Resting in the foothills of Greece's legendary Mount Olympus - where the 12 gods of ancient Greek mythology are believed to have lived - is the small town of Krokos.

It means saffron in Greek because this is the only part of the country that produces the red spice. It is a product that is at the heart of life here - with the colorful, purple crocus flowers dotting the idyllic landscape.

About 1,000 producers in 17 local villages here produce saffron at the moment, according to Nikolaos Patsiouras, the President of the Greek Saffron Cooperative. "It employs about 6,000 people, so it's hugely important for the local economy," he adds.

About 6,000 kilos of saffron are cultivated here each year, with production ramping up in recent years. 70 percent of that is currently exported, mainly to markets in the U.S., and in EU countries like Spain and Italy. With a retail price of around $12 a gram, it is no surprise to see why they call it "red gold" here.

But, there is a new market that has local producers excited, one that Patsiouras and his team have been trying to secure for more than three years - China. 

The two countries are finalizing details to allow Greek saffron to be exported to the Asian nation, with an aim to reach Chinese shelves by the end of the year.

"The Chinese recognize Greek saffron has immense health benefits, and we have cultural links to China that have been strengthened in recent years too. What we're hoping for is a guaranteed market there to allow us to ramp up production," Patsiouras said.

A drive down the hill takes us to a patch of land harvested by Maria Koutsakmar. A former university administrator, she speaks fluent English as she shows us how to pick saffron with her pollen stained hands. Maria left her city life behind to come and take part in the booming saffron industry here, where she now lives with her family.

"It's something that unites us, and it's very important to pass it on from generation to generation. I have two kids myself and sometimes they come out here and learn the values that have survived throughout the centuries," she tells us.

The deal with China has high-level government backing and agricultural products are set to feature in bilateral deals expected to be signed when President Xi Jinping visits Athens this week. For the local region here in rural northern Greece, it could also offer an economic lifeline.

The nearby city of Kozani has a population of almost 70,000. Walking through its center, it is easy to see how much of a problem unemployment is here, where the rate of joblessness is around 25 percent.

The mayor of Kozani, Lazoros Maloutas, is hoping agriculture can replace some of the thousands of jobs that have been lost in recent decades as this once booming industrial city has suffered from the decline of the coal industry. 

"Agriculture and saffron are part of the solution, but we're also focusing on other sectors, such as education - we have invested in a major university and colleges here - but we recognize the scale of the problem."

I ask him what his biggest focus and challenge is now that he has recently started his second term as mayor, following an earlier stint in power that ended in 2014? "Jobs, definitely jobs", he tells me, "jobs are more important than just investment".

As smoke rises in the distance from the major power plant that helps drive much of the economy here, the rugged mountains of northern Greece pierce through the smog. 

In neighboring Krokos, the locals believe the gods endowed them with the land they have inherited and with the gift of saffron. And after years of economic hardship, Greece's "red gold" is proving one of its standout global products.