Economy, Business And Markets

Gold Industry’s Economic Potential

Gold Industry’s Economic PotentialGold Industry’s Economic Potential

Head of Iran’s Gold, Jewelry, Silver and Precious Stones Producers and Exporters Association, Ebadollah Mohammad-Vali says Iran’s gold and jewelry industry could play an effective role in fostering economic development due to its high turnover, creation of skilled workforce and high value added.

“The global gold market turnover is estimated at about $600 billion and the jewelry market at about $700 billion,” said Mohammad-Vali, adding: “Our aim is to take 2.5 to 5 percent of the global market within the next 10 years,” ILNA quoted him as saying.

The official observed that the gold and jewelry industry in Iran has the potential for absorbing “as many as 350 to 500 thousand skilled workforces within the next five years.” He called for the officials in the ministry of industry, mine and trade, ministry of cooperative, labor and social affairs, Iran’s Cultural Heritage, Handicrafts and Tourism Organization (ICHHTO) the Central Bank of Iran (CBI) and the ministry of foreign affairs to take effective measures towards achieving this goal.

Referring to the high value added in the gold and jewelry industry, which attracts both domestic and foreign investors, the official called for organizing more exclusive jewelry exhibitions to “provide the Iranian goldsmiths with more opportunities to display their skills and craftsmanship.” The 7th International Gold, Silver, Jewelry, Watch & Related Industries Exhibition will be held on 12-15 February at the Tehran International Permanent Fairgrounds with the aim of showcasing the achievements in Iran’s gold and jewelry industry, Mohamamd-Vali informed.

The official called on the government to pave the way for access to Iran’s gold and jewelry products to neighboring countries, such as the Persian Gulf countries, and the Economic Cooperation Organization (ECO) and D-8 member countries, noting that these countries have shown interest in collaborating with the Iranian gold industries.