Oman’s gold trade shines with remarkable growth

Muscat: Oman’s gold trade has glittered and sparkled with a remarkable growth driven by increases in imports, exports and re-exports, by the end of November 2024, reflecting rising local and regional demand for the precious metal.

Oman’s gold imports reached OMR 372 million, marking a 17.4% increase compared to OMR316.9 million during the same period in 2023, according to preliminary data from the National Centre for Statistics and Information (NCSI).

The total weight of imported gold also rose to 15,439 kilograms, up from 14,358 kilograms in the previous year.

The UAE topped the list of gold exporters to Oman, accounting for 92.1% of total imports, valued at OMR342.7 million. Yemen followed with OMR11.3 million, Sudan with OMR6.4 million, Hong Kong with OMR3.2 million, and the United States with OMR1.7 million.

Regarding the export front, Oman’s gold exports surged by 77.7%, reaching OMR63.2 million by November 2024, compared to OMR35.6 million in 2023. Weights of gold exported also increased to 2,198 kilograms, up from 1,526 kilograms the previous year. The UAE remained 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 extraordinary rise, with values soaring to OMR147.3 million, an 800% increase compared to OMR16.4 million in 2023.

Re-exported gold weights doubled to 5,287 kilograms, up from 1,886 kilograms. Iran being the top destination for re-exported gold, receiving 78.6% of the total, followed by the UAE, Turkey, and the United States.

Despite global fluctuations in precious metal prices, Oman maintained relative stability in gold prices throughout 2024, with the average price of 24-karat gold at OMR 30.4 OMR per gram, 21-karat at OMR 26.3, and 18-karat at OMR 22.4.

Oman’s gold and jewellery sector comprises 931 establishments, including 785 retail outlets, 45 repair shops, 90 manufacturers of jewellery and precious stones, and 9 producers of crafted precious metals. Additionally, there is one facility for raw precious metals and another for coated or plated metal products.

These figures underscore Oman’s growing prominence in the gold trade, highlighting opportunities for investment in refining and manufacturing precious metals.

This positions Oman as a promising regional hub in the gold sector.