Iraq doubles gold exports to 56 tons

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Iraq’s gold imports jumped to 56 tons in 2012, doubling the previous year’s amount, due to Iraqis’ concerns about a possible war between the central government and Kurdistan Regional Government (KRG), an industry leader has said.

Arbil Chamber of Jewelers’ President Muhammed Emin said Feb. 1 that gold imports showed a 100 percent increase. He said Iraqi people preferred to buy gold because they were afraid the tension between Baghdad and Arbil might cause a war. He added that the airport in Arbil and Sulemania in the KRG, which imposed a tax on gold, expanded gold imports from these regions to the whole country.

However, he said seven of 25 companies that had started to trade gold in the KRG last year were Turkish firms.

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