How does Coronavirus affect the Price of Saffron in 2020?
The 2020 Price of Saffron
For centuries saffron has been coveted as the golden spice of the world. However, that longing has driven the saffron price high making it expensive. Sadly, in 2020 other things are also affecting the cost of the golden spice such as the coronavirus (COVID-19) fears. Iran is the number one producer of saffron, and with all flights and exports curtailed due to the global efforts to control the virus, the saffron prices are skyrocketing. Many believe that the 2020 saffron cost will reach USD 3,500 per kilogram, which means it will hover at USD 10,000 per kilo by the time it reaches the consumer.
Saffron Price and Demand
Without a doubt, the demand for saffron is not waning; in fact, it is only increasing. In 2019, the harvest of saffron was very successful. The 2019 saffron wholesale prices ranged from $1,200 to USD 1,800 saffron price per kg and Iran was the lead producer with 550 tons of the spice harvested. However, with Iran supplying 97 percent of the world’s saffron and flights being ban from Iran to the USA, AUS, and other European and Asian countries the ability to buy saffron is severely curtailed which only inflates the available saffron price.
Saffron Costs Around the World
Many consumers who buy saffron might mistakenly believe that Spain is a producer because they are familiar with Spanish saffron. However, that is Iranian Saffron and has just been rebranded, which is why the Spanish saffron spice price is so high. The renaming is only a reflection of a political deal struck between the two governments and does not denote the origin, so the saffron price per gram remains just as expensive.
Illegal Export of Saffron
Afghanistan and Iran share a border. The mountainous routes that crisscross the area are treacherous, but that doesn’t stop the unlawful export of saffron from Iran. Also, the Persian Gulf waters are another avenue of shipping. With such staggeringly high 2020 saffron prices, smugglers will be upping their game to obtain the yellow gold to meet the demand of the world market.
Things to Consider When Buying Saffron
Without a doubt, the Persian saffron price will continue to increase substantially due to a lack of supply. Buyers must remain vigilant because of the widescale illegal export of saffron and the lack of government control. You’ll want to pay close attention to the grading system to make sure you are purchasing premium saffron for such a high price. Quality saffron is obtained from the very tips of saffron crocus stigmas. Such saffron is by far the purest and most potent. You’ll also encounter what is referred to as a ‘super negin’ grade which is a lower grade of saffron that contains the whole of the stigma. You’ll see all red or ‘sargol’ which is obtained from the very top of the stigma. Persian saffron is the best in the world and comes out of the Saffron region of Iran.
If you want to buy saffron online, then you can find quality spice online from a variety of distributors. If you purchase saffron online, please make sure that you are buying only from a reputable source.