CIS: Gold Market 2024

Gold Market Size in CIS

The CIS gold market reduced rapidly to $X in 2021, waning by -18.9% against the previous year. In general, consumption recorded a slight reduction. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Gold Production in CIS

In value terms, gold production contracted to $X in 2021 estimated in export price. The total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +79.1% against 2015 indices. The pace of growth was the most pronounced in 2020 with an increase of 27%. As a result, production attained the peak level of $X, and then reduced in the following year.

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Gold Exports

Exports in CIS

For the third consecutive year, the CIS recorded growth in overseas shipments of gold, which increased by 8.3% to X tons in 2021. Over the period under review, exports continue to indicate a prominent expansion. The growth pace was the most rapid in 2017 with an increase of 261%. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, gold exports rose notably to $X in 2021. In general, exports recorded strong growth. The most prominent rate of growth was recorded in 2017 when exports increased by 274% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in the immediate term.

Exports by Country

Russia represented the main exporting country with an export of around X tons, which resulted at 61% of total exports. It was distantly followed by Kazakhstan (X tons), Uzbekistan (X tons) and Kyrgyzstan (X tons), together committing a 36% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to gold exports from Russia stood at +13.8%. At the same time, Kazakhstan (+15.6%) and Kyrgyzstan (+10.0%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing exporter exported in the CIS, with a CAGR of +15.6% from 2012-2021. By contrast, Uzbekistan (-2.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Uzbekistan increased by +15 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) remains the largest gold supplier in the CIS, comprising 62% of total exports. The second position in the ranking was taken by Kazakhstan ($X), with a 16% share of total exports. It was followed by Uzbekistan, with a 15% share.

In Russia, gold exports expanded at an average annual rate of +14.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Kazakhstan (+20.0% per year) and Uzbekistan (+6.0% per year).

Export Prices by Country

In 2021, the export price in the CIS amounted to $X per kg, therefore, remained relatively stable against the previous year. Export price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold export price increased by +60.6% against 2015 indices. The pace of growth appeared the most rapid in 2020 an increase of 28% against the previous year. As a result, the export price attained the peak level of $X per kg, and then declined modestly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Kazakhstan ($X per kg) and Russia ($X per kg), while Uzbekistan ($X per kg) and Kyrgyzstan ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uzbekistan (+8.3%), while the other leaders experienced more modest paces of growth.

Gold Imports

Imports in CIS

In 2021, approx. X tons of gold were imported in the CIS; picking up by 65% on 2020. In general, imports saw a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of 632% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, gold imports surged to $X in 2021. Over the period under review, imports posted a significant expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 680% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Kazakhstan was the key importer of gold in the CIS, with the volume of imports finishing at X tons, which was near 48% of total imports in 2021. Belarus (X tons) ranks second in terms of the total imports with a 22% share, followed by Azerbaijan (9.6%), Armenia (9.4%) and Russia (6.2%). Kyrgyzstan (X kg) took a relatively small share of total imports.

Kazakhstan was also the fastest-growing in terms of the gold imports, with a CAGR of +92.6% from 2012 to 2021. At the same time, Belarus (+14.9%), Russia (+8.0%), Kyrgyzstan (+3.8%) and Armenia (+1.4%) displayed positive paces of growth. By contrast, Azerbaijan (-27.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Kazakhstan and Azerbaijan increased by +48 and +9.6 percentage points, respectively.

In value terms, Kazakhstan ($X), Belarus ($X) and Azerbaijan ($X) were the countries with the highest levels of imports in 2021, with a combined 83% share of total imports.

Among the main importing countries, Azerbaijan, with a CAGR of +166.2%, 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 more modest paces of growth.

Import Prices by Country

The import price in the CIS stood at $X per kg in 2021, waning by -4.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2020 an increase of 23%. As a result, import price attained the peak level of $X per kg, and then declined slightly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Russia (+10.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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