As an expert in the field of aromatic substances, I have a deep understanding of the various factors that influence the price of frankincense, also known as "olibanum." Frankincense is a resin obtained from trees of the genus Boswellia, native to the Arabian Peninsula and northeastern Africa. It has been highly valued for centuries for its aromatic properties and its use in religious and cultural ceremonies, as well as in traditional medicine.

The cost of frankincense can vary widely depending on several factors, including the quality of the resin, its origin, the time of harvest, and market demand. High-quality, solid frankincense resin, as mentioned by the International Centre for Research in Dry Areas, can be sold at prices reaching up to 37.33 per kilo. However, this price is not static and can fluctuate due to supply and demand dynamics in the market.

It's important to note that frankincense is graded based on its quality, with the highest grades commanding the highest prices. Factors that affect the quality include the color, aroma, and the presence of impurities. The most sought-after frankincense is typically light in color, with a strong, pleasant aroma, and free from any foreign substances.

The origin of the frankincense also plays a significant role in its price. Resin from certain regions, known for their superior quality, can be more expensive than that from other areas. Additionally, the time of harvest can affect the resin's quality and, consequently, its price. Frankincense is traditionally harvested during the dry season, and the best quality is often obtained from trees that have been tapped at the right time.

Market demand is another critical factor. As with any commodity, the price of frankincense can be influenced by the global market's need for it. Increases in demand, whether due to religious, medicinal, or aromatic uses, can drive up the price. Conversely, a decrease in demand can lead to a drop in price.

The volatility in the price of frankincense, as well as that of myrrh, which is roughly twice as expensive, is a characteristic of many commodities. The price can be affected by a variety of external factors, including geopolitical events, changes in consumer preferences, and even weather conditions that can impact the harvest.

In conclusion, the price of frankincense is determined by a complex interplay of factors, including quality, origin, harvest timing, and market demand. While it's challenging to provide a definitive price without considering these variables, the range can be quite broad, with high-quality resin commanding a premium in the market.

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Solid frankincense resin can be sold at up to --37.33 per kilo, according to the International Centre for Research in Dry Areas. Myrrh is roughly twice as expensive, but prices are volatile -C something that can also be said for the Wise Men's third gift.Dec 21, 2011read more >>