Gold exports from Armenia are carried out to India, Switzerland, and the United Arab Emirates. The demand for Armenian gold in small quantities is also present in Hong Kong and Italy.
Until 2017, gold exports in the largest volumes were carried out to Canada. After that, and until 2020, the largest volumes of gold exports were sent to Switzerland.
However, over the past year, gold exports from Armenia to Switzerland have begun to decline. For example, in the first months of 2021, about $163 million worth of gold was exported from Armenia to Switzerland:
In 2020, more than $65 million will be shipped. Armenia, on the other hand, exports copper concentrate to this country. Thus, the demand for raw commodities exported from Armenia is increasing in Switzerland. Armenia exported over $148 million in copper concentrate. Almost as good as gold.
Armenia sent gold to India mostly last year. Gold exports to India accounted for 99% of total raw material exports. As a result, approximately 1,358 kg of gold was exported. In addition, the customs value was $50.2 million.
Last year, in the first months of 2021, Armenia exported about 1,400 kg of gold. The total customs value was more than $51 million. 5-6 large companies mainly export gold from Armenia.
The gold reserves available in the bowels of Armenia are mined and exported. The gold mined in Armenia is fully exported. The reason is that it is not undergoing final development in Armenia.
Armenia exports gold in raw, semi-processed form and in powder form. Semi-processed gold is already undergoing final processing in other countries.
The extracted gold concentration is converted into a gold alloy. This is gold that has been partially treated.
Dore alloy is semi-processed gold. It is made up of gold, silver, and other metals. Armenia exports semi-processed gold in the form of ingots.
Gold bars and gold jewellery are exported from Armenia under several commodity codes - customs codes.
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