Is gold cheaper in Colombia? Let’s break it down. In this guide, we’ll analyze the gold market in Pereira and the Coffee Axis, giving you insider tips on how to buy gold safely and strategically. We’ll explain the market in simple terms while also sharing key precautions to keep in mind..

Is Gold Cheaper in Colombia

Gold in Colombia can be more affordable in terms of purity and quality, but overall, the price difference isn’t always significant. Like in the U.S., jewelers in Colombia buy gold at wholesale (junk) prices and sell it at retail.

As of July 5, 2022, the global gold price was approximately $1,768 per ounce or $57 per gram.

In Pereira, a downtown jeweler quoted a retail price of ~$60 per gram and a buyback price of ~$45 per gram. You can confirm these rates by checking with gold and silver buyers in El Centro, where prices generally align with this range.

Note: Gold prices fluctuate frequently based on market conditions.

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s Gold Cheaper in Colombia?

In the U.S., gold prices generally follow the same market trends as in Colombia. We encourage you to verify this information. Purchasing gold in Colombia at $60 per gram and selling it in the U.S. for $45 per gram is not a profitable investment strategy.

Gold may be cheaper if purchased directly from a mine or miner, but this comes with legal considerations. Colombian law and international customs regulations may require specific documentation for transporting gold. Always conduct thorough due diligence to ensure compliance with legal and jurisdictional requirements.

Can Gold Be Exported Legally from Colombian Mines?

A recent Insight Crime article suggests that Colombia is suspected of laundering money through legal gold companies, though no formal charges have been brought against the accused firms. So, is gold cheaper in Colombia? The answer is complex—it can actually be quite costly.

The OECD has published a guide on mineral exportation from Colombia, identifying four major refiners responsible for exporting 93% of the country’s gold. Authorities estimate that over 20 tonnes of gold are smuggled out of Colombia each year. Since 2016, increased scrutiny has revealed that legal businesses may be laundering illegal gold due to the sheer volume being exported. A 2018 report concluded that gold smuggling is a major issue, but enforcement remains limited.

Gold Export Regulations in the U.S.

According to Nestmann.com, travelers transporting precious metals into the U.S. must submit a declaration to the Treasury Department and report any commodities exceeding $2,500 to the Census Bureau. However, customs agents have been known to seize gold from unaware travelers. Many people don’t realize that the old paper form is obsolete, and all filings must now be completed through the Automated Export System (AES) via U.S. Customs and Border Protection.

While coins and bullion may technically qualify as personal effects—especially if discreetly packed—the decision to confiscate them often depends on the customs officer’s discretion. To avoid issues, travelers can use armored transport services like Brinks, which handle the required documentation.

Gold Smuggling: A Growing Issue

Although Colombia may seem permissive about exporting gold, the U.S. imposes strict and often unpredictable regulations on incoming travelers. Gold is a lucrative business, but it carries significant risks when crossing international borders. Proper preparation and compliance with regulations are essential.

Beyond legal export routes, criminal networks are also heavily involved. A 2021 report suggests that gold smuggling may now surpass cocaine trafficking as a primary revenue source for cartels and armed groups. Some estimates indicate that 70% of Colombia’s gold exports originate from illegal sources.

For those considering buying or exporting gold, thorough research and legal compliance are critical to avoid serious complications.

Can Gold Be Exported Legally from Colombia?

Yes, but there are specific legal requirements you must follow. According to ProColombia, the agency responsible for regulating exports, tourism, and investment, you must complete the following steps:

1. Pay the necessary fees to La Agencia Nacional de Minería and La Empresa Colombiana de Carbón Limitada (ECOCARBON).
2. Register for RUCOM (Registro Único de Comercializadores), the official registry for gold traders.
3. Obtain a Certificate of Origin, verifying the legal source of the gold.
4. Submit a “Visto Bueno” form through the VUCE platform, Colombia’s official export system.

Exporting gold as a business can be more complex than its actual value, which is why small businesses often avoid it, and many individuals turn to illegal channels. In Colombia, bureaucracy remains a significant hurdle for those looking to enter the gold trade legally.

TThe most practical way to invest in Colombian gold is by purchasing high-quality gold jewelry. Unlike coins or bullion, which may trigger reporting requirements or be flagged for illegal export, jewelry is generally classified as personal effects. This makes it a discreet and viable option for those looking to invest in gold while avoiding complex export regulations.

Emeralds 

Colombian Emeralds: The Green Bewitching

One of the most captivating treasures visitors encounter in Colombia is the vivid green glow of emeralds, marked by the swirling imperfections that make each stone unique. A genuine emerald will always have natural inclusions, a defining characteristic that enhances its authenticity and brilliance when held up to the light.

According to Fontur, Colombia’s tourism authority, Colombian emeralds account for 55% of the global market. The majority come from just four mines in Boyacá, a region renowned for producing some of the finest emeralds in the world. Due to their exceptional quality, Colombian emeralds are often referred to as “El Embrujo Verde”—the Green Bewitching.

Colombian emeralds even made their way to Hollywood. In 1981, the film Green Ice spotlighted these precious stones in a thrilling story about a woman who investigates her sister’s disappearance while navigating the dangerous world of emerald smuggling. You can watch it here: Green Ice Movie.

Buying Gold Jewelry in Pereira

When purchasing gold jewelry, the international market price serves as the baseline. However, factors like design and craftsmanship will increase the final cost. In Pereira, the best place to buy gold for both price and quality is El Centro, specifically along Calle 18. To secure the best deal, a working knowledge of Spanish and awareness of the seller’s reputation are essential.

In Colombia, 18-karat gold is the most common standard. Colombian gold is often considered higher in purity than gold from other countries, and you may even find 20-karat pieces. However, 24-karat gold is too soft for jewelry, making 18-karat the best balance of durability and quality.

A term you’ll frequently hear from jewelers is “Ley 750” or “Oro de Primera Ley,” which indicates 18-karat gold (750 parts per 1,000). For reference:

• 14-karat gold is labeled “Ley 585”
• 24-karat gold is labeled “Ley 999”

Understanding these labels will help you make informed decisions when purchasing high-quality Colombian gold jewelry.

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Conclusion

Colombia is a country rich in natural resources and endless opportunities. We hope you can experience its vast beauty in a respectful and responsible way. Always make sure to engage with trusted individuals who can recommend reputable dealers.

Is gold cheaper in Colombia? While it’s tempting, the illegal route is not recommended. It can lead you into dangerous situations and put you in the crosshairs of people you’d rather avoid.

The country’s vibrant colors—lush greens, shimmering golds, and silvers—mirror its diverse lifestyle. Life here can be as affordable as a gold chain or as expensive as a gold bar. If you’re seeking the Green Ice of Colombia, always exercise caution. Bring a trusted companion and avoid sharing too much about your financial plans or intentions.

Want to learn more about Pereira from local experts? Schedule a VIP Lifestyle Consultation where we’ll connect you with trusted contacts and resources to help you find the information and unique souvenirs you’re looking for. Let us help you create a tailored adventure that brings home a one-of-a-kind story!

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Sources:

1. https://goldprice.org – Current market prices on gold in various currencies. Market analysis. 
2. https://www.banrep.gov.co/es/servicios/recomendaciones-compra-venta-metales – Central bank of Colombia comments on exportation of precious metals and stones. 
3. https://www.banrep.gov.co/es/estadisticas/precios-del-dia-para-el-gramo-oro-plata-y-platino – Daily prices for gold, silver and platinum in Colombia via central bank. 
4. https://www.banrep.gov.co/es/estadisticas/precio-base-del-oro-plata-y-platino-para-liquidar-impuestos-o-regalias-explotacion Current taxes on gold, silver and platinum per gram. 
5. https://insightcrime.org/news/brief/investigation-shows-role-of-legal-exporters-in-colombias-illegal-gold-trade/
6. https://mneguidelines.oecd.org/Where-does-Colombian-Gold-Go-EN.pdf
7. https://www.nestmann.com/understand-the-rules-before-you-transport-precious-metals-overseas-part-ii
8. https://www.gtreview.com/news/americas/gold-exports-more-attractive-than-cocaine-to-colombias-criminal-gangs-research-finds/
9. https://www.colombia.co/extranjeros/negocios-en-colombia/exportacion/10-cosas-que-debes-saber-sobre-esmeraldas-colombianas/

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