Spices

Saffron: traders feel let down by OPEC-style ambitions

June 17, 2021 at 12:06 PM , Der AUDITOR
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TEHRAN. Iran has been promoting an OPEC-style Organization of Saffron Exporting Countries (OSEC) for some time now. Issue is that although Iran produces more than 92% of global market supplies, farmers and exporters lose out on profits. Traders are, however, dismissive of the high-flying notion that such an organization will enable Iran to launch a cartel and set market prices. Concern is that political ambitions may have the opposite effect.

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Although saffron is the most expensive spice in the world, it is not Iran as the main producer that reaps the profits but rather re-exporting countries such as Spain. In an attempt to solve this problem and get a bigger say in the global market Iran started promoting the idea of an OPEC-style organization around two years ago. Traders report that OSEC is to be launched soon. The idea is that the organization will join saffron producing and exporting countries and enable them to set market prices. However, the notion has been dismissed b

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