Iran's Gold Output Down by Two-Thirds

Annual production of gold in Iran has declined by two-thirds from 180 tons in the fiscal 2011-12 to 60 tons in 2016-17, mostly due to the 9% value added tax imposed on gold and jewelry sales and a change in people’s preferences, the head of Tehran Gold and Jewelry Union said. "Over these years, as many as 4,000 gold and jewelry businesses have closed down across the country and up to four gold sellers have shut down on a daily basis since March 21 this year," the website of Tehran Chamber of Commerce, Industries, Mines and Agriculture quoted Mohammad Keshti-Arai as saying.