Kuwait Imported 75.95 Tonnes of Precious Metals in Early 2026 as Demand Front-Loaded Before a Spring Slowdown
Kuwait imported about 75.95 tonnes of precious metals, diamonds and related jewellery items during the first four months of 2026, according to data published in the Ministry of Commerce and Industry’s 2026 Economic Newsletter reports. The figures show a market heavily concentrated in January and February, before import flows slowed sharply in March and partially recovered in April. The slowdown coincided with disruption to regional air links from late February that weighed on high-value cargo.
The headline numbers
The Ministry’s figures show total precious-metals imports of roughly 75.95 tonnes across January to April 2026, overwhelmingly concentrated in the opening two months. By reported subcategory, silver was the largest single component at about 63.8 tonnes over the four months, with pure gold at roughly 9.825 tonnes. Items set with valuable stones added about 759 kilograms of gold and 569.5 kilograms of silver, with diamonds and other jewellery categories making up the balance of the total. These figures come from the Department’s assaying and hallmarking system: every gold and silver item entering the Kuwaiti market must be tested and stamped before it can be sold, which is what allows the Ministry to track import volumes and fee revenue month by month.
A front-loaded year
The most striking feature of the data is its concentration in time. Kuwait took in about 29.41 tonnes of precious metals in January and 40.77 tonnes in February, a combined 70.18 tonnes in just two months. That early-year rush dwarfs the same period a year earlier, when imports were only about 6.4 tonnes, an increase of nearly tenfold. The surge also showed up in fees: revenue from hallmarking and stamping climbed to 996,070 Kuwaiti dinars in the first two months, from about 304,600 dinars a year earlier, a rise of roughly 227%, underlining how much metal moved through the market early in the year.
Month by month
The monthly path is steep in both directions. Pure gold imports ran at about 1.940 tonnes in January, 3.510 tonnes in February, 1.338 tonnes in March, and 3.036 tonnes in April. Silver was far more concentrated at the start of the year, with about 26.5 tonnes in January and 36.5 tonnes in February, before falling to roughly 394.5 kilograms in March and 358.2 kilograms in April. Gold set with valuable stones followed a similar early-year tilt, at about 280 kilograms in January, 215.9 kilograms in February, 108.4 kilograms in March, and 154.7 kilograms in April. Taken together, total imports fell more than 90% from their February peak by March.
The sharp drop after February
From March, the picture changed abruptly. Total precious-metals imports fell to about 1.95 tonnes in March and 3.82 tonnes in April, a small fraction of the January and February volumes, dragging the monthly total down from a February peak of nearly 41 tonnes to under 2 tonnes in March. The decline coincided with disruption to regional air links from late February. Because high-value precious-metals cargo moves largely by air, the timing points to logistics as the binding constraint rather than a fall in underlying demand, with shipments that had been flowing freely at the start of the year slowing to a trickle.
A partial rebound in April
April brought the first clear sign of adaptation. Total precious-metals imports rose about 96% from March, climbing to 3.82 tonnes from 1.95 tonnes, as companies found alternative ways to bring metal into the country despite the constrained routes. Pure gold led the recovery, rising to about 3.036 tonnes in April from roughly 1.338 tonnes in March, after 1.940 tonnes in January and 3.510 tonnes in February. The monthly profile suggests demand and logistics were beginning to reroute rather than disappear, even as overall volumes stayed well below the early-year highs.
Silver dominates the mix
By volume, silver was by far the largest component of the trade. The roughly 63.8 tonnes of silver imported over the four months dwarfed the 9.825 tonnes of gold, reflecting silver’s lower unit value and its broad industrial and retail use. Within silver, the early-year concentration was even more pronounced than for gold: the January and February intake of about 63 tonnes accounted for almost the entire four-month total, before monthly volumes fell to a few hundred kilograms. Gold and silver pieces set with valuable stones remained a small share throughout, at about 759 kilograms and 569.5 kilograms respectively.
Why it matters
The data captures two forces at once. The first is strong underlying demand for precious metals in Kuwait, evident in the near-tenfold jump in early-year imports and the sharp rise in stamping revenue, consistent with safe-haven buying as regional uncertainty mounted. The second is the sensitivity of high-value trade to logistics: when air links were disrupted, even a liquid, high-demand market saw imports fall away within weeks. The April rebound, however, points to the adaptability of Kuwait’s traders, who moved quickly to reopen supply channels. As routes normalise, the market’s strong start to the year suggests underlying appetite remains intact, and the second-quarter figures will show how fully import flows recover. For a market that imports virtually all of its precious metals, the episode is also a reminder that demand and supply security can move independently, and that logistics can become the binding constraint even when buying interest is strong.
Sources: Kuwait Ministry of Commerce and Industry, Economic Newsletter 2026, January-April issues; Precious Metals Department.
Disclaimer: This material is published by The Edge for Economic Consultancy Company W.L.L. for general informational purposes only. It does not constitute investment, legal, tax, or financial advice, nor a recommendation or offer regarding any financial securities.
