Code: 680463 A

The reduction in the use of gold artifacts has closed nearly 5,000 production units between 2014 to 2017, a board member of the Gold and Jewelry Trade Union, Mohammad Kashti Aray told Trend.

Referring to the impact of the sanctions on the price of gold and coins in the Iranian market, the board member of the Gold and Jewelry Trade Union says Iran experienced gold sanctions in 2011-12, but did not see its effect on the price of gold and coins, the sanctions cannot be defective and, given the current situation, there will be no problem in supplying the country's gold, although the November 4 sanctions can make it difficult to transfer money.

US sanctions have cost the Iranian currency 50 percent of its value. Iranians were trying to protect their savings by buying gold.

Given the decline in consumption in gold products, it's almost unnecessary to talk about smuggling. now we do not have smuggling of gold."

"The gold smuggling is close to zero," he said.

"On the other hand, this reduction in consumption in gold artifacts has closed nearly 5,000 production units between 2014-17. Also, this closure has continued on a daily basis since the beginning of the year. Earlier this year, 20 percent of production and distribution units were shut down," he said.

Referring to the price situation he said that due to the relative stability in the foreign exchange market, there was a stabilization in the coin and gold market. Supply and demand were in balance, and some kind of market excitements has been reduced.

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Gold smuggling
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