Georgia sees increase in gold prices
BAKU, Azerbaijan, November 17
By Tamilla Mammadova – Trend:
Gold price is 70-80 percent up comparing to January-February in Georgia, said Eter Kipiani, director of Gold Market at Tbilisi Central, Trend reports via Georgian media.
As Kipiani says, demand has decreased along with the price increase and retailers’ incomes have halved.
"The borders are closed and gold import/export has become more difficult. However, when larger volume of gold enters the local market, prices become cheaper, but in the case of little capacity, you are more careful and sell it at a higher price," the director said.
According to him, prices have probably increased by 70-80 percent comparing to January-February.
"Weddings, birthdays are forbidden, people no longer have money, therefore there is no room for gold, so trade is very weak," said Kipiani.
The main export market for gold from Georgia is Switzerland, where gold worth $59.5 million was exported. Georgia exported gold worth $6.1 million to the United Arab Emirates, and gold worth $1.5 million to Turkey.
TOP-5 gold exporting companies from Georgia include Rico-Credit Ltd, Micro Finance Organization Rico Express LLC, RMG Gold, Avaza Ltd, Libra Ltd.