The Iraqi Ministry of Planning announced on Wednesday the adoption of a new mechanism to limit the circulation of counterfeit gold in local markets, stressing that the quantities being leaked do not pose a major risk.
Ministry spokesperson Abdul Zahra Al-Hindawi told the Iraqi News Agency (INA) that the Central Organization for Standardization and Quality Control is responsible for granting goldsmithing licenses and hallmarking gold products. He explained that inspection units have been established at Baghdad, Najaf, Basra, and Kirkuk airports to examine incoming gold shipments, hallmark them, and authorize their entry into the market.
He added that specialized teams carry out regular field visits to gold shops to ensure that the gold being sold is genuine and properly hallmarked. Any violations, such as the presence of counterfeit gold, are subject to legal action and may be referred to the judiciary.
Al-Hindawi confirmed that this mechanism has significantly reduced the circulation of counterfeit gold, noting that the few pieces that occasionally reach the markets are quickly detected, often by consumers themselves.
He emphasized that the organization continues its efforts through airport inspections and shop monitoring, alongside other regulatory bodies concerned with market and economic oversight. He also highlighted that gold is an important economic sector that requires continuous and rigorous monitoring.
