Muscat: The Sultanate of Oman witnessed a 41 percent surge in its total gold imports, reaching a value of OMR176,591,960 by the conclusion of May 2024, in stark contrast to the same period in 2023, which recorded approximately OMR125,100,929.
By the end of May 2024, the Sultanate of Oman had imported a total weight of approximately 8,443 kilograms of gold, a significant increase from the 5,675 kilograms imported during the same period in 2023, as reported by the National Centre for Statistics and Information.
In terms of gold exports, the United Arab Emirates emerged as the leading exporter to Oman at the end of May 2024, with a value of OMR170,395,964, closely followed by Hong Kong with OMR3,173,485, Turkey with OMR1,420,125, the Kingdom of Bahrain with OMR680,688, and Russia with OMR314,625.
Conversely, the Sultanate of Oman experienced a notable decline in the value of its gold exports at the end of May 2024, recording a total value of OMR 14,690,377, a 23 percent decrease from the same period in 2023, during which the value of exports stood at OMR 18,990,963.
Regarding gold exports, the Sultanate of Oman reported a total weight of approximately 510 kilograms by the end of May 2024, a significant decrease from the 924 kilograms reported at the end of May 2023.
In terms of gold imports, the United States of America took the lead at the end of May 2024, with a value of OMR7,228,175, followed by the United Arab Emirates with OMR 8,004,272, Hong Kong with OMR 603,488, the Republic of India with OMR 475,584, and the Kingdom of Bahrain with OMR 203,601.
Furthermore, the Sultanate of Oman saw a remarkable increase in the value of gold re-exports at the end of May 2024, reaching OMR 52,682,300, an eight-fold increase compared to the same period in 2023, during which the value of re-exports was OMR 5,690,737. The total weight of gold re-exported by the end of May 2024 amounted to approximately 2,084 kilograms, a significant increase from the 1,247 kilograms re-exported at the end of May 2023.
By the conclusion of May 2024, Iran emerged as the leading recipient of gold re-exports from the Sultanate of Oman, with a total value of OMR41,594,815. This was followed by Turkey with OMR3,833,541, the United Arab Emirates with OMR3,346,732, the United States of America with OMR3,183,838, and finally, the Republic of India with OMR723,374.
It is important to highlight that the average price per gram of 24-karat gold increased to OMR29,950 at the end of the second quarter of the year, a rise from OMR26,000 and 400 baisas observed at the conclusion of the first quarter. Conversely, the average price per gram of 21-karat gold saw a slight decrease to OMR25,833, from OMR22,720 and 717 baisas, and the price per gram of 18-karat gold experienced a marginal increase to OMR22,330, from OMR19,720 and 350 baisas.
Furthermore, the aggregate number of institutions and establishments engaged in the retail sale of gold and jewelry had expanded to 771 by the end of the second quarter of 2024, with 536 of these entities located within the Governorate of Muscat.
