices, even amidst global fluctuations in precious metal markets. The average price for 24-karat gold was OMR 30.4 per gram, while 21-karat gold averaged OMR 26.3, and 18-karat gold was priced at OMR 22.4.
The gold and jewellery industry in Oman consists of 931 businesses, which include 785 retail shops, 45 repair services, 90 jewellery and precious stone manufacturers, and 9 producers of crafted precious metals. Additionally, there is one facility dedicated to raw precious metals and another for coated or plated metal products.
These statistics highlight Oman's increasing significance in the gold trade, presenting potential investment opportunities in the refining and manufacturing of precious metals.
This development positions Oman as a promising regional center for the gold industry.
