Luxembourg: Gold Market 2024

Gold Market Size in Luxembourg

In 2021, the Luxembourg gold market decreased by -9.1% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption continues to indicate a abrupt decrease. Gold consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Gold Production in Luxembourg

In value terms, gold production reduced modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 24% against the previous year. Gold production peaked at $X in 2020, and then shrank modestly in the following year.

Gold Exports

Exports from Luxembourg

In 2021, overseas shipments of gold decreased by -5.8% to X tons, falling for the second year in a row after two years of growth. In general, exports showed a significant decline. The pace of growth was the most pronounced in 2014 with an increase of 269%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, gold exports rose significantly to $X in 2021. Over the period under review, exports recorded a abrupt setback. The pace of growth appeared the most rapid in 2014 with an increase of 434%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Germany (X kg), Switzerland (X kg) and Belgium (X kg) were the main destinations of gold exports from Luxembourg, with a combined 99% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Switzerland (with a CAGR of +1.6%), while the other leaders experienced mixed trend patterns.

In value terms, Switzerland ($X) remains the key foreign market for gold exports from Luxembourg, comprising 57% of total exports. The second position in the ranking was taken by Germany ($X), with a 24% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Switzerland stood at +6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-3.1% per year) and Belgium (+0.4% per year).

Export Prices by Country

The average gold export price stood at $X per kg in 2021, rising by 14% against the previous year. Overall, export price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +13.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold export price increased by +36.8% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 115%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Switzerland ($X per kg), while the average price for exports to Germany ($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 Switzerland (+4.8%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Luxembourg

In 2021, after two years of growth, there was significant decline in overseas purchases of gold, when their volume decreased by -29.1% to X tons. Overall, imports saw a sharp curtailment. The pace of growth was the most pronounced in 2019 when imports increased by 215% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, gold imports shrank dramatically to $X in 2021. Over the period under review, imports recorded a abrupt decrease. The pace of growth was the most pronounced in 2019 with an increase of 140% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Germany (X tons) constituted the largest gold supplier to Luxembourg, accounting for a 70% share of total imports. Moreover, gold imports from Germany exceeded the figures recorded by the second-largest supplier, Switzerland (X kg), threefold.

From 2012 to 2021, the average annual growth rate of volume from Germany stood at +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-30.7% per year) and Belgium (-22.5% per year).

In value terms, Germany ($X) constituted the largest supplier of gold to Luxembourg, comprising 67% of total imports. The second position in the ranking was taken by Switzerland ($X), with a 31% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany stood at +14.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-21.7% per year) and Belgium (-17.3% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, surging by 11% against the previous year. Overall, the import price continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2014 when the average import price increased by 83% against the previous year. The import price peaked at $X per kg in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per kg), while the price for Belgium ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :