Gold trading, including the sale of gold jewelry and bars, in Georgia is characterized by minimal regulation and significant opportunities for both individuals and businesses. Let's examine the key aspects of gold circulation in the country, including legal requirements, price trends, and features of import, export, and sales.
1. Legal Aspects of Gold Trading
Trading of gold bars and coins in Georgia does not require licenses, permits, or certificates, which simplifies doing business.
Key requirements to start operations:
·Register as a sole proprietor or a legal entity, such as LLC or JSC company.
·Trading can be conducted with both individuals and legal entities, both wholesale and retail.
·When trading gold jewelry, certified laboratories must be used to confirm the purity and authenticity of the gold. The laboratory issues a certificate verifying the quality of the products.
2. Import and Export of Gold
Georgia maintains a free flow of gold thanks to the absence of import duties and minimal regulatory requirements.
Key points:
·Import and export of gold bars and jewelry are permitted without special restrictions.
·If the value of the imported gold exceeds 300 lari or the weight exceeds 30 kg, customs declaration is required. This mandatory requirement is regulated by the Customs Code of Georgia (link).
Additional points:
·The absence of import duties makes Georgia an attractive platform for importing and exporting gold. Entrepreneurs can sell gold items after confirming their quality at local laboratories.
3. Gold Sales via the National Bank of Georgia
The National Bank of Georgia (NBG) actively participates in gold circulation and provides individuals and companies with the opportunity to purchase gold bars and coins.
Purchase conditions:
Individuals can buy gold bars and coins:
·Through the NBG’s online store (MoneyMuseum).
·Directly from the bank’s counters.
·Legal entities enter into a contract with NBG and make payments by bank transfer.
Features:
·The National Bank buys back gold items at their nominal value only.
·When purchasing via the online store, delivery and insurance costs are added to the price.
4. Gold Price Dynamics in 2024
2024 has seen a significant rise in the price of gold in Georgia, reflecting global economic trends.
Key figures:
·In January 2024, the price of 1 gram of 24-carat gold was 178.31 lari, and by October, it had risen to 245.96 lari, an increase of over 34%.
·In November 2023, the price of 1 gram of 24-carat gold was 169.70 lari, while in November 2024, it had risen to 231.46 lari (+36.4%).
This increase is driven by the global surge in demand for gold as a hedge against inflation.
5. Circulation of Gold Items
The turnover of gold items, including bars and jewelry, is actively supported in Georgia.
Key points:
·There are no restrictions on the quantity or value of gold items for domestic trade.
·To confirm the authenticity of an item, it can be assessed in a certified laboratory, which will issue a purity certificate.
·Gold items can be sold wholesale and retail, both to local consumers and foreign buyers.
6. Advantages of Doing Business with Gold in Georgia
Georgia offers favorable conditions for gold-related businesses:
·Minimal regulation: There is no need to obtain licenses or certifictes.
·Absence of import duties: This promotes active trade.
·Flexible trading: Businesses can deal with both individuals and legal entities.
Support from the National Bank: The official channel for purchasing gold via the NBG.
Conclusion
Georgia is one of the most favorable countries for gold trading, thanks to flexible regulation, the absence of import duties, and support from the National Bank. With the significant rise in gold prices in 2024, entrepreneurs can benefit from its circulation. It is important to comply with customs regulations for large imports and use certified laboratories for verifying the quality of gold items.