Economy, Business And Markets

Certificate of Authenticity Essential for Jewelry Deals

Certificate of Authenticity Essential for Jewelry DealsCertificate of Authenticity Essential for Jewelry Deals

All domestically-made gold and jewelry artifacts are now sold with certificates of authenticity, head of the National Gold and Jewelry Union (NGJU) said on Sunday.

Imports of all foreign jewelry items are illegal, stated Abdollah Mohammadvali in an interview with IRNA, clarifying that all gold and jewelry items manufactured abroad are smuggled into the country and not sold with certificates of authenticity.

In the past nearly 80 percent of gold items were smuggled. The figure has now decreased to 50 percent, IRNA reported, citing the official.

Mohammadvali urged Iranian citizens to only buy such items at jeweler shops, which have official permits. “Officially certified shops are required to offer certificates of authenticity on sales, therefore if a problem were to occur any time later, they can easily be traced back to their sources.”

Iran has considerable potential in manufacturing gold and jewelry. Currently 200 to 250 tons of raw material including different alloys are needed in the industry and 2.5 tons of gold products are being manufactured, “the amount is much lower than the market demand” the official said.

If the potentials are fully exploited in the jewelry industry, Iran could come to compete with Turkey, he further said.

Iranians purchase 300–350 tons of gold annually. The gold industry could potentially provide 300 thousand job opportunities only in manufacturing.

The official also stressed that it is necessary to produce jewelry in different carats to increase customers’ purchasing power.

Further he noted that to export Iranian-made jewelry, foreign taste should be studied and designs adapted.