Oud from certain species can only be traded if it carries a Convention on International Trade in Endangered Species (CITES) permit confirming that it is from a sustainable source. The value of the oud market is therefore difficult to quantify, Oud Oil also known as “Liquid Gold” is quoted up to $50,000 per litre for top quality produce. Oud chips cost up to $10,000 per kilogram depending on resin content. The value of oud exported from Singapore alone has been estimated to exceed $1.2 billion per annum.
The Global market size for oud has been estimated to be worth anywhere between US$6 billion – US$12 billion per annum. With much of these trades going on undocumented without the required Convention on International Trade in Endangered Species (CITES) certification.
ZENITH AGRO GROUP OUD TRADING
Oud is traded in several forms, from raw forms such as large sections of trunk to consumer products such as incense. The most common and highly traded products are the oud chips and
the highly valuable oud oil. Oud possesses different characteristics, which is classified according to a grading system that is determined by a set of factors including:
country of origin; fragrance strength and longevity; wood density; product purity; resin content; and size of the form traded.
With our crops to consumers business model, we are able to control the grade of oud produced and trade only the highest quality of oud products.