Egypt Exports Shipment of Gold Jewelry to Saudi Arabia

Ibrahim Al-Arabi, President of the Federation of Egyptian Chambers and Vice President of the Islamic Chamber of Commerce, revealed the export of the second shipment of Egyptian gold artifacts to the Gulf markets after the decision to cancel the evaluation fees for exporting gold.

The desicion was issued to Ali Al-Moselhi, Minister of Supply and Internal Trade Ali Moselhi in 2022.

Al-Arabi affirmed that the Federation of Chambers of Commerce spares no effort in supporting all commercial sectors, developing Egyptian exports to various global markets, and implementing presidential mandates to increase Egyptian exports to $100 billion.

The President of the Federation of Egyptian Chambers praised the efforts of the Board of Directors of the General Division for Gold and Jewelry in developing production and trade systems for Egyptian jewelry, in line with global developments.

Hani Milad Gayed, head of the General Division for Gold and jewelry at the General Federation of Chambers of Commerce said that the decision to cancel the evaluation fee had a direct impact on the re-export of Egyptian gold jewelry, and gave the Egyptian product the ability to compete in foreign markets.

He explained that two shipments have been exported since the ministerial decision was issued. The first is estimated at about 10 kilograms of gold, while the second is estimated at about 12 kilograms of jewelry to the Saudi market.

He added that this is in addition to a new shipment of gold completed by a company, amounting to about 20 kilograms of gold artifacts, all of which are 21 karat.

The head of the General Division for Gold and Jewelry pointed out that the Nebu Expo for Gold & Jewellery was able, in only two editions, to become one of the most important exhibitions in the Middle East and Africa for the manufacture and trade of gold artifacts.

He emphasized that the Arab and African markets are currently being targeted because of their demand for Egyptian products, and the Egyptian product’s knowledge of the general taste of those markets.

He noted that the demand in the Arab markets is concentrated on 21 carats, while the North African markets accept purchases in 21 and 18 carats, as they are very similar to the general taste of the Egyptian consumer.