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Contact SupplierSaffron oil is the essential oil extracted from the saffron spice and it has an astringent quality, which makes it a popular medicinal tool. The saffron plant is scientifically known as Crocus sativus, and spice comes from the flower of this plant. Saffron, also known as Kesar, is one of the most expensive spices in the world, particularly in American markets, so its concentrated oil can be even more costly, depending on where you are in the world.