In April 2024, United Kingdom, once the main buyer, returned to the market for Kyrgyz gold. During its absence, China became the leading importer of the precious metal produced domestically. However, according to statistical data provided by the National Statistics Committee of Kyrgyzstan, it can be concluded that the UK intends to regain its former status, reports Akchabar.kg.
In total, Kyrgyzstan exported gold worth $295.2 million in the first five months of 2024, which is $105.9 million more than in the same period last year. Compared to the previous month, gold exports increased by $83 million.
China remains the main importer, purchasing 426.4 kg of gold worth $32 million in one month. Since the beginning of the year, China has acquired 1.8 tons of precious metal worth $129.4 million.
The main buyers of gold from Kyrgyzstan in 2024 are:
1. China (Hong Kong) - $129.4 million
2. Great Britain - $101.38 million
3. Switzerland - $63.54 million
4. UAE - $0.88 million
The UK is rapidly increasing its volume of Kyrgyz gold, purchasing 686.4 kg worth $51 million in just one month. In total, the country bought 1.4 tons of gold worth $101.3 million in two months.
Until 2021, Britain was the main buyer of Kyrgyz gold. However, after the dispute over the Kumtor mine between the Canadian company Centerra and Kyrgyzstan, which led to the mine being nationalized and taken under the control of Kyrgyz authorities, gold supplies were halted. This was partly because Kyrgyzstan was temporarily stripped of its status as a reliable supplier. In 2022, the country regained its Good Delivery status and resumed gold exports abroad, but the trade relationship with Britain for precious metals was lost.
CentralasianLIGHT.org
July 12, 2024