The Central Bank of Iran has announced new regulations for the import/export of gold and other precious metals.
Importers of gold and precious metals will have to go through three stages, namely registering orders in the so-called Comprehensive Commerce System, receive quality certificate plus valid customs documents, Banker.ir reported.
Imported raw material can be processed into other goods so long as the above-mentioned conditions are met. Importers of raw precious metals should also acquire special permission from the Ministry of Industries, Mining and Trade.
However, the export of precious metals in the form of bullion, melted or unprocessed form is banned it being the exclusive premise of the central bank.
Exporting artifacts made of gold, silver or platinum is allowed as long as customs formalities are complete. Exporters are also required to present a proposal along with their IDs, cargo specifications and the entire cargo to the CBI for determining the value of artifacts and added value.
Exporters must also provide the CBI with bank guarantees and the cargo must be sealed and signed by the CBI.
Iran produces an estimated five to 10 tons of raw gold a year, while the total amount of gold in circulation is around 300 tons in the country.
In the past, exported gold was required to be extracted from mines inside the country. Exporters were obliged to bring the revenue back to the country either as foreign exchange or standard gold bars.
Iran’s gold trade is mainly with the former Soviet states and the Middle East. The bulk of gold is exported to neighboring Iraq and Turkey.
Ukraine, Hong Kong and Thailand are among targets for Iran’s gold export. However, exports to these countries have been on the decline due to the recession and other economic ills.
Gold-related industries have faced problems for importing raw gold. The new measure seems to address the concerns. Exporters, however, are not convinced with the new rules claiming that gold artifacts have potential to boost export revenue but CBI regulations are a hindrance.
