- 26
- May
- 2024
Gold Bars: Lebanon Imported 32,000 kg in 2023
modified on 09 June 2024 à 07:05 Read : 2 minute(s) A A A
In 2023, Lebanon imported 31,814 kg of gold bars, valued at $1.9 billion, compared to 16,776 kg in 2022, an increase of 89.6% year-on-year.
This marked a record high for Lebanon in terms of the weight and value of gold bar imports over a decade, namely, from 2014 to 2023.
According to the research and statistics bureau Information International which relied on the figures of the Customs Directorate, Lebanon imported gold, jewelry and precious stones worth $12,573,686,000 during this period, with gold bars making up 59% of this total amount.
Notably, the highest annual quantity of imported gold, apart from 2023, was recorded in 2016. That year, imports reached 25,574 kilograms, of which 19,313 kg were re-exported.
Drop in 2019
Gold imports started to drop from 2019 onwards, coinciding with the onset of the multidimensional crisis. That year, imports amounted to 11,356 kg, while exports exceeded imports, reaching 15,452 kg. In 2020, Lebanon experienced its lowest gold imports, the latter amounting to 10,149 kg, compared to exports of around 20,806 kg.
Over the course of a decade (2014-2023), the Country of the Cedars imported 166,785 kg of gold and exported 119,418 kg.
The Jewelry Industry
Lebanese-made simple or fine jewelry pieces are seemingly quite popular overseas. It is worth mentioning that for years, Lebanese jewelry exports have consistently ranked as the country's top export category, accounting for 22% of Lebanon's total exports in 2022.
This is a substantial proportion in terms of the sector's profitability and its impact on the country's economy as a whole.
While Lebanon imports gold, silver and precious and semi-precious stones for this particular industry, the true value lies in the design, craftsmanship and manufacturing of the jewelry.
In this context, it’s worth mentioning that Princess Charlene of Monaco's engagement necklace was designed by Lebanese jewelry house, Najib Tabbah, highlighting Lebanon's presence on the international stage. Furthermore, for the fifth consecutive year, the renowned jewelry house, Mouawad, sponsored the Miss Universe pageant.
In terms of domestic trade, the increasing number of jewelers setting up shop in the streets of the capital and its outskirts on an annual basis points to the enduring fascination of Lebanese women with gold and precious stones.
This marked a record high for Lebanon in terms of the weight and value of gold bar imports over a decade, namely, from 2014 to 2023.
According to the research and statistics bureau Information International which relied on the figures of the Customs Directorate, Lebanon imported gold, jewelry and precious stones worth $12,573,686,000 during this period, with gold bars making up 59% of this total amount.
Notably, the highest annual quantity of imported gold, apart from 2023, was recorded in 2016. That year, imports reached 25,574 kilograms, of which 19,313 kg were re-exported.
Drop in 2019
Gold imports started to drop from 2019 onwards, coinciding with the onset of the multidimensional crisis. That year, imports amounted to 11,356 kg, while exports exceeded imports, reaching 15,452 kg. In 2020, Lebanon experienced its lowest gold imports, the latter amounting to 10,149 kg, compared to exports of around 20,806 kg.
Over the course of a decade (2014-2023), the Country of the Cedars imported 166,785 kg of gold and exported 119,418 kg.
The Jewelry Industry
Lebanese-made simple or fine jewelry pieces are seemingly quite popular overseas. It is worth mentioning that for years, Lebanese jewelry exports have consistently ranked as the country's top export category, accounting for 22% of Lebanon's total exports in 2022.
This is a substantial proportion in terms of the sector's profitability and its impact on the country's economy as a whole.
While Lebanon imports gold, silver and precious and semi-precious stones for this particular industry, the true value lies in the design, craftsmanship and manufacturing of the jewelry.
In this context, it’s worth mentioning that Princess Charlene of Monaco's engagement necklace was designed by Lebanese jewelry house, Najib Tabbah, highlighting Lebanon's presence on the international stage. Furthermore, for the fifth consecutive year, the renowned jewelry house, Mouawad, sponsored the Miss Universe pageant.
In terms of domestic trade, the increasing number of jewelers setting up shop in the streets of the capital and its outskirts on an annual basis points to the enduring fascination of Lebanese women with gold and precious stones.
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