July 1st, 2010
President Obama has signed the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA) which was passed just one week ago by Congress to prohibit the importation of Iranian goods. The Divestment Act will be effective September 29, 2010, and does in fact encompass hand knotted rugs and carpets from Iran. For importers with overseas inventories, or rugs which are warehoused, they must be entered into U.S. territory or U.S. Customers before September 28th, 2010.
According to the Iran National Carpet Center Public Relations, this news comes amidst noted increase in exports of hand knotted rugs which has "seen considerable growth this year in terms of weight and value in the first two months."
Based on IRICA customs release data, value of exports in the first two months of 2009 was $43.6 Million and 700 tones, compared to this years $56 million dollars and 800 Tones. Tracking back to 2008, Iran's exports to the United States reached more than half a billion dollars total.
This is certainly not the first embargo on Persian rugs, and the timing has come at an ever so similar as in years past. Although great disparity between new and old rugs, in the past three years the top three highest prices paid for publically purchased hand knotted rugs sold at auction made World records. Those of which include a $9.6 million Vase Carpet, Doris Duke Isfahan for $4.45 million and another antique Ifahan for $4.3 million to name just a few. Auction prices for old Persian rugs have been hitting new highs across the board in many instances, despite signs of lackluster economies. Similarly, before the 1979 embargo during the Iranian Revolution, the Persian rug market had continued to soar worldwide, with rugs exceeding figures previously fathomable.
MOST EXPENSIVE RUGS