Gold Market in Russia
Market Overview
For the third consecutive year, the Russian gold market recorded decline in sales value, which decreased by -
% to $ in . Overall, the total consumption indicated pronounced growth from 2007 to : its value increased at an average annual rate of +% over the last fourteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption decreased by -% against 2018 indices. Gold consumption peaked at $ in 2018; however, from 2019 to , consumption stood at a somewhat lower figure.
In value terms, gold production dropped to $ in estimated in export price. In general, production, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2012 when the production volume increased by %. Over the period under review, production reached the peak level at $ in , and then fell in the following year.
% to $ in . Overall, the total consumption indicated pronounced growth from 2007 to : its value increased at an average annual rate of +% over the last fourteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption decreased by -% against 2018 indices. Gold consumption peaked at $ in 2018; however, from 2019 to , consumption stood at a somewhat lower figure.In value terms, gold production dropped to $
in estimated in export price. In general, production, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2012 when the production volume increased by %. Over the period under review, production reached the peak level at $ in , and then fell in the following year.Consumption
For the third consecutive year, Russia recorded growth in consumption of gold, which increased by % to tons in . In general, the total consumption indicated a modest expansion from 2007 to : its volume increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2019 indices. Gold consumption peaked at tons in 2018; however, from 2019 to , consumption remained at a lower figure.
The value of the gold market in Russia reached $ in , picking up by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a temperate increase from 2007 to : its value increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Gold consumption peaked at $ in 2018; however, from 2019 to , consumption failed to regain momentum.
% to tons in . In general, the total consumption indicated a modest expansion from 2007 to : its volume increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2019 indices. Gold consumption peaked at tons in 2018; however, from 2019 to , consumption remained at a lower figure.The value of the gold market in Russia reached $
in , picking up by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a temperate increase from 2007 to : its value increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Gold consumption peaked at $ in 2018; however, from 2019 to , consumption failed to regain momentum.Market Forecast
Driven by increasing demand for gold in Russia, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .
In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .
% for the period from to , which is projected to bring the market volume to tons by the end of .In value terms, the market is forecast to increase with an anticipated CAGR of +
% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .Market Structure
Over the period under review, imports of gold in Russia were negligibly small compared to the production volumes. Therefore, the share of imports in the total market was practically nonexistent, both in volume and in value terms. This situation has remained constant over the period under review, which means that domestic producers entirely meet the domestic demand for gold.
Trade Balance
Russia remains a net exporter of gold; in physical and value terms, exports consistently exceeded imports from 2012 to . In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
. In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
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