Egypt exports gold jewelry shipments to Saudi Arabia
The President of the General Federation of Chambers of Commerce in Egypt Ibrahim al-Araby announced that a second shipment of Egyptian gold jewelry has been recently exported to Saudi Arabia, following Egypt’s canceling of valuation fees imposed on exporting gold.
Araby stressed that the Federation of Chambers of Commerce spares no effort to support all commercial sectors, develop Egyptian exports to various global markets, and to implement presidential mandates to increase Egyptian exports to US$100 billion.
Araby praised the efforts of the Board of Directors of the General Division of Gold and Jewelry in developing the production and trade systems for Egyptian jewelry in line with global developments.
Canceling valuation fees had a direct impact on the re-export of Egyptian gold artifacts, and granted the Egyptian product the ability to compete in foreign markets, said the head of the General Division for Gold and Jewelry at the General Federation of Chambers of Commerce Hani Milad Gaid.
Two shipments had been exported since the decision, Gaid added.
The first shipment is estimated at ten kilograms of gold, while the second is estimated at about 12 kilograms of jewelry for the Saudi market.
In December 2022 Egyptian Minister of Supply and Internal Trade, Ali al-Moselhi, announced the cancellation of all fees on gold jewelry exports in the new draft law on minerals, as part of the state’s strategy to develop the gold industry in Egypt.
Gold factories demanded earlier the cancellation of a 0.5 percent valuation fee for gold exported abroad, in order to encourage export and increase the hard currency in the country, as well as in light of a noticeable decline in the sales of gold artifacts in Egypt.