Tehran hosts Gold Expo amid US bans on Iran's gold
Yusef Jalali
Press TV, Tehran
It takes ultimate care and patience to craft these delicate jewelries that are a mixture of technology and Iranian fine arts.
These are a few of the thousands of over-the-top jewelry collections on display at Iran's largest jewelry show, dubbed Iran Gold Expo.
Showcasing gold and silver ornaments as well as precious stones, the annual event has brought under one roof 130 Iranian and foreign companies to present their products.
Iranian officials say the country is currently among the top five producers of gold adornments in the world, but despite this, export of Iranian jewelry is close to zero.
One of the major challenges of Iran’s gold industry is its heavy reliance on the import of gold bars needed for crafting jewelry. Around 70-percent of the country’s market is supplied by bullions coming from other countries.
The US sanctions on Iran's trade in gold and other precious metals in 2018 sparked a 200% jump in demand for gold and led to a surge in the price of Iran’s gold accessories.
This has prompted many Iranian companies to take the lead and step into the production of standard bullions.
Iran has 32 proven gold reserves; out of which, 21 mines are active, housing 340 tons of gold. But the exploitation rate of this huge deposit is very small. The country exploits some 5 tons of gold each year.
Officials say by 2025, Iran’s total annual gold output will hit 8 tons.
Despite its abundant gold reserves and a millennia old experience in crafting such exquisite jewelry, Iran is yet to supply its staggering domestic demand. Given this, experts say, any prospect for turning Iran into a global player is a far-fetched goal. However, Iran says it is putting the spotlight on the gold industry in line with its efforts to shift away from an oil based economy.
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