Key Highlights
Did you know? India is one of the biggest gold markets, and demand is rising due to rising affluence. India Gold is also deeply ingrained in the nation's culture. As of January 2022, India's gold and diamond trade accounted for about 7% of the nation's GDP (gross domestic product). It comes as no surprise that the nation has one of the greatest gold reserves in the world and is the fifth-largest importer of gold.
However, the jewellery and gems industry employs about five million people. The gem and jewelry industry has been identified by the government as a focus area for export promotion, owing to its potential for growth and value addition. With 23% of all gold exported worldwide in 2022, Switzerland is the largest gold exporter in the world. In this blog, we will look at the top 10 gold exporting countries, along with the most recent information on gold exports from India and their HS codes.
Absolutely, given India's high demand for gold for a number of reasons, including cultural and financial, gold exports from India can be profitable.
It is a profitable business idea to start a gold business selling bars, coins, and jewellery, especially with the rapidly rising demand for gold in India. However, there are a number of necessary licenses, market performance requirements, and numerous other important requirements to enter the Indian gold market.
In order to obtain the most recent information on gold exports and to contact actual buyers of the metal, traders and businesses must make sure that the market is extremely competitive. For this, Seair Exim Solutions will be the best option for them. You should first look into the top 10 gold exporting nations in 2024 before obtaining the most recent gold export data.
The top 10 gold exporting countries in 2024 are listed below:
Now, explore the insight table for gold exporting countries or the biggest gold exporters worldwide.
|
Top Rank |
Gold Exporting Countries |
Gold Export Data |
| 1 | Switzerland | $86,700 |
| 2 | UAE | $32,800 |
| 3 | United Kingdom | $29,700 |
| 4 | United States | $26,600 |
| 5 | South Africa | $20,100 |
| 6 | Russia | $19,100 |
| 7 | Singapore | $18,600 |
| 8 | Australia | $17,600 |
| 9 | Hong Kong | $14,300 |
| 10 | Mali | $9,030 |
Let’s discuss the top 5 gold exports by country in detail.
Switzerland maintains its position as a major hub for the refining and redistributing of gold, making it the biggest gold exporter in the world. Gold is a valuable asset that is kept safe in Swiss vaults by many rich people and institutions. With $86.7 billion in gold exports in 2021, the nation accounted for nearly 20% of global gold exports. In terms of value, Switzerland is also the biggest importer of gold worldwide.
However, the primary destinations of gold exports from Switzerland are India, China, the United States, Germany, and Hong Kong. Switzerland imports gold for trading, storing, and refining. It is a significant participant in the world gold market.
The UAE, and especially Dubai, has grown to become one of the world's principal hubs for the gold trade. Dubai, sometimes referred to as the "City of Gold," is the location of numerous refineries and gold markets. With $32.8 billion in gold exports in 2021, the United Arab Emirates (UAE) ranked second in the world.
However, it's a popular destination for tourists and investors, many of whom purchase gold jewelry or bullion. In addition to reselling gold abroad, the UAE imports it to satisfy domestic consumer demand.
Gold trading has its oldest and most established global financial centers in the United Kingdom, especially in London. In addition, the UK has a long history of producing jewelry, and the domestic market for gold has a high demand. About 15% of the world's gold was exported by the UK in 2021, with a value of $29.7 billion. The United Kingdom brings in gold for trading, investment, and jewelry making.
The US economy is broad and varied, and there is a need for gold in many different sectors, such as electronics, dentistry, and jewelry. With 190.2 metric tons of reserves, the US ranks as the world's fourth-largest producer of gold. Nevada is the state that produces the most gold in the United States; in 2021, it produced 80% of the nation's gold. Also, the US imports gold to meet domestic demand and to maintain its position as a major player in the global gold market.
South Africa is one of the world's biggest gold exporters. While it exports a significant portion of its gold, it also imports gold for refining, jewelry manufacturing, and other purposes. South Africa was in fifth place globally in 2021 with $20.1 billion in gold exports. South Africa's top gold export destinations are China, India, Switzerland, the United Kingdom, and the United Arab Emirates. Gold is primarily imported into South Africa for domestic usage and refining.
So, these biggest gold exporters in 2024 play a crucial role in shaping the global gold market. However, if you need the gold exports by country or updated gold export data, connect with our platform anytime.
Now, here are the updated statistics on India gold exports!
As per gold export data, exports of plain gold jewellery from India in 2023-24 surged by an impressive 66% over 2022-23. Compared to Rs 33,765 crore the year before, the amount increased to Rs 56,330 crore.
In terms of US dollars, the export value of gold from India amounted to nearly 146 million U.S. dollars in the fiscal year 2023.
The main destinations of gold exports from India are:
Now, explore the top gold exporters from India!
Here is the list of the top 10 gold exporters in India:
So, these are major gold exporters in India. To learn more about prominent gold exporters, please visit our well-known dashboard, Seair Exim Solutions. Here, you can obtain gold export data, gold exports by country list and learn more about Indian gold exporters.
Also Read: How to Start a Gold Import Business in India?
As we discussed, India is not one of the top 10 gold exporting countries due to high domestic consumption and low productivity.
Still, there are many chances of expanding the export of gold from India. Prospective exporters can make a successful niche for themselves in the growing gold market by carefully adhering to the suggested procedures and making use of essential resources like Seair Exim Solutions.
With Seair Exim Solutions, you can expand your export business in the global trading arena and gain a comprehensive understanding of the current market, trends, and insights, regardless of whether you are looking for the most recent gold exports from India, the biggest gold exporter list, gold exporters in India, or the gold HS codes. Schedule your free live demo right now!
Q1. Does India export gold?
In the fiscal year 2023, India's gold exports from India valued at almost 146 million US dollars. Compared to the prior fiscal year, this represented an approximately 90% increase.
Q2. Which country is the largest gold exporter in the world?
As per gold export data, the largest gold exporter in the world is Switzerland, with an export value of $ 86,700 in 2021.
Q3. Can we export gold jewellery from India?
Yes, you can export gold jewelry from India, but you need to obtain some mandatory documents such as an export license, gold HS codes, BIN number, In addition, to begin an import-export company dealing in gold, you will require an Importer-Exporter Code (IEC).
Q4. Who is the largest exporter of gold jewellery in the world?
The biggest gold exporter in the world is Switzerland, accounting for 23% of global gold exports in 2022. Also, gain insights on gold jewellery exporters in India or gold exports by country from our data-driven platform.
Q5. What is the HSN code of gold?
The top gold HS codes are 7106, 71069290, and 7108. Looking for the most updated gold HS codes or gold exporter list, visit our dashboard.
Q6. Which company is the largest exporter of gold in India?
PC Jeweller Limited is the largest gold exporter in India. Other significant gold exporters in India are: Tribhovandas Bhimji Zaveri Limited, Rajesh Exports, Kalyan Jewellers India Ltd, and Senco Gold Ltd.
Q7. How can I export gold from India to the USA?
Exporting gold from India to the USA is a lucrative opportunity for the traders, but they need to grain the proper market reports, trends, export values, importers list, port names, updated data on gold exports, etc.
Q8. Which country exports most gold to India?
Switzerland is the largest exporter of gold to India. Based on gold export data, it exported $13 billion worth of gold to India, making it the biggest exporter of gold to India that year.
Q9. Where does India export gold?
The export of gold from India to the major countries such as the UAE and Bahrain, Singapore, Canada, and Turkey.
gold export data gold import data
Gold HS code: 73269099 Gold HS code: 76169990
Gold jewellery export from India to UAE
Gold jewellery export from India to Singapore
Gold jewellery export from India to Canada
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