With High Profit Margins, Saffron Is The New Contraband | FP Passport

With High Profit Margins, Saffron Is The New Contraband | FP Passport.

Why is saffron (which is the most expensive spice in the world) suddenly being smuggled into India?

Well, it turns out that production in Kashmir, the primary growing area for high-quality Indian saffron, has fallen 85 percent in the last 10 years. Experts are blaming climate change, poor irrigation, and pollution in the region. In response, prices in India have doubled in the past three years. Meanwhile, with Iran and Spain supplying most of the saffron to the world market, global prices have held steady.
Now, the subsequent price gap between India and other countries has led to an opportunity for smugglers to profit; the spice sells for double in India than what it in other markets — up to $5,000 per kilogram.

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