Oman: Gold Market 2025

Gold Market Size in Oman

The Omani gold market surged to $X in 2021, picking up by 297% against the previous year. Over the period under review, consumption enjoyed a buoyant increase. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Gold Production in Oman

In value terms, gold production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a noticeable setback. The growth pace was the most rapid in 2013 when the production volume increased by 25% against the previous year. Gold production peaked at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Gold Exports

Exports from Oman

In 2021, approx. X tons of gold were exported from Oman; waning by -37.4% against 2020. Overall, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 399%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, gold exports dropped remarkably to $X in 2021. In general, exports, however, saw a remarkable increase. The growth pace was the most rapid in 2019 with an increase of 427% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for gold exports from Oman, accounting for a 58% share of total exports. Moreover, gold exports to the United Arab Emirates exceeded the volume sent to the second major destination, Switzerland (X kg), fourfold. The third position in this ranking was taken by Qatar (X kg), with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates stood at +23.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+48.0% per year) and Qatar (+58.9% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for gold exports from Oman, comprising 66% of total exports. The second position in the ranking was taken by Qatar ($X), with a 16% share of total exports. It was followed by Hong Kong SAR, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates stood at +11.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+22.0% per year) and Hong Kong SAR (0.0% per year).

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, waning by -41% against the previous year. Overall, the export price continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2014 an increase of 10% against the previous year. Over the period under review, the average export prices attained the maximum at $X per kg in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per kg), while the average price for exports to Switzerland ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (-10.0%), while the prices for the other major destinations experienced a decline.

Gold Imports

Imports into Oman

In 2021, imports of gold into Oman skyrocketed to X tons, jumping by 87% compared with 2020 figures. Over the period under review, imports showed a buoyant increase. The pace of growth appeared the most rapid in 2015 with an increase of 144% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, gold imports skyrocketed to $X in 2021. Overall, imports enjoyed a significant expansion. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of gold to Oman, with a 68% share of total imports. Moreover, gold imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), threefold. Switzerland (X kg) ranked third in terms of total imports with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates stood at +28.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+92.3% per year) and Switzerland (+72.3% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of gold to Oman, comprising 89% of total imports. The second position in the ranking was taken by Ukraine ($X), with a 2.9% share of total imports. It was followed by Qatar, with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates totaled +48.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+62.3% per year) and Qatar (-16.2% per year).

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, surging by 44% against the previous year. Over the last nine years, it increased at an average annual rate of +3.0%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per kg), while the price for Ukraine ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+19.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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