United Arab Emirates: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in the United Arab Emirates

The semi-manufactured gold market in the United Arab Emirates plummeted to $X in 2022, dropping by -19.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, enjoyed resilient growth. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Semi-Manufactured Gold Exports

Exports from the United Arab Emirates

In 2022, exports of gold, in semi-manufactured forms from the United Arab Emirates dropped notably to X tons, waning by -34.9% compared with 2021. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 231%. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, semi-manufactured gold exports dropped significantly to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 246% against the previous year. As a result, the exports reached the peak of $X, and then plummeted in the following year.

Exports by Country

Singapore (X tons) was the main destination for semi-manufactured gold exports from the United Arab Emirates, accounting for a 30% share of total exports. Moreover, semi-manufactured gold exports to Singapore exceeded the volume sent to the second major destination, India (X tons), twofold. The UK (X kg) ranked third in terms of total exports with a 1.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore stood at +52.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-6.1% per year) and the UK (-5.3% per year).

In value terms, Singapore ($X) remains the key foreign market for gold, in semi-manufactured forms exports from the United Arab Emirates, comprising 30% of total exports. The second position in the ranking was taken by India ($X), with a 13% share of total exports. It was followed by the UK, with a 1.3% share.

From 2012 to 2022, the average annual growth rate of value to Singapore stood at +56.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-5.8% per year) and the UK (-4.3% per year).

Export Prices by Country

In 2022, the average semi-manufactured gold export price amounted to $X per kg, approximately mirroring the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average export price increased by 23% against the previous year. The export price peaked at $X per kg in 2021, and then fell slightly in the following year.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Belgium ($X per kg) and the UK ($X per kg), while the average price for exports to Singapore ($X per kg) and India ($X per kg) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+2.8%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports into the United Arab Emirates

Semi-manufactured gold imports into the United Arab Emirates reduced markedly to X tons in 2022, which is down by -30.6% compared with 2021. Overall, imports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2013 with an increase of 486% against the previous year. Imports peaked at X tons in 2021, and then contracted significantly in the following year.

In value terms, semi-manufactured gold imports contracted to $X in 2022. Over the period under review, imports, however, saw a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of 764%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the UK (X tons) constituted the largest semi-manufactured gold supplier to the United Arab Emirates, with a 53% share of total imports. Moreover, semi-manufactured gold imports from the UK exceeded the figures recorded by the second-largest supplier, Zimbabwe (X tons), threefold. The third position in this ranking was held by Switzerland (X tons), with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the UK totaled +46.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Zimbabwe (+59.0% per year) and Switzerland (+1.5% per year).

In value terms, the UK ($X) constituted the largest supplier of gold, in semi-manufactured forms to the United Arab Emirates, comprising 55% of total imports. The second position in the ranking was held by Zimbabwe ($X), with a 21% share of total imports. It was followed by Switzerland, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value from the UK totaled +47.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Zimbabwe (+70.1% per year) and Switzerland (+2.1% per year).

Import Prices by Country

The average semi-manufactured gold import price stood at $X per kg in 2022, growing by 34% against the previous year. Over the period under review, the import price showed a modest expansion. The pace of growth appeared the most rapid in 2013 when the average import price increased by 47%. Over the period under review, average import prices attained the maximum at $X per kg in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Switzerland ($X per kg) and Belgium ($X per kg), while the price for Zimbabwe ($X per kg) and Brazil ($X per kg) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Zimbabwe (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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