The Sultanate of Oman has seen a significant increase in the import of gold, with a recorded 41 percent rise to OMR176,591,960 by the end of May 2024 compared to the same period in 2023. The total weight of gold imported also increased to about 8,443 kilograms in 2024, up from 5,675 kilograms in 2023. The United Arab Emirates was the leading country exporting gold to Oman, followed by Hong Kong, Turkey, Bahrain, and Russia.
On the other hand, the value of Oman’s gold exports decreased by 23 percent to OMR14,690,377 by the end of May 2024 compared to the same period in 2023. The total weight of gold exported also declined to 510 kilograms in 2024 from 924 kilograms in 2023. The United States of America was the top importer of gold from Oman, followed by the UAE, Hong Kong, India, and Bahrain.
Additionally, the value of re-exports of gold from Oman increased by a staggering 826 percent to OMR52,682,300 by the end of May 2024 compared to 2023. The total weight of gold re-exported also saw an increase to 2,084 kilograms in 2024 from 1,247 kilograms in 2023. Iran emerged as the leading country to which gold was re-exported from Oman, followed by Turkey, the UAE, the US, and India.
The average price of gold also saw an increase by the end of the second quarter of 2024, with the price of a gram of 24-karat gold rising to OMR29.950, up from OMR26.400 in the first quarter. Similarly, the average prices of 21-karat and 18-karat gold also rose. With the increase in gold prices, the total number of institutions and establishments operating in the retail sale of gold and jewelry in Oman reached 771 by the end of the second quarter of 2024, with 536 located in the Governorate of Muscat.
Overall, the gold trade in Oman has shown significant growth in imports and re-exports, despite a decline in exports. The increase in gold prices has contributed to the growth in the sector, attracting a larger number of institutions and establishments in the retail sale of gold and jewelry. With the United Arab Emirates, the US, and Iran emerging as key players in the gold trade with Oman, the country remains a significant player in the regional gold market.
