We sell this product abroad for $36 and buy it back for $76

During the first eight months of this year, 19,904.34 kilograms of gold worth $1 billion 509 million 184 thousand were imported to Azerbaijan from foreign countries.
A calculation by Yeniavaz.com, citing published official data, shows that gold imports have increased 361 times compared to the same period last year.
It should be noted that the average customs value of one gram of gold imported into the country during the first eight months of this year was $75.8 (129 manat).
Gold was imported to Azerbaijan mainly from the following countries:
Australia - 11,854.14 kg (average customs value of one gram - $76.4);
USA - 3,978.71 kg ($75.5);
Canada - 2,023.23 kg ($74.4);
Switzerland – 1977.76 kg ($76.2).

Expert economist Allahverdi Aydin, who gave a statement on this matter to the Yeniavaz.com website, said that the main reason for the sharp increase in gold imports is the State Oil Fund's investments in gold:
"Official information as of the end of 9 months of this year shows that the gold reserves of the Oil Fund this year reached 127 tons. It is reported that during this year the fund purchased more than 25 tons of gold. The purchase price of gold was close to the average selling price on world markets. Now 1 gram of gold is sold for $88 on the world market, and at the beginning of the year it cost $66".

Allahverdi Aydin

The economist says that although there are no problems with gold imports, Azerbaijan has serious problems with gold exports:
"It is known that gold occupies one of the main places in Azerbaijan's exports. Gold always ranks first in the export of non-oil products. For example, among the products sold abroad in the first 8 months of this year, gold took 3rd place after cotton and tomatoes. But, unfortunately, Azerbaijan sells gold to foreign countries in its unprocessed form - in the form of raw gold. But gold bought from abroad are processed. It is clear that there will be a difference between the price of raw gold and refined gold. For example, in the first 8 months of this year, Azerbaijan exported 2.8 tons of raw gold to Switzerland worth $ 96 million. One gram of raw gold was sold to Switzerland for $ 36. In the same period, we paid $ 76 for one gram of about 2 tons of processed gold that we bought in Switzerland. Apparently, 50-60 million dollars went to Switzerland alone in 8 months because the gold was not processed domestically. To prevent this, Azerbaijan must stop exporting raw gold and process gold domestically".

Elnur Ali