Muscat: This marks a significant leap from the RO 125.1 million recorded in the same period last year. The country also saw a notable rise in the total weight of imported gold, reaching approximately 8,443 kilograms compared to 5,675 kilograms in 2023, according to data from the National Center for Statistics and Information.

The United Arab Emirates is the leading gold exporter to Oman, contributing RO 170.4 million worth of gold. It is followed by Hong Kong with RO 3.17 million, Turkey with RO 1.42 million, Bahrain with RO 680,688, and Russia with RO 314,615.

In contrast, Oman’s gold exports dropped 23%, totalling RO 14.7 million by the end of May 2024. This is a sharp drop from the RO 19 million in the same period last year. The exported weight also fell to about 510 kilograms, down from 924 kilograms in 2023.

The United States topped the list of gold importers from Oman, with a value of RO 7.2 million, followed by the UAE at RO 6 million, Hong Kong at RO 603,488, India at RO 475,584, and Bahrain at RO 203,601.

Oman’s gold re-exports, however, have soared by 826%, reaching RO 52.7 million by the end of May 2024, compared to RO 5.7 million last year. The weight of re-exported gold also increased to about 2,084 kilograms, up from 1,247 kilograms in 2023. Iran is the leading destination for re-exported gold, valued at RO 41.6 million, followed by Turkey, the UAE, the USA, and India.

The average price of gold has also seen an uptick, with a gram of 24-carat gold reaching RO 29.95 by the end of Q2 2024, up from RO 26.40 at the end of Q1. Similarly, 21-carat gold is now priced at RO 25.83 per gram, and 18-carat gold at RO 22.33 per gram.

Oman’s retail gold and jewellery sector continues to grow, with 771 establishments now operating, including 536 in Muscat Governorate.