Kuwait residents’ jewelry purchases fall to 6.2 tons in H1 2024

KUWAIT CITY, July 31: The appetite for gold among citizens and residents in Kuwait has seen a significant decline, with total purchases dropping by approximately 1.4 tons in the first six months of 2024. This marks a 14.58% decrease compared to the 9.6 tons purchased during the same period in 2023, according to data from the World Gold Council.

From January to the end of June 2024, citizens and residents in Kuwait purchased a total of 8.2 tons of gold. Of these purchases, 76% were jewelry, amounting to 6.2 tons, while bullion accounted for the remaining 24%, totaling 2 tons.

On an annual basis, jewelry purchases fell by 1 ton, or 13.8%, reaching 6.2 tons in the first half of 2024 compared to 7.2 tons in the same period in 2023. Similarly, purchases of bullion dropped by 400 kilograms, or 16.6%, from 2.4 tons in the first half of 2023 to 2 tons in the same period of 2024.

The decrease in gold purchases was particularly pronounced in the second quarter of 2024. Jewelry purchases declined to 3.1 tons from 4.2 tons in the second quarter of 2023. Bullion purchases also fell to 1 ton in the second quarter of 2024, compared to 1.3 tons in the same period of the previous year.

Quarterly data further highlights this trend. In the first quarter of 2023, gold purchases amounted to 4.1 tons, including 3 tons of jewelry and 1.1 tons of bullion. The same total was observed in the first quarter of 2024, with a slight shift to 3.1 tons of jewelry and 1 ton of bullion.

However, in the second quarter of 2023, gold purchases surged to 5.5 tons, with 4.2 tons of jewelry and 1.3 tons of bullion. This figure dropped to 4.1 tons in the second quarter of 2024, comprising 3.1 tons of jewelry and 1 ton of bullion.

The decline in gold purchases reflects changing consumer behavior and economic factors affecting the demand for precious metals in Kuwait.