In Baghdad, Rare Prayer Beads Command Prices Exceeding Gold at Annual Auction

ERBIL (Kurdistan24) — In the historic markets of the Iraqi capital, a specialized trade has emerged that challenges traditional notions of wealth storage, where ancient organic gemstones are trading at valuations that eclipse the price of standard precious metals.

According to a report by Saif Ali for Kurdistan24, a recent exhibition in Baghdad has showcased a collection of rare prayer beads, or rosaries, with individual strands commanding prices as high as $100,000, driven by a market that prizes rarity, age, and material above all else.

The event, described as a once-a-year occurrence, brings together collectors, sellers, and enthusiasts for a singular day of high-stakes public auctions.

The items on offer are far removed from mass-produced religious artifacts; instead, they represent the pinnacle of craftsmanship using rare materials, specifically precious "Amber" stone. The report indicates that the astronomical prices observed at the exhibition are not anomalies but rather reflective of a deep-seated cultural and economic valuation of these stones in Iraq.

The pricing structure for these beads is meticulous, determined by the specific type of precious stone used and the age of the beads themselves.

The report highlights that time serves as a multiplier for value in this market; the older the rosary, the higher the price it commands. This dynamic has pushed the cost of certain raw materials to levels that make gold appear relatively affordable by comparison.

According to the details provided, there are beads at the exhibition where the price of a single gram is $1,500. Sources at the event emphasized that at this rate, the material is "several times more expensive than gold," a sentiment echoed by traders who possess raw materials and finished pieces that carry valuations far exceeding standard bullion.

A central theme of the exhibition is Iraq’s assertive claim to dominance in the global amber market.

Local stakeholders declare Iraq to be the "master of the world in amber." This assertion puts Iraq in the first rank globally for the possession of these precious stones.

Organizers of the event insist that this ranking is "not exaggerating," pointing to the sheer volume and quality of jewelry materials available for both men and women within the country. This local confidence underpins the high liquidity and massive capital flows seen during the auction.

The extent of the wealth locked within these small, portable items is illustrated by the profile of the collectors attending the event.

A local rosary beads seller told Kurdistan24 reporter that there are "simple persons" who, "despite a modest outward appearance, is the owner of a single piece of amber stone valued at 4 billion Iraqi dinars, or approximately $3 million." 

This anecdote serves to highlight the hidden nature of this economy, where significant fortunes are held not in bank accounts or real estate, but in strands of polished fossilized resin.

For many in this circle, the collection of rare rosaries has evolved into an alternative investment strategy.

The collectors, speaking with Kurdistan24, outlined a prevailing philosophy among enthusiasts that favors these artifacts over traditional gold storage. The rationale presented is that, unlike other assets that may fluctuate or depreciate, a high-quality rosary "does not lose its beauty."

On the contrary, as the item ages, its market value rises, providing a dual benefit of aesthetic enjoyment and financial appreciation. Traders argue that instead of storing gold, retaining a rare rosary offers a more robust store of value.

However, gold remains a component of this luxury trade, serving as a value-added enhancement rather than the primary asset. Owners of these high-value amber rosaries often seek to increase their worth further by incorporating gold into the design.

As noted by one of the collectors, "a beautiful rosary needs gold casing to make it more beautiful and raise its price even further." By mixing the precious amber stone with gold fixtures, collectors create a compound asset that maximizes both the visual appeal and the financial appraisal of the piece.

The market for these items, historically confined to a "small group of people" with the means to acquire them, is undergoing a transformation driven by modern technology.

With the "spread of social media," rosary sellers are adapting their tactics. They are increasingly utilizing digital platforms and organizing these exhibitions and public auctions to broaden the visibility of their wares.

This strategy aims to drive the prices of these beads even higher, expanding the market beyond the traditional circle of elite collectors and introducing these astronomical valuations to a wider audience.

As the exhibition concluded, the sentiment in Baghdad remained clear: for the connoisseurs of this trade, amber is not merely a stone, but a premier asset class where Iraq holds a position of global leadership.