Economy, Business And Markets

Jewelry: New Horizons   

Jewelry: New Horizons   Jewelry: New Horizons   

The 8th International Gold, Silver and Jewelry Exhibition will be held in Tehran on February 16-19, Mansour Namdari Zandi, vice chairman of Gold and Jewelry Producers and Exporters Union said on Sunday.

“The expo will seek to introduce Iran’s potential and achievements in producing and exporting gold, silver and jewelry products,” he was quoted as saying by IRNA.

He added that gold exporters and manufacturers want a better understanding of the Iranian and foreign consumers’ tastes through the expo. “Making producers and exporters familiar with the state-of-the-art technology in producing jewelry are also among the goals of the exhibition.”

In addition to domestic manufacturers, companies from Italy, China, Turkey and England will attend the annual event.

On Iran’s target markets for gold export, Zandi said the UAE, Oman, Turkey and Afghanistan are the main destinations. .

Iraqi Kurdistan, eastern Europe, Azerbaijan and Turkmenistan are among the export markets Iran lost due to the international sanctions imposed on the country due to the dispute over its nuclear program.

“Persian Gulf Arab markets have a high potential for our gold products,” Zandi said.

The official stated that importing gold products into the country is not allowed.  One of the problems in the gold, silver and jewelry industry is the restrictions imposed on Iran’s import and export of precious stones, machinery and tools. “The lifting of sanctions will be a great help in this regard.”

The global market capitalization for gold is estimated at $600 billion and for jewelry $700 billion. The industry and its associated markets can play an important role in creating jobs for the skilled and trained workforce.

Head of Gold and Jewelry Producers and Exporters Union, Ebadollah Mohammadvali had said in late December that Iran’s gold export market could be revived after the economic sanctions are removed, according to ISNA.

 Based on a joint plan by the ministries of mines and industry, welfare and foreign affairs as well as Iran’s Cultural Heritage, Handicrafts and Tourism Organization and the Central Bank of Iran, an estimated half million jobs should be created in the gold, silver and jewelry industries.