Iran’s gold export drops to zero ahead of sanctions re-impose

Baku, Azerbaijan, July 16

Trend:

Iran’s gold and jewellery exports have dropped to zero in recent weeks, Mohsen Talaminaei, head of Iran’s Isfahan Province’s Union of Producers& Exporters of Gold and Jewellery, said.

The US sanctions targeting Iran’s gold trade will snap back on August 6, however the country’s precious metal export has already reached zero, Talaminaei said, ISNA news agency reported July 16.

This happened due to economical and political problems, Talaminaei said, adding that the industry suffers various problems including heavy pressure of the imposed taxes.

He further said that Isfahan province meets over 90 percent of Iran’s gold and jewellery exports.

Following the US President Donald Trump's decision to quit the historic nuclear deal on May 8, the United States vowed to re-impose sanctions lifted under the accord against Iran and inflict punishments like secondary sanctions on nations that have business links with the country.

The first part of the US sanctions targeting Iran's automotive sector, trade in gold, and other key metals will be re-imposed on August 6.

The remaining sanctions, which include targeting Iran's energy sector and petroleum-related transactions, and transactions with the Central Bank of Iran will snap back on November 4.

Earlier Abdollah Mohammadvali, chairman of the Iran's Gold, Jewelry, Silver and Precious Stones Producers and Exporters Association said that Iran is seeking to gain access to a share of 2.5 to 5 percent in the global gold and jewelry market in the next 10 years.

According to Mohammadvali gold economic turnover in the world is estimated to be equal to $600 billion and that of the jewelry to about $700 billion.

The Iranian officials say the country’s gold production would rise from 5 tons to 8 tons by the end of the current year (March 2019).

Iran has identified as many as 15 mines so far, capable of yielding 320 tons of processed gold. The country’s gold mines are mostly concentrated in the country’s Azerbaijan region, where about 0.5 percent of the world’s minable gold reserves lie in West Azerbaijan province.

The Zarshuran gold complex is one of the most important mineral projects, widely referred to as the "golden giant of Iran".

Initial estimates have put recoverable gold deposits in Zarshuran at 55 tons, which could rise to 110 tons by further drilling.

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