Saffron (Crocus sativa) is a spice that is worth more than its weight in gold. Over the past three decades there has been renewed global interest in saffron cultivation for use in cosmetics, the food industry and for its health benefits, which is why this spice has been coined “Red Gold”.
By far, the most valuable spice in the world today is saffron. The dried stigmas of the saffron crocus plant can be purchased as saffron threads. A kilo of saffron costs, depending on the quality, 3,000-14,000 Euros. The Saffron crocus is a member of the Iridaceae family.
Spices were highly valued because, as well as being used in cooking, many had ritual, religious or medical uses. They were of high value because of their relative geographical scarcity. Spices could only be grown in the tropical East, in the South of China, Indonesia as well as in Southern India and Sri Lanka.
Its origins are shrouded in mystery. Some say the saffron crocus (Crocus sativus) plant hails from Iran, others say Greece. When picked, harvested from the flowers and dried, a pound of saffron can cost up to $5,000, according to MoneyInc.com.
Worth the price
The labour intensive nature of producing saffron means Australian saffron will set you back around $50-60 for a single gram, which is around four times the price of imported saffron and roughly the same price as gold.
Pure Saffron or Kashmiri Kesar is one of the priciest spices available on 'Earth'. 1 KG Saffron (Kesar) price is around Rs. 3,00,000.
The major supermarket chains Coles and Woolworths do stock saffron. In Coles we found Masterfoods saffron ½ gram for around $7, and in Woolworths we found Hoyts brand saffron 100mg (1/10 gram) for around $14.
Palladium is the most expensive of the four major precious metals – gold, silver and platinum being the others.
"What used to be expensive and exclusive became common." Serving richly spiced stews was no longer a status symbol for Europe's wealthiest families — even the middle classes could afford to spice up their grub. "So the elite recoiled from the increasing popularity of spices," Ray says.
So, why was nutmeg so valuable? Well, Krondl likens it to the iPhone of the 1600s. It was fashionable among the wealthy. It was exotic and potent enough to induce hallucinations — or at least a nutmeg bender, as detailed in this account from The Atlantic.
Cinnamon is an ancient spice that predates the recorded history of culinary applications of all spices. As such, it has been dubbed the “world's oldest spice”, which may be a warranted title, knowing that because it was found to be included in Egyptian embalming recipes.
There are only three of the orange-yellow stigmas in each flower, which means it takes a lot of flowers to make a little bit of saffron. Each pound of saffron contains between 15 and 20 thousand stigmas. If you were to grow your own saffron, you would need 75 thousand of these flowers to get a single pound!
Peonies. Peony is one of the flowers that symbolize prosperity, wealth and good fortune. Aside from that, it also symbolizes dignity, honor and compassion. These blooms are noticeable as they produce large flowers in a wide variety of colors.
"Platinum and Palladium Are 30 Times Rarer Than Gold."
Nationwide, Australia currently has about 80 small-scale growers producing saffron with a total annual crop of approximately 10kg, valued at around $300,000.
One gram of saffron threads equals roughly one loosely packed tablespoon. You only need a pinch of saffron threads (a heaping 1/4 teaspoon) for a paella that serves four.
Cost $130.00 – 28.35gr = (ounce) = $ 4.58 per gram.