Iraqi Government Implements Six Measures to Regulate Gold Market and Enhance Oversight

Baghdad | EcoPulse24

The Iraqi government has outlined six major initiatives to reorganize the gold market, aiming to safeguard one of the nation’s most significant assets and bolster confidence in the sector, according to Mudhher Mohammed Saleh, the Prime Minister’s Financial Advisor.

Saleh explained that the reforms begin with the adoption of a mandatory, unified Iraqi hallmark for gold jewelry, indicating purity, testing authority, and year of marking. The circulation of unmarked gold is to be criminalized. Enhanced field oversight will utilize advanced inspection technologies such as XRF, which allows for immediate, non-destructive verification of gold purity.

The next phase will regulate gold smelting and import processes by licensing workshops and tightening inspection procedures at border crossings. Additionally, a national registry for gold traders and standardized official invoices will be established to reduce unregistered transactions and minimize regulatory risks.

Empowering consumers is a foundational element of the new system, supported by awareness campaigns and effective reporting mechanisms to strengthen transparency and protect buyers’ rights.

Saleh emphasized that the completion of the 'Gold City' project is now an urgent institutional priority, serving as the official hub for sector regulation and providing the highest legal and professional protection for the country’s gold assets.

He also noted that despite rising global gold prices, local demand remains strong. Gold’s role has shifted from being mainly ornamental to a tool for saving and value preservation, making quality control and government oversight an economic and social necessity to maintain market trust and asset protection.