Long-anticipated gold complex approved
Aims to localize Iraq’s jewellery industry
Will feature gold manufacturing hubs and a jewellery exchange
Iraq has officially approved a major new project to establish a “Gold City” in Baghdad—a long-awaited initiative that has been under consideration for over three years. The integrated complex will include jewellery manufacturing units, training centers, and a dedicated bourse for trading gold and jewellery.
Endorsed by the government’s Economic Council, which oversees major national projects, the initiative is being positioned as a strategic move to localize Iraq’s jewellery industry, increase domestic gold production, and strengthen national revenues.
Trade Minister Atheer Al-Ghurairi called the Gold City a “qualitative leap” for Iraq’s industrial development. He noted that the complex would feature specialized industrial facilities, internationally standardized training centers for goldsmithing, and a jewellery stock exchange.
Iraq is already a major player in the global gold market. According to the World Gold Council, the country’s central bank was the seventh-largest official buyer of gold in 2024, purchasing around 20 tonnes. Leading buyers included Poland, Turkey, India, Azerbaijan, China, and the Czech Republic.
Trade Ministry figures revealed that Iraq exported approximately $1.3 billion worth of gold in 2023, with more than a third—about $483 million—shipped to the UAE. Meanwhile, gold imports reached $2.2 billion, resulting in a $900 million trade deficit for the year.
Earlier this year, Planning Ministry spokesman Abdul Zahra Hindawi noted that Iraq imports between 50 and 70 kilograms of gold daily, not including imports into the Kurdistan region.
Source: agbi.com
