Iranian Carpet Import Ban Begins

Tehran, Iran, Sept. 30, 2010--The price of Persian carpets outside the U.S. is expected to fall as a result of oversupply following a U.S. ban on their importation.

The Iranian carpets business is valued at $500 million a year globally. The U.S. carpet ban is one of a series of sanctions introduced by Washington to increase pressure on Tehran to abandon its uranium enrichment program.

Traders said the loss of the American market would result in more carpets coming to the UAE, helping to reduce their price.

Prices could fall by as much as half, analysts said.

The Oriental Rug Importers Association (ORIA) in America has warned its members to prepare for the end of the Iranian carpet trade for the foreseeable future.