Kazakhstan Registers Five New Gold Deposits as Jewelers Seek Raw Materials
Citing World Gold Council data, Azamat Panbayev, chairman of the Industrial Committee at Kazakhstan’s Ministry of Industry and Construction, said Kazakhstan ranked 14th globally in gold production last year. He was speaking at the VII Forum of Gold Producers of Kazakhstan held as part of the international Astana Mining & Metallurgy Congress 2026. “The gold mining industry remains one of the strategically important sectors of industry and makes a significant contribution to the country’s economic development,” Panbayev said. “Kazakhstan has a substantial mineral resource base: 374 gold deposits with total reserves of 2,369 tons are currently listed on the state balance sheet. Last year alone, five new deposits with reserves of around 98 tons of gold were added to the state register.” According to the Ministry of Industry and Construction, Kazakhstan produced 71.2 tons of refined gold in 2025, while investment in precious metals production reached $202.6 million, up 38% from the previous year. Gold refining in Kazakhstan is carried out by Tau-Ken Altyn LLP, the country’s only specialized state refinery and a subsidiary of National Mining Company Tau-Ken Samruk JSC. The Astana-based plant purchases doré, a semi-refined alloy containing gold and silver, from gold mining companies and sells gold refined to 99.99% purity. However, only 5% of the raw materials purchased by jewelers in Kazakhstan come from the Astana refinery, said Kanat Baitov, executive director of the Dragnet Association. He estimated that more than 50% of the industry’s raw materials market remains in the shadow economy. “We mine 70 tons of gold every year. If even 20 tons, or at least 5 tons, of that were used for jewelry production, the industry would have real potential,” Baitov said. Kazakhstan has introduced a VAT exemption for jewelers purchasing granulated gold from the state refinery, according to Baitov. “They are ready to supply not only granulated gold but, over time, if volumes increase, they are also prepared to supply alloys to the domestic market and could produce ready-made assay standards for jewelers,” he said, referring to Tau-Ken Altyn. He noted that jewelers would only be able to benefit from the new tax incentives for purchasing raw materials from the state plant if they increased procurement volumes. Currently, by his estimate, purchases do not exceed 30 kilograms per year. He added that such practices could eventually raise questions from the state regarding the origin of the raw materials used by jewelers in Kazakhstan. Zhaniya Dabyr, co-owner of the jewelry company Kazakhyuvelir, said the industry faces several challenges. These include high raw material costs, limited access to financing, the shadow market, insufficient government support, weak promotion in foreign markets, and limited tax incentives. “We propose expanding the mechanism for selling gold to domestic manufacturers and introducing a more flexible system of installment payments, fixing the gold price on the purchase date, as well as considering discounts for domestic producers and additional preferences for export-oriented companies,” Dabyr said. Kazakhyuvelir also proposed creating a digital accounting system for the jewelry market that would cover manufacturers...
