Iran approves duty-free gold imports to boost precious metals sector
Iran’s First Vice President Mohammad Reza Aref announced on Monday a cabinet decree that allows foreign investors to import standard gold bullions without the need for a registration order, as reported by IRNA.
The directive, communicated to Ministry of Economic Affairs and Finance, Ministry of Industry, Mine and Trade, and Central Bank of Iran (CBI), permits foreign investors to bring in standard gold bars within a cap set by the 2007 Foreign Investment Promotion and Protection Act.
Imports can be made through customs procedures, including statistical valuation, based only on a goods declaration.
Under the measure, customs authorities are required to provide clearance documents and the valuation of imported gold to the Organization for Investment, Economic and Technical Assistance of Iran and the CBI. Imported bullions may only be sold through Iran’s Currency and Gold Exchange Center or the Iran Mercantile Exchange (IME).
According to the government, the move is intended to ensure transparency and regulation in the inflow of precious metals while guiding foreign investors toward secure and profitable opportunities. Experts say the decision could attract more foreign capital into Iran’s precious metals market and stimulate related economic activities.
The decree also stipulates that foreign investors will be allowed to repatriate profits and returns from their investment after at least one year, subject to approval by the Foreign Investment Board and confirmation from the finance minister.
According to ISNA, the cabinet, acting on a joint proposal from the finance ministry and the CBI and citing the 2007 investment law, adopted the five-article resolution to facilitate the entry of precious metals including gold, silver and platinum. The measure sets out a new framework for managing and supporting foreign investment in the sector.