Over the past five years, Kazakhstan has increased its gold exports by 16.6%. Kyrgyzstan and Russia were the main buyers of the precious metal last year.
In the period from January to November 2022, Kazakh exporters sold 4.2 tons of processed and unprocessed gold to foreign buyers, worth a total of $66.9 million. This is almost as many tons as were exported in 2021. Furthermore, the growth in terms of money was a whopping 88%. If compared to the results of 2018, the growth was 16.6%, and in terms of value, the indicator jumped nearly seven times.
As for the volume of sales, this type of export product cannot experience sharp fluctuations due to government restrictions. According to a decree by the President “On Measures to Ensure Financial Stability of the RK”, the export of more than 100 grams of gold bars and refined gold from the country is prohibited. Exceptions are made only for a few cases, such as for religious organisations and for the needs of the diplomatic corps.
The stability of the gold market in Kazakhstan is also facilitated by the presence of large companies, such as the Kazakhmys Corporation, which owns one of the largest copper mines in the world, and by the activity of small and medium-sized businesses involved in gold processing and export.
In terms of the countries that purchase Kazakhstan’s gold, Kyrgyzstan and Russia are currently the leading buyers. Kyrgyzstan increased its imports of Kazakh gold by 14% last year, while Russia increased its imports by 7%. These figures demonstrate a high level of trust in the quality of Kazakh gold and are a clear indication of the growing importance of Kazakhstan in the global gold market.