\n\tTehran is currently hosting Iran Gold Expo to introduce the country\u2019s \ngold, silver, jewelry and precious stone products to the world and give \nlocal producers a chance to get up to date with global markets and value\n chains, Press TV wrote.<\/p>\n\n\n\n
\n\tThe head of Iran\u2019s Gold and Jewelry Producers and Exporters Union \nEsfandiar Seifi said 130 companies from Iran, Turkey, Italy, Germany, \nBritain and Japan are participating in the exhibition held Feb. 12-15.<\/p>\n\n\n\n
\n\t\u201cIn the field of gold and jewelry making, we are in a favorable \nposition in the world and this exhibition can have a significant impact \non the growth of exports,\u201d he told IRNA.<\/p>\n\n\n\n
\n\tHe said Italy, Turkey, India, South Korea, Hong Kong, Thailand and Iran\n are the top gold and jewelry producers, but Iran is working to improve \nits position among the exporters.<\/p>\n\n\n\n
\n\tIran has stepped up production of precious metals to cushion its \neconomy against the effects of new US sanctions which have triggered a \nflurry of panic buying of gold by some citizens.<\/p>\n\n\n\n
\n\tAccording to officials, the country has revitalized small-scale gold \nand copper mines in the provinces of West and East Azarbaijan, Isfahan \nand South Khorasan.<\/p>\n\n\n\n
\n\tThe US decision in May 2018 to impose sanctions targeting Iran’s trade \nin gold and other precious metals sparked a 200-percent jump in demand \nfor gold bars and coins, after which the national currency lost more \nthan half of its value.<\/p>\n\n\n\n
\n\tThat year, Iran hanged the \u201csultan of coins\u201d who had reportedly been caught with two tons of gold coins.<\/p>\n\n\n\n
\n\tThe country possesses an estimated 340 tons of gold deposits, along with huge quantities of zinc, copper and iron.<\/p>\n\n\n\n
\n\tAccording to statistics from the Ministry of Industry, Mine and Trade, \nthere are three standard gold mines with proven reserves of more than \n100 tons each. Twelve other sites have reserves either close to or much \nless than a standard mine.<\/p>\n\n\n\n
\n\tHowever, officials believe many gold mines have not been discovered yet\n and with more exploration, total reserves of 1,000 tons are not \nunthinkable.<\/p>\n\n\n\n
\n\tSmall-scale mining sites hold the key to the quest. For instance, \nMouteh mine in the central Isfahan Province operated with an annual \nproduction of 230 kilograms for years but it hit record 600 kilograms in\n 2017 after receiving throughput from several smaller mines in the \nprovince.<\/p>\n\n\n\n
\n\tTakab in northwest Iran is the gold hub of Iran, where two of the \ncountry\u2019s three biggest gold mines are located, including Zarshuran with\n 110 tons of reserves.<\/p>\n","protected":false},"excerpt":{"rendered":"
Iran is among the world\u2019s top seven producers of gold and jewelry, but it has to work its way through the ranks to win a position as an exporter, the head of Tehran International Exhibition Center said. Tehran is currently hosting Iran Gold Expo to introduce the country\u2019s gold, silver, jewelry and precious stone products […]<\/p>\n","protected":false},"author":1,"featured_media":3025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[747,8],"tags":[1050,28,1051,639],"yoast_head":"\n