The gold market in the Kurdistan Region has introduced three new, lower-purity gold standards in response to rising gold prices. Industry officials say the new standards aim to give consumers more affordable options as the cost of gold continues to increase.
Previously, the region’s gold markets mainly traded three types of gold per mithqal, a traditional weight unit used in the jewelry trade. These included 18-karat, 21-karat, and 22-karat gold. In earlier years, 24-karat gold also circulated widely in the market. However, traders now handle this highest purity level less frequently compared with other types.
The Erbil Goldsmiths Syndicate announced the addition of three new gold purity levels. The new standards include 9-karat, 12-karat, and 14-karat gold. These additions expand the range of available gold qualities in the Kurdistan Region.
Abdullah Akram explained that the syndicate introduced the lower-purity gold standards because the price of gold has risen sharply in recent months. According to him, the new categories will help consumers purchase gold jewelry at lower prices.
Akram said jewelers have not yet widely displayed these new gold standards in local markets. Merchants have not set a specific timeline to introduce them broadly in jewelry stores. However, residents can already request these lower-purity products from local gold manufacturing workshops.
Gold workshops in the Kurdistan Region can produce jewelry using the new purity levels upon customer request. This approach allows buyers to obtain more affordable jewelry while maintaining access to gold products.
Market observers say the decision reflects growing pressure on consumers as global gold prices rise. By introducing 9-karat, 12-karat, and 14-karat options, gold traders hope to maintain demand and keep the jewelry market active.
Economists believe these new options could help stabilize jewelry sales while giving buyers more flexibility in choosing gold products that match their budgets.
