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Muscat – Oman’s gold imports saw a significant rise this year, increasing by 41% to reach RO176.6mn in the first five months of 2024, compared to RO125.1mn in the same period of 2023, according to data from the National Centre for Statistics and Information (NCSI).
During the January-May 2024 period, Oman imported approximately 8,443 kilograms of gold, up from 5,675 kilograms in the same period in 2023, recording an year-on-year increase of over 48%.
The United Arab Emirates was the largest exporter of gold to Oman, with a value of RO170.4mn as of the end of May 2024. Hong Kong followed with RO3.173mn, and Turkey with RO1.420mn.
In contrast, Oman’s gold exports during the same period dropped by 23%, totaling RO14.69mn, compared to RO18.99mn in the first five months of 2023.
The total weight of gold exported by Oman in 2024 was about 510 kilograms, down from 924 kilograms in the same period of the previous year.
The United States was the leading importer of Omani gold by the end of May 2024, with imports valued at RO7.228mn, followed by the UAE with RO6.04 million imports.
The NCSI data also showed a substantial increase in the re-exports of gold from Oman, which surged by 826% to RO52.682mn during the first five months of 2024, compared to RO5.690mn in the same period of 2023.
The total weight of re-exported gold was about 2,084 kilograms in the first five months of this year, up from 1,247 kilograms in the corresponding period of previous year.
Iran was the top destination for Oman’s re-exported gold, with a value of RO41.594mn. Turkey and the UAE followed with RO3.833mn and RO3.346mn, respectively.
In Oman, the average price of 24-karat gold rose to RO29.950 per gram by the end of the second quarter of 2024, up from RO26.400 per gram in the first quarter. Similarly, the average price of 21-karat gold increased to RO25.833 per gram, compared to RO22.717 per gram.
By the end of the second quarter of 2024, the number of institutions and establishments involved in the retail sale of gold and jewelry in Oman reached 771, with 536 located in the Muscat Governorate.
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