Armenian Economy Ministry: Significant rising cost of exported gold is determined by production of higher-quality golden items

According to the data of the Customs Service of Armenia, during the first half of 2015 customs cost of exported gold totaled 49 million dollars versus 34,5 million dollars last year. 1405.8 kg of gold (including galvanic sputtering) was exported during 6 months of 2015, versus 1572 kg for the same period of 2014. In fact, on a weight basis the export of gold declined 10.6%, versus acceleration of growth from 17.9% to 31.8% in 2014. At the same time in the first half of 2015 weight of imported gold significantly declined by y-o-y 90.5% reaching 163.3 kg (versus 1714.8 kg year before), therefore customs cost has also reduced from the 71 million dollars last year 

to 6.3 million dollars during the reporting period.  

 

Armenia exports gold mainly to Canada, while imports gold primarily from Switzerland and Austria and the remaining part from the UAE.

 

To note, at present Armenia exports Dore gold that contains up to 92% of gold. Pure (bank) gold is not produced in the republic (edt.) According to the Customs Service of Armenia, Armenia increased gold export by 17.9% on 2013 -up to 2 747.4 kg versus 2 329.8 kg in 2012.