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Seda Hergnyan

Armenian Gold Exports Up 76%; Bulk to India, Turkey

Armenian exported 2,515 tons of gold worth US$94 million in the first six months of this year, an increase of 76% over the same period in 2021.

83% of the gold (raw, semi-finished, powder) went to India and 14% to Turkey.

Armenia’s main gold exporter, Geopromining Gold LLC., operates the Sotk gold mine that straddles the Armenia-Azerbaijan border. Part of the mine is now under Azerbaijani control and operations are periodically halted because of Azerbaijani gunfire.

India and Turkey are new markets for Armenian gold.

Prior to 2021, most of Armenia’s gold exports went to Canada and Switzerland.

Armenian gold exports reached a peak in 2019 at 5.8 tons.

Top photo: Sotk gold mine

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