The value (dollars) of saffron is directly proportional to its content. It is one of the most valuable and valuable commodities in the world. At current prices, saffron is worth about $3,000 per kg. Some estimates go as high as $15,000 per kg.
At its peak, the value of saffron, in terms of money, was $10 million per kg. The value of gold was less than $4,000 per kg in 1929.
According to the Oxford Encyclopedia of Business (2009), there are about 7.6 billion people in the world, with an estimated 5.4 billion living in India. It is estimated that there are 10 million tons of saffron oil in the world, and that its worth to the Indian economy was $20 billion. About $20 billion is approximately the value of saffron oil in the world. If oil from Indian farmers is burned, about 40% of their value goes abroad (see “India’s Saffron Boom”).
Saffron has a number of medicinal uses (see “Why Saffron is so good for you,” above). A number of diseases have been cured using saffron oil – especially gallstones and acne – and there are even some medical breakthroughs involving saffron. In addition to its use as a skin toner, saffron is a popular food in India and China.
In Asia, saffron has been used in religious rites since medieval times. People of Eastern cultures use saffron to absorb harmful energy. It is also an ingredient in many traditional medicines used to cure diseases or manage pain. It is the ingredient of Ayurvedic medicines and some of the health benefits of certain food and herbal products like ghee.
The value, in real dollars, of all saffron oil is $9.9 billion, as of December 2011. That is more than the entire value of oil produced by Saudi Arabia ($3.8 billion). Since India imports more than 70% of its oil, its oil industry is worth about three times more than Pakistan. Some $1.6 bn. of the value of Indian oil imports goes to Saudi Arabia. A substantial part of Saudi Arabia’s oil exports goes to India.
The US dollar has been the world’s reserve currency since 1971 and is used as the base currency for many international finance transactions. It is also the international reserve currency for the United Nations
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