Cairo – 27-12-2022
Hani Milad Gaied, head of the General Division for Gold and Jewelry at the General Federation of Chambers of Commerce, announced the completion of the first export shipment of Egyptian gold jewelry to the Saudi market, exempted from the valuation fee. A ministerial decision had been issued by Dr. Which was estimated at 1% of the value of gold artifacts that are exported and has always been considered an obstacle to exporting Egyptian gold artifacts to international markets.
Gaied explained that the shipment of gold jewelry that will be exported is 21 karat and will be exported to the Saudi market. It was agreed to export it during the activities of the International Gold and Jewelry Exhibition “Nebio” in its second edition, which was organized by the General Federation of Chambers of Commerce and the General Division of Gold in the Federation of Chambers of Commerce in cooperation with ministries. Supply, internal trade, trade and industry, which was held at the beginning of this month under the auspices of the President of the Republic and the Prime Minister.
Milad added that the decision to exempt gold jewelry exports from the appraisal fee had a direct impact on the return of Egyptian gold jewelry to competition in the international markets. He thanked Dr. Ali Al-Moselhy, Minister of Supply and Internal Trade, and Major General Ahmed Suleiman, Head of the Stamp and Weights Authority, for providing all facilities to support the return of export. Gold artifacts because of the importance they represent for the renaissance of this important industrial sector, and this also supports the Egyptian state’s tendency to transform into a regional center for the manufacture and trade of gold artifacts.
Gaied explained that there is continuous integration between the efforts of the private sector and the government sector to encourage the export of gold artifacts, and there is continuous consultation about many initiatives to support this industry and support workshops and small factories to develop their products and facilitate the circulation of gold artifacts in the local markets, adding that the division is about to launch a new initiative It will have a direct impact on the prices of gold items in the local markets, and it will also reduce pressure on the locally increasing demand for bullion.
Milad pointed out that the rise in gold prices witnessed by the local markets during the past months was the result of the continued increase in demand for bullion as a safe haven for investment, especially in light of the waves of inflation and economic crises in the global markets. With limited market supply, Stressing that the initiative that will be launched by the Federation of Chambers of Commerce will direct a wide segment of investors to buy gold jewelry instead of bullion, which will achieve a relative balance in the quality of demand with the various products offered and will achieve a general decline in prices.
