UNITED KINGDOM January 21 2016 1:42 PM

LONDON (Scrap Register): Iran may be the only major gold jewelry consumer in the Middle East, according to Metals Focus analysts, who think that sanctions being lifted over the weekend will have an impact on the nation. 

“We would not be surprised if Iran is the only major gold jewelry consumer in the region to achieve meaningful gains in 2016," analysts of the U.K.-based precious metals research firm said in a note Tuesday. 

On the silver front, they focused their attention on major jeweler Tiffany & Co to see where silver consumption is headed. 

“Focusing on their performance in the U.S., the value of comparable store sales (covering all products, not just silver) fell by 8%,” they noted.

“Although the company cited the impact of a strong dollar on tourist spending, we would suggest that this outcome also partly reflects the impact, last year, of softer U.S. silver jewelry consumption,” said Metals Focus. 

However, the analysts continued, a sharp downturn in U.S. retail demand is not in the cards this year. 

“In fact, 2015 may prove an aberration, with 2016 seeing a modest gain,” they said. Citing the firm’s latest five-year silver forecast, released Monday, they are calling for a 1% gain in global silver jewelry consumption in 2016.