CIS: Semi-Manufactured Gold Market 2025

Semi-Manufactured Gold Market Size in CIS

The CIS semi-manufactured gold market skyrocketed to $X in 2022, jumping by 171% against the previous year. Over the period under review, consumption enjoyed a resilient expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Semi-Manufactured Gold Production in CIS

In value terms, semi-manufactured gold production rose modestly to $X in 2022 estimated in export price. In general, production, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 104% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Semi-Manufactured Gold Exports

Exports in CIS

Semi-manufactured gold exports reduced dramatically to X tons in 2022, which is down by -51.7% on 2021. In general, exports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2017 when exports increased by 1,155% against the previous year. The volume of export peaked at X tons in 2021, and then contracted dramatically in the following year.

In value terms, semi-manufactured gold exports fell markedly to $X in 2022. Overall, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 1,317%. Over the period under review, the exports reached the maximum at $X in 2021, and then declined markedly in the following year.

Exports by Country

Uzbekistan dominates exports structure, recording X tons, which was approx. 94% of total exports in 2022. It was distantly followed by Armenia (X tons), comprising a 5.9% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to semi-manufactured gold exports from Uzbekistan stood at -2.8%. At the same time, Armenia (+6.5%) displayed positive paces of growth. Moreover, Armenia emerged as the fastest-growing exporter exported in the CIS, with a CAGR of +6.5% from 2012-2022. While the share of Uzbekistan (+94 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Armenia (-50 p.p.) displayed negative dynamics.

In value terms, Uzbekistan ($X) remains the largest semi-manufactured gold supplier in the CIS, comprising 97% of total exports. The second position in the ranking was taken by Armenia ($X), with a 3.5% share of total exports.

In Uzbekistan, semi-manufactured gold exports expanded at an average annual rate of +4.7% over the period from 2012-2022.

Export Prices by Country

The export price in the CIS stood at $X per kg in 2022, rising by 2.3% against the previous year. In general, the export price showed a prominent expansion. The growth pace was the most rapid in 2015 when the export price increased by 43%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Uzbekistan ($X per kg), while Armenia stood at $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+7.8%).

Semi-Manufactured Gold Imports

Imports in CIS

In 2022, approx. X kg of gold, in semi-manufactured forms were imported in the CIS; declining by -81.2% on 2021. Overall, imports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 when imports increased by 7,814%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, semi-manufactured gold imports reduced rapidly to $X in 2022. Over the period under review, imports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when imports increased by 19,811%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Russia (X kg) represented the largest importer of gold, in semi-manufactured forms, comprising 72% of total imports. It was distantly followed by Azerbaijan (X kg) and Belarus (X kg), together generating a 23% share of total imports. Kazakhstan (X kg) held a relatively small share of total imports.

Russia was also the fastest-growing in terms of the gold, in semi-manufactured forms imports, with a CAGR of +6.6% from 2012 to 2022. Belarus (-15.9%), Kazakhstan (-17.1%) and Azerbaijan (-47.1%) illustrated a downward trend over the same period. Russia (+51 p.p.) and Azerbaijan (+18 p.p.) significantly strengthened its position in terms of the total imports, while Kazakhstan and Belarus saw its share reduced by -4.4% and -10.7% from 2012 to 2022, respectively.

In value terms, the largest semi-manufactured gold importing markets in the CIS were Azerbaijan ($X), Russia ($X) and Belarus ($X), together comprising 96% of total imports.

Among the main importing countries, Russia, with a CAGR of +16.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in the CIS amounted to $X per kg, dropping by -56% against the previous year. In general, the import price showed a perceptible decline. The most prominent rate of growth was recorded in 2021 when the import price increased by 216% against the previous year. As a result, import price reached the peak level of $X per kg, and then dropped dramatically in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Azerbaijan ($X per kg), while Russia ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+12.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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