Pure iridium may not exist in nature because its abundant crust is very low at about 0.001 parts per million. Although rare, iridium does occur in natural alloys with other precious metals, and iridium is often produced commercially with other platinum metals as a by-product of nickel or copper production.
Iridium-bearing ores are distributed in South Africa and Alaska, USA, as well as Burma (Myanmar), Brazil, Russia and Australia. In the late 20th century, South Africa was the world's leading producer of iridium.

Iridium is one of the rarest precious metals on Earth, mined only as a by-product of palladium and platinum. As a result, supplies are extremely limited and traded infrequently. Only a few traders sold iridium ingots, and investors immediately put the purchased products into production for products such as electronic screens. On top of that, production issues affect already meager supply, and when demand suddenly increases, so does the price of the metal. In the three months from January to March 2021, iridium prices rose 131%, while popular cryptocurrency bitcoin rose 85%.