Russian Federation: Gold Market 2025

Gold Market Size in the Russian Federation

The Russian gold market shrank significantly to $X in 2021, falling by -23.7% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Gold consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Gold Production in the Russian Federation

In value terms, gold production dropped to $X in 2021 estimated in export price. Overall, the total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +75.2% against 2015 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 25% against the previous year. As a result, production attained the peak level of $X, and then contracted in the following year.

Gold Exports

Exports from the Russian Federation

In 2021, shipments abroad of gold decreased by -5.3% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, exports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 633%. The exports peaked at X tons in 2020, and then contracted in the following year.

In value terms, gold exports contracted to $X in 2021. Over the period under review, exports, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2019 when exports increased by 727% against the previous year. The exports peaked at $X in 2020, and then fell in the following year.

Exports by Country

The UK (X tons) was the main destination for gold exports from Russia, accounting for a 88% share of total exports. It was followed by Kazakhstan (X tons), with a 2.7% share of total exports. Switzerland (X tons) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2021, the average annual growth rate of volume to the UK totaled +21.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (+158.8% per year) and Switzerland (-17.2% per year).

In value terms, the UK ($X) remains the key foreign market for gold exports from Russia, comprising 89% of total exports. The second position in the ranking was held by Switzerland ($X), with a 2.4% share of total exports. It was followed by Kazakhstan, with a 2.1% share.

From 2012 to 2021, the average annual growth rate of value to the UK totaled +21.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-16.5% per year) and Kazakhstan (+211.7% per year).

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, remaining stable against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average export price increased by 25% against the previous year. As a result, the export price attained the peak level of $X per kg, and then contracted slightly in the following year.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Hong Kong SAR ($X per kg) and the UK ($X per kg), while the average price for exports to Kazakhstan ($X per kg) and India ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into the Russian Federation

In 2021, after three years of decline, there was significant growth in overseas purchases of gold, when their volume increased by 41% to X tons. In general, imports recorded a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of 155% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, gold imports fell remarkably to $X in 2021. Overall, imports recorded a prominent increase. The growth pace was the most rapid in 2017 when imports increased by 124%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Switzerland (X kg) constituted the largest gold supplier to Russia, accounting for a 59% share of total imports. Moreover, gold imports from Switzerland exceeded the figures recorded by the second-largest supplier, Italy (X kg), fourfold. The third position in this ranking was taken by Peru (X kg), with a 9.9% share.

From 2012 to 2021, the average annual growth rate of volume from Switzerland stood at +30.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-12.7% per year) and Peru (0.0% per year).

In value terms, Switzerland ($X) constituted the largest supplier of gold to Russia, comprising 91% of total imports. The second position in the ranking was held by Italy ($X), with a 1.9% share of total imports. It was followed by Kyrgyzstan, with a 1.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland stood at +22.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-17.2% per year) and Kyrgyzstan (0.0% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, falling by -42.8% against the previous year. Over the period under review, the import price, however, saw strong growth. The most prominent rate of growth was recorded in 2013 when the average import price increased by 199%. Over the period under review, average import prices hit record highs at $X per kg in 2020, and then reduced markedly in the following year.

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 Switzerland ($X per kg), while the price for Italy ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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