Russia exported 24 metric tons of gold last year, including nuggets, powder, ingots, and other forms of gold for all applications, up 6.7% from 22.5 tons the year before, the Gold Producers’ Union said.

Precious metals exports in products for technology applications totaled 57.2 kg of gold, 24 tons of platinum, 34 tons of palladium, and 4.2 tons of silver.

According to the professional association, the demand for gold in the official sectors totaled 142 tons (up 5% from 2010), 40 tons (down 4.8%) from the jewelry industry, 2.1 tons (up 75%) from industrial producers, while investment demand stood at 3 tons (up 11%).

In 2012, the Gold Producers’ Union expects a reduction in the official sector demand to 140 tons and the jewelry industry’s needs to 35 tons, while the industrial and investor demand will grow to 3 and 5 tons respectively.

Overall in 2011, 211.1 tons of gold was produced in Russia, including 188.7 tons mined, as well as reprocessed gold and gold by-products.