Monday, July 18, 2011

Persian Rug Prices Skyrocket, others higher as well

The impact of the Economic Embargo against Iran is truly being felt. Unfortunately, it's the American buying public that are the ones that are feeling it. The rug embargo which took effect September 30, 2010 has brought huge increases to Persians in particular, and others (Afghan, Pakistani, Indian, Turkish) up quite a bit. Wholesale prices are up as much as 4-6 times on Persian Carpets at this point - 2-3 times on the others. My replacement costs prohibit me from buying anything at the moment - bargaining is almost impossible! When will this end? Your guess is as good as mine, the last rug embargo lasted 13 years. I still have 500 rugs in my inventory, and because of the tight economic times, I have not raised my prices accordingly. Keep watching for further developments