Only 22% of Russian gold consumed domestically

TASS

MOSCOW, September 22. /TASS/. Domestic consumption of gold produced in Russia accounts for 22% of the country’s total annual gold output, according to a presentation by Sergey Kashuba, Chairman of the Russian Union of Gold Producers.

The presentation also noted that 78% of gold produced in Russia is exported, making exports the industry’s main sales channel. At the same time, the geography of exports is narrowing: Turkey has sharply reduced purchases, shipments to the UAE have declined following the military conflict in the Persian Gulf, India has reinstated duties on gold bullion, and European Union countries continue to impose sanctions on gold mining companies.

The presentation also said that gold production has increased by 87.8% over the past 15 years, while domestic demand for gold has risen by only 9%.

Fonte: TASS