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.
