Feb 12, 2020 14:02 UTC
  • Seeking a niche in market, Iran hosts top gold producers

Iran is among the world’s top seven producers of gold and jewelry, but it has to work its way through the ranks to win a position as an exporter, the head of Tehran International Exhibition Center says.

The capital Tehran is currently hosting Iran Gold Expo to introduce the country’s gold, silver, jewelry and precious stones products to the world and give local producers a change to get up to date with global markets and value chains.

Head of Iran's Gold and Jewelry Producers and Exporters Union Esfandiar Seifi said 130 companies from Iran, Turkey, Italy, Germany, Britain and Japan are participation in the exhibition held through Feb. 12, 15. 

“In the field of gold and jewelry making, we are in a favorable position in the world and this exhibition can have a significant impact on export growth,” he told IRNA news agency.

He said Italy, Turkey, India, South Korea, Hong Kong, Thailand and Iran are the top gold and jewelry producers, but Iran is working to improve its position among the exporters.

Iran has stepped up production of precious metals to cushion its economy against the effects of new illegal sanctions imposed by the US regime which have triggered a flurry of panic buying of gold by some citizens.

According to officials, the country has revitalized small-scale gold and copper mines in the provinces of West and East Azarbaijan, Isfahan and South Khorasan.

According to statistics from the Ministry of Industry, Mining and Trade, there are three standard gold mines with proven reserves of more than 100 tonnes each. Twelve other sites have reserves either close to or much lesser than a standard mine.

However, officials believe many gold mines have not been discovered yet and with more exploration, total reserves of 1,000 tonnes are not unthinkable.