Kuwait imports $1.24 billion in gold, precious metals, up 13.4% in seven months

• Kuwait’s gold imports during the first seven months of this year alone totaled KD 165.9 million, up 40% from KD 118.5 million, an increase of KD 47.38 million compared to same period in 2023.

Kuwait’s imports of gold, precious stones, and metals rose by 13.4%, or KD 44.62 million, in the first seven months of this year, reaching KD 377.97 million ($1.247 billion) compared to KD 333.35 million ($1.1 billion) during the same period last year. Gold imports alone totaled KD 165.9 million, up 40% from KD 118.5 million, an increase of KD 47.38 million, according to Al Rai newspaper.

On the other hand, imports of natural or cultured pearls, precious and semi-precious stones, precious metals, and ordinary metals covered with a shell of precious metals, as well as materials for these items and ornaments, decreased by 1.3%, or KD 2.75 million, to KD 212 million in the first seven months, compared to KD 214.83 million in the same period last year.

Kuwait’s imports of gold, precious stones, and precious metals declined by 12.2%, or KD 89.2 million, in 2023, reaching KD 642.6 million, compared to KD 731.83 million in 2022.

The value of Kuwait’s gold imports alone amounted to KD 277.3 million, down from KD 341.03 million, a decrease of 18.7%, or about KD 63.7 million.

The value of imports of natural pearls and precious metals declined by 6.5%, or KD 25.5 million, to KD 365.27 million, compared to KD 390.8 million.

According to the latest data from the Ministry of Trade, Commerce and Industry, the Precious Metals Department stamped gold with a total weight of 36.4 tons during 2023, a decline of 28.5%, or about 14.5 tons.

Diamond imports also decreased by 48.2%, to onekilogram, compared to 1.89 kilograms, while platinum fell by 47.6%, from 18.3 kilos to 9.6 kilograms. In contrast, silver rose by 8%, from 4.529 tons to 4.88 tons.

The department examined 46,100 pieces of painted accessories and pools during 2023, including 35,000 painted accessories and 11,100 pools. It also examined 358 pieces of metals and precious stones.

During 2023, the department completed the inspection of 82.6 kilograms of stainless steel and ceramic watches, 1.2 kilograms of silver watches with diamonds, 1.7 kilogramsof watches inlaid with silver and stones, 11.1 kilograms of silver watches inlaid with diamonds, and 807 kilogramsof silver inlaid with valuable stones.

Additionally, the Precious Metals Department estimated the fees collected for inspection, stamping, and other services at 3.2 million dinars.

Kuwait sees rise in gold imports

The increase in Kuwait’s gold imports coincided with significant gains in gold prices this year, which rose by more than 33% since the beginning of the year. This surge is attributed to the large-scale purchases of gold by international central banks, which bought 483 tons in the first half of the year—a record amount.

Central banks in Turkey, India, and China were among the largest buyers, according to data from the World Gold Council.

The main driver behind this trend is growing international concerns about the impact of US financial sanctions, US sovereign debt, and geopolitical tensions on currency prices.