{"id":1326,"date":"2024-12-12T10:36:19","date_gmt":"2024-12-12T10:36:19","guid":{"rendered":"https:\/\/kuwaitnewslive.com\/en\/?p=1326"},"modified":"2024-12-12T10:36:20","modified_gmt":"2024-12-12T10:36:20","slug":"kuwaits-gold-imports-surge-by-40-amid-rising-global-demand","status":"publish","type":"post","link":"https:\/\/colorsnewslive.com\/en\/2024\/12\/12\/kuwaits-gold-imports-surge-by-40-amid-rising-global-demand\/","title":{"rendered":"Kuwait\u2019s Gold Imports Surge by 40% Amid Rising Global Demand"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Kuwait&#8217;s gold and precious metals imports rose significantly in the first seven months of 2024, increasing by 13.4% to $1.247 billion (KWD 377.97 million) compared to the same period in 2023. This marks a substantial growth of KWD 44.62 million from last year&#8217;s KWD 333.35 million.<\/p><h3 class=\"wp-block-heading\"><strong>Gold Imports Drive Growth<\/strong><\/h3><ul class=\"wp-block-list\"><li><strong>Gold imports alone surged by 40%,<\/strong> amounting to KWD 165.9 million, a significant rise from KWD 118.5 million during the same period last year. This increase equates to an additional KWD 47.38 million.<\/li>\n\n<li>In contrast, imports of natural or cultured pearls, semi-precious stones, and jewellery experienced a slight decline of <strong>1.3%,<\/strong> dropping by KWD 2.75 million to KWD 212 million.<\/li><\/ul><h3 class=\"wp-block-heading\"><strong>Annual Trends for 2023<\/strong><\/h3><p class=\"wp-block-paragraph\">While 2024 data showcases growth, 2023 saw a downturn in overall imports:<\/p><ul class=\"wp-block-list\"><li>Total imports dropped by 12.2% to KWD 642.6 million, compared to KWD 731.83 million in 2022.<\/li>\n\n<li>Gold imports decreased by 18.7% to KWD 277.3 million.<\/li>\n\n<li>Imports of pearls and precious metals fell by 6.5%<strong>,<\/strong> amounting to KWD 365.27 million.<\/li><\/ul><h3 class=\"wp-block-heading\"><strong>Stamping and Examination Activities<\/strong><\/h3><p class=\"wp-block-paragraph\">The Precious Metals Department reported a decline in the stamping and examination of gold, platinum, and diamonds in 2023:<\/p><ul class=\"wp-block-list\"><li>Gold jewellery stamped totaled 36.4 tonnes, a 28.5% decrease.<\/li>\n\n<li>Diamond certification fell by 48.2%, while platinum examinations dropped by 47.6%.<\/li>\n\n<li>However, silver imports grew by 8%<strong>,<\/strong> reaching 4.88 tonnes.<\/li><\/ul><h3 class=\"wp-block-heading\"><strong>Global Factors Fueling Growth<\/strong><\/h3><p class=\"wp-block-paragraph\">The surge in gold imports aligns with global trends:<\/p><ul class=\"wp-block-list\"><li>Gold prices have risen by 33% since the start of the year.<\/li>\n\n<li>Central banks worldwide, including those in Turkey, India, and China, have purchased a record 483 tons of gold in the first half of 2024, according to the World Gold Council.<\/li>\n\n<li>These purchases are driven by concerns over US financial sanctions, sovereign debt, and geopolitical tensions impacting global currency stability.<\/li><\/ul><h3 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h3><p class=\"wp-block-paragraph\">Kuwait\u2019s growing gold imports reflect broader global economic dynamics, with the rising prices and central bank demand positioning gold as a preferred asset amidst economic uncertainty. This trend underscores Kuwait\u2019s robust participation in the global precious metals market.<\/p><p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>Kuwait&#8217;s gold and precious metals imports rose significantly in the first seven months of 2024, increasing by 13.4% to $1.247 billion (KWD 377.97 million) compared to the same period in 2023. This marks a substantial growth of KWD 44.62 million from last year&#8217;s KWD 333.35 million. Gold Imports Drive Growth Annual Trends for 2023 While [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[111,85],"tags":[],"class_list":["post-1326","post","type-post","status-publish","format-standard","has-post-thumbnail","category-finance-en","category-kuwait-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/colorsnewslive.com\/en\/wp-json\/wp\/v2\/posts\/1326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/colorsnewslive.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/colorsnewslive.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/colorsnewslive.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/colorsnewslive.com\/en\/wp-json\/wp\/v2\/comments?post=1326"}],"version-history":[{"count":1,"href":"https:\/\/colorsnewslive.com\/en\/wp-json\/wp\/v2\/posts\/1326\/revisions"}],"predecessor-version":[{"id":1328,"href":"https:\/\/colorsnewslive.com\/en\/wp-json\/wp\/v2\/posts\/1326\/revisions\/1328"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/colorsnewslive.com\/en\/wp-json\/wp\/v2\/media\/1327"}],"wp:attachment":[{"href":"https:\/\/colorsnewslive.com\/en\/wp-json\/wp\/v2\/media?parent=1326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/colorsnewslive.com\/en\/wp-json\/wp\/v2\/categories?post=1326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/colorsnewslive.com\/en\/wp-json\/wp\/v2\/tags?post=1326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}