Oman Sees Significant Growth in Gold Trade, Led by Surge in Imports, Exports, and Re-exports

Oman’s international gold trade witnessed substantial growth by the end of November 2024, with notable increases in imports, exports, and re-exports, reflecting rising regional demand for the precious metal.

According to preliminary data from the National Centre for Statistics and Information (NCSI), gold imports reached OMR 372 million (~USD 966 million) by the end of November 2024, marking a 17.4% rise compared to OMR 316.9 million in the same period of 2023. The total imported weight rose to 15,439 kg from 14,358 kg.

The United Arab Emirates topped the list of exporters to Oman with OMR 342.7 million (92.1% of total imports), followed by Yemen, Sudan, Hong Kong, and the United States.

Gold exports from Oman also grew significantly, reaching OMR 63.2 million (~USD 164 million), up 77.7% from OMR 35.6 million in the same period last year. The exported quantity increased to 2,198 kg from 1,526 kg.

The UAE again led as the top importer of Omani gold, followed by the United States, India, Bahrain, Hong Kong, and Iraq.

Re-export activities saw an exceptional surge, with values rising from OMR 16.4 million in 2023 to OMR 147.3 million (~USD 382 million) in 2024—an 800% increase. The re-exported weight also grew significantly to 5,287 kg, up from 1,886 kg. Key destinations included Iran, the UAE, Turkey, and the United States.

Despite global fluctuations in precious metal prices, gold prices in Oman remained relatively stable throughout 2024. The average price of 24-carat gold was approximately OMR 30.4 per gram, while 21-carat gold averaged OMR 26.3 and 18-carat OMR 22.4.

Oman’s gold and jewelry sector includes 931 registered entities, with 785 retail stores, 90 manufacturing facilities, 45 repair shops, and 11 industrial producers across different segments of the gold value chain.