Armenian Customs Service: By the end of 2024, the rapid growth in  gold exports and imports started to slow down

ArmInfo. By the end of 2024, the rapid growth of gold exports and imports started to decline. In 2024, Armenia exported 77,566.9 kg of gold showing a decrease in annual  growth from 3.2 times to 2.7 times. Additionally, the country  imported 85,475.5 kg of gold with annual growth slowing down from 7.7  times to 92%, as evidenced by data from the Customs Service of  Armenia. 

In 2024, the customs value of exported gold also slowed in annual  growth from 4.3 times to 3 times, totaling $5.6 billion. Similarly,  the customs value of imported gold also experienced a slowdown in  growth, decreasing from 6.3 times to 3.3 times, amounting to $5.97  billion. The majority of exports fell on the UAE market - 70.2%  (compared to 71.4% in 2023) and Hong Kong - 20.2% (compared to 25.4%  in 2023).  Export volumes to India and the Czech Republic ceased,  while gold exports to China increased to 8.6% of the total volume.  Minimal increases were seen in gold exports to Russia and Italy.  Russia remained the main importer of gold to Armenia - 99.4%  (compared to 99.2% in 2023) with an annual growth rate of 2 times.  The UAE follows with 0.4% (compared to 0.5% in 2023) and Switzerland  - 0.1% (unchanged).  Small volumes were also imported from the USA,  Thailand, Germany and Italy. Imports from Austria and Saudi Arabia  decreased, while imports from Australia, Belarus and Kazakhstan  increased. Imports from Canada, China and Chile were zeroed out.  Meanwhile, despite  significant growth recorded in 2022-2023,  according to statistics, production volumes in the jewelry industry  remained modest.

In 2022, production volume in the jewelry industry increased by 51.8%  (to 42 billion drams), while the export and import of precious metals  and stones rose by 3-2.8 times (to $989.3 million and $690.8 million,  respectively). In 2023, the production volume in the jewelry industry  jumped by 4.9 times (230.9 billion drams), with significant growth in  the export and import of precious metals and stones continuing and  accelerating to 3.2-3.3 times (to $3.2 billion and $2.3 billion,  respectively). However, in 2024,  production volume in the jewelry  industry decreased by 32.2% (to $135.4 million), and the export and  import of precious metals and stones slowed in growth to 2.5-2.7  times (amounting to $8 billion and $7.4 billion, respectively). The  downward trend continued in 2025: with production in the jewelry  industry falling by 69.2% (to $30.4 million), and the export and  import of precious metals and stones decreasing by 77-78.8% (to $1.3  billion and $1.1 billion). 

According to experts, significant increase in exports and imports of  precious metals and stones  three year ago,  combined with low  production volumes in the jewelry industry, signaled a rise in  re-exports and re- imports. This trend continued  through 2024, but  by 2025, changes  in customs duties within the EAEU limited the  volume of such transactions. Since 2020, the Russian Federation has  proposed more than three times to the EEC to zero out the import  customs value of colored precious stones and fine-cut diamonds up to  0.2 carats. But the issue was never resolved - Armenia blocked the  zeroing of duties. Due to the import customs duty on precious stones,  it was much more profitable to import finished jewelry from third  countries that are not members of the EAEU than to produce it in the  union. The import duty rate on finished jewelry is lower than the  rates on precious stones (10-15%) for its production. However, since  2025, this "high-yield" effect has been lost. Russia has zeroed out  duties on jewelry imports from the UAE.