Cabinet Clarifies Truth Behind Reports of Counterfeit Gold Coins Circulating in Local Market

The Cabinet Media Center issued a statement across its social media platforms clarifying the truth behind what has been circulating regarding the spread of counterfeit gold coins or gold bars in the markets as a result of insufficient oversight.

After consulting the Assay and Weights Administration (Maslahat Damgh Al-Masougat), the Media Center confirmed that the administration exercises its regulatory and technical role around the clock through inspection committees deployed across all governorates, in full coordination with the regulatory bodies of the Ministry of Supply and Internal Trade.

The Media Center added that the administration did not record any cases of counterfeit gold coins or bars being traded within official gold shops during its recent inspection campaigns. It explained that what circulates online relates to individual fraud attempts carried out outside the legal framework—often outside Egypt—and published on the internet with the aim of stirring confusion and public concern.

The statement emphasized that it is impossible for any gold jewelry or bullion to be traded in the Egyptian market without being hallmarked with the administration’s official stamp, in accordance with Law No. 68 of 1976 and its executive regulations. The hallmark is the only guarantee of purity, authenticity, and quality.

The Media Center further clarified that the administration possesses the latest internationally certified equipment for testing gold purity—including XRF devices and chemical laboratories—which are used regularly to ensure accuracy and prevent tampering. Additionally, all gold retailers are required to provide an official invoice that includes the bar or coin number, purity, and weight, making fraud impossible within the official and supervised trading channels.

The administration reaffirmed that the Egyptian gold market is safe, stable, and strictly regulated, and that any violations are dealt with immediately, with legal measures taken against offenders.

It also urged citizens not to be misled by rumors circulating on social media platforms, and to purchase only from licensed and authorized gold retailers, ensuring that both the official hallmark and an approved invoice are provided.