Kuwait’s gold and precious metals imports rose significantly in the first seven months of 2024, increasing by 13.4% to $1.247 billion (KWD 377.97 million) compared to the same period in 2023. This marks a substantial growth of KWD 44.62 million from last year’s KWD 333.35 million.
Gold Imports Drive Growth
- Gold imports alone surged by 40%, amounting to KWD 165.9 million, a significant rise from KWD 118.5 million during the same period last year. This increase equates to an additional KWD 47.38 million.
- In contrast, imports of natural or cultured pearls, semi-precious stones, and jewellery experienced a slight decline of 1.3%, dropping by KWD 2.75 million to KWD 212 million.
Annual Trends for 2023
While 2024 data showcases growth, 2023 saw a downturn in overall imports:
- Total imports dropped by 12.2% to KWD 642.6 million, compared to KWD 731.83 million in 2022.
- Gold imports decreased by 18.7% to KWD 277.3 million.
- Imports of pearls and precious metals fell by 6.5%, amounting to KWD 365.27 million.
Stamping and Examination Activities
The Precious Metals Department reported a decline in the stamping and examination of gold, platinum, and diamonds in 2023:
- Gold jewellery stamped totaled 36.4 tonnes, a 28.5% decrease.
- Diamond certification fell by 48.2%, while platinum examinations dropped by 47.6%.
- However, silver imports grew by 8%, reaching 4.88 tonnes.
Global Factors Fueling Growth
The surge in gold imports aligns with global trends:
- Gold prices have risen by 33% since the start of the year.
- Central banks worldwide, including those in Turkey, India, and China, have purchased a record 483 tons of gold in the first half of 2024, according to the World Gold Council.
- These purchases are driven by concerns over US financial sanctions, sovereign debt, and geopolitical tensions impacting global currency stability.
Conclusion
Kuwait’s growing gold imports reflect broader global economic dynamics, with the rising prices and central bank demand positioning gold as a preferred asset amidst economic uncertainty. This trend underscores Kuwait’s robust participation in the global precious metals market.