Sep 24, 2007

Gold, Jewelry Market In Recession

Tehran MP said that national gold and jewelry industry is in a recession.

Hamidreza Katouzian explained that neighboring counties such as Turkey and Persian Gulf Arab states have made huge investments in the sector, ISNA reported.

Turkey makes high profits by exporting to Iran, he said. This is while the industry has received less consideration in Iran, he added.

The lawmaker urged the government to support the industry by providing facilities to industrialist and raftsmen who are in need of machineries, equipment and raw materials. He proposed that high tariff should be imposed on imported gold and jewels to boost the growth of domestic industry. Also, raw materials and machineries required by the gold and jewelry craftsmen should be imported at low tariffs, he contended.
Source: iran-daily

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