Deep inside a heavily guarded vault beneath Tehran lies one of the most extraordinary financial assets in the world — not gold bars or foreign currency reserves, but the dazzling jewels of Iran’s former royal family.
These jewels are not just historical treasures. For decades, they have played a surprising role in supporting Iran’s national currency, the rial. Here’s how this unusual system works and why it still matters today
Iran’s royal jewel collection, often known as the Imperial Jewels of Persia, is widely regarded as one of the richest and most spectacular collections of gemstones ever assembled.
The treasury reflects more than 2,500 years of Iranian monarchy, with many of its most significant additions made during the Safavid, Qajar and Pahlavi dynasties.
Over centuries, Persian rulers accumulated crowns, thrones, swords, shields and ceremonial regalia studded with thousands of diamonds, emeralds, rubies and pearls. Today, the collection includes some of the most famous gemstones and royal artefacts in the world.
Some of the most remarkable pieces include:
Darya-ye Noor (Sea of Light): Considered the crown jewel of the treasury, this extraordinary gemstone is believed to be the largest known pink diamond in the world, weighing about 182 carats.
The Jewelled Globe: A striking 34-kg solid gold globe, set with more than 51,000 precious stones. Emeralds mark the oceans, while diamonds, rubies and other gems outline the continents.
The Pahlavi Crown: Created for the coronation of Reza Shah in 1926 and later worn by Mohammad Reza Pahlavi, the crown is decorated with 3,380 diamonds, 369 pearls and a 100-carat emerald at its top.
The Peacock Throne (Sun Throne): Commissioned in the early 19th century, this grand platform-style throne is covered with over 26,000 precious stones, making it one of the most elaborate royal thrones ever created.
The Samarian Spinel: Weighing around 500 carats, this deep red gemstone is regarded as the largest known spinel in the world and is among the rarest pieces in the treasury.
Today, these priceless items are kept in the Treasury of National Jewels under the supervision of Iran’s central bank.
When Jewels Became Financial Assets
In 1937, during the rule of Reza Shah Pahlavi, Iran’s parliament made a historic decision: much of the royal jewel collection would be transferred to the state and placed in the vaults of Bank Melli Iran (later the Central Bank).
The goal was not merely preservation. The jewels were designated as national financial reserves to strengthen the country’s monetary system and help back its currency.
In simple terms, the gems became part of the assets that supported the value of the Iranian rial.
What It Means To “Back" A Currency
Historically, many currencies were tied to gold reserves under the gold standard. Governments could only issue money if they held sufficient gold in reserve.
Most countries abandoned this system decades ago. Modern money is usually fiat currency, meaning its value depends largely on trust in the government and economy.
Iran’s system echoes the old idea uniquely. The royal jewels function as collateral assets on the central bank’s balance sheet, symbolically supporting the national currency and limiting unchecked money creation.
While the jewels are not traded or sold, their immense value provides a theoretical financial cushion for the state.
Why Iran Still Uses This System
Very few countries treat royal treasures as monetary reserves today. In most monarchies, crown jewels are simply historical artefacts or museum pieces. Iran’s case is different for several reasons:
Historical accumulation of wealth: Persian rulers collected vast treasures over centuries through conquests, tributes, and trade.
Political transformation: Even after the 1979 Islamic Revolution ended the monarchy, the state retained the jewels because of their economic importance.
Sanctions and financial isolation: Unlike overseas reserves that could be frozen by foreign governments, these jewels are a domestic asset fully under Iranian control.
Does This Actually Stabilise the Currency?
Not directly. Inflation, exchange rates, sanctions, and economic policies still determine the real value of the Iranian rial. The jewels themselves are rarely touched and remain locked in the central bank’s vaults.
But symbolically and institutionally, they act as a reserve of tangible wealth — a reminder that behind the currency lies a finite store of real assets.
However, unofficial estimates suggest the entire treasury could be worth tens of billions of dollars, making it one of the richest jewel collections in the world.
Between bonds and gold: An economic roadmap to protect Iraq's funds from the shocks of regional conflict
Economic expert Mohammed Al-Hassani said on Tuesday that Iraq needs to reconsider the management of its foreign reserves, especially between US bonds and gold, in light of global economic fluctuations.
Al-Hassani told Shafaq News Agency that "US bonds remain an important liquidity tool and generate a steady return, but they are highly dependent on the decisions of the Federal Reserve and interest rates, which exposes the country's holdings to the risk of devaluation if interest rates are raised."
He added that "gold is a safe haven in times of crisis and inflation, and it preserves purchasing power, but it does not generate an annual return like bonds and does not solve the problem of daily liquidity for government spending or paying salaries."
Al-Hassani pointed out that "the best strategy for Iraq lies in balancing the two, that is, keeping part of the reserves in US bonds to obtain liquidity and returns, and allocating part in gold to protect the reserves from economic or political risks."
He stressed that this “step could help Iraq reduce its dependence on the dollar and protect its economy from any sudden fluctuations in global markets, while maintaining sufficient financial flexibility to support national projects and government spending.”
The war that broke out on February 28, 2026, between the United States and Israel on one side, and Iran on the other, caused an almost complete paralysis of traffic in the Strait of Hormuz, the passage through which about 4.5% of total annual global trade passes, leading to a decline in navigation to very low levels.
As a result of the disruption to shipping through the Strait of Hormuz, Iraqi oil production has declined sharply from 4.3 million barrels per day to 1.3 million barrels per day.
This decline has led to Iraqi exports falling to less than 800,000 barrels per day, and a loss of $128 million per day after oil production stopped, according to the "Eco Iraq" observatory.
Al-Halbousi affirms that the Kurdistan Regional Government cannot deal on equal footing with the federal government.
In a statement received by the Iraqi News Agency (INA), al-Halbousi said, "The Kurdistan Regional Government cannot deal with the federal central government in Baghdad on equal footing," noting that "their use of the term 'Baghdad government' in their statement is unacceptable."
He added, "There are clear constitutional terms and designations, namely the federal central government, the regional government, and the provincial councils, all of which operate according to the constitution," emphasizing his rejection of any characterization that contradicts this.
The Speaker of Parliament directed the KRG to instruct its media outlets to use constitutional and legal terminology when dealing with the federal central government in Baghdad, stating that any use of other terms is unacceptable.
The Iraqi government sets the Eid al-Fitr holiday.
we still need to see what Sistani says
The Cabinet decided today, Tuesday, to suspend official working hours on the occasion of Eid al-Fitr, starting from tomorrow, Wednesday, March 18, until next Monday, March 23.
A statement issued by the council indicated that official working hours will resume in government departments and institutions next Tuesday, the 24th of this month.
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Trump hints at annexing Venezuela: Has it become the 51st US state?
Trump hints at annexing Venezuela: Has it become the 51st US state?
On Tuesday, US President Donald Trump suggested that the United States now considers Venezuela part of its territory, and the 51st US state.
Trump wrote on his Truth Social account: "Wow! This evening, Venezuela beat Italy 4-2 in the World Series semifinals."
He added with absolute confidence: "They look really great, good things have been happening to Venezuela lately! I wonder, what is the secret of this magic? The 51st country? Is there anyone who can answer?"
His remarks come after a break, and perhaps a complete halt, in previous talks similar in content, regarding his intention to include Canada and Greenland in the American component.
In his post, Trump expressed his support for the Venezuelan baseball team as if it were a national team within the American component.
It is known that US forces carried out a military operation against Venezuela in the early hours of January 3, which resulted in the arrest of President Nicolas Maduro and his wife Cilia Flores, before they were transferred to New York to face charges related to drug trafficking.
The raids targeting the capital Caracas and other areas also resulted in casualties, with Venezuelan authorities announcing that at least 100 people were killed and a similar number were injured, including military personnel and civilians.
Al-Hayani: Al-Maliki remains the framework candidate for prime minister, and there are indications that a compromise candidate will be put forward soon.
Mahmoud Al-Hayani, a member of the Al-Fatah Alliance, revealed that Nouri Al-Maliki is still the framework candidate for the position of Prime Minister, but the coming days may witness the introduction of a compromise candidate.
Al-Hayani told Al-Mirbad that Al-Maliki is still the coordinating framework’s candidate for this position and has not been withdrawn yet, indicating that the next stage may witness the introduction of a compromise candidate.
He added that if the framework agrees to withdraw al-Maliki's nomination, the focus will shift towards choosing a new candidate whose name has not been previously mentioned or who has not been nominated before.
He indicated that the new candidate might be chosen by al-Maliki himself if the settlement option is pursued.
The commander of Baghdad operations denies any targeting of the Central Bank building.
The commander of Baghdad Operations, Lieutenant General Walid Khalifa al-Tamimi, denied on Tuesday any attack targeting the Central Bank of Iraq building.
In a statement issued by the Operations Command, al-Tamimi clarified that, regarding rumors of an attack on the Central Bank, he was present at the bank and confirmed that no incident had occurred.
He reassured the residents of Baghdad that the security situation was stable, urging everyone not to believe false news and to rely only on official sources.
WAA) publishes the House of Representatives' decision during session 14
Barak: Washington supports the oil export agreement between Baghdad and Erbil
Tom Barrack, the US President's envoy to Syria, confirmed on Tuesday that the United States supports the oil export agreement between Baghdad and Erbil.
Barak said in a post on the “ X ” platform: “We extend our sincere thanks to Baghdad and Erbil for their tireless efforts to reach an agreement at this critical time to resume energy exports and promote the prosperity of the region.”
He added: “Your courage, unwavering cooperation, and commitment to the diplomatic path have been of paramount importance,” noting that “the United States reaffirms its full commitment to supporting these vital efforts in this crisis
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