Iraq to launch global gold city to localize jewelry industry:
Baghdad (IraqiNews.com) – The Prime Minister’s Advisor for Financial Affairs, Mazhar Saleh, revealed on Monday that Iraq will launch the global gold city project to localize gold and jewelry industries.
Saleh told the state-run news agency (INA) that Iraq’s global gold city, recently approved by the Iraqi cabinet in the capital Baghdad, is scheduled to be completed within less than five years.
The project is anticipated to result in a qualitative shift in the regulation of Iraq’s gold and jewelry trade in accordance with international standards, including the establishment of a transparent stock exchange, accredited laboratories, strict quality controls, and anti-money laundering measures, according to Saleh.
The project is designed to localize Iraq’s gold and jewelry industries rather than relying on imports. It will further provide job opportunities and vocational training to Iraqi workers in accordance with international guidelines.
According to 2024 figures, Iraq has emerged as the Arab world’s largest gold consumer, with daily imports ranging between 50 and 70 kilograms.
In late July, the Iraqi Ministry of Trade described the project as one of the most significant industrial initiatives the country has seen in the past few years.
The initiative is expected to stimulate the business climate for both local and foreign investors.
The planned international gold city in Iraq will contain specialized industrial facilities and modern goldsmithing training institutions that meet worldwide standards, as well as advanced marketplaces for gold and jewelry.
