The Ministry of Finance released on Tuesday a silver coin as a memorial for celebrating with the 5th anniversary of founding the Trade Union Committee for Workers in the Gold and Jewelry Industry.
George Michelle, the Chairman of the Trade Union Committee for Workers in the Gold and Jewelry Industry, said that the coin is made from 720 Silver karat, and weighs 17.5 grams, in addition, it is1.62 mm in thickness.
The 5 EGP domination carries the name and the slogan of the committee, and it costs EGP 375.
In the same context, Michelle added that the committee plans to organize a celebration for its members on this occasion.
In addition, he pointed out that the committee targeted through the past five years to improve the industry, and develop the quality of its workers as the committee has 3500 members nationwide, including gold workshops and factories workers, and stores employees.
Next, the chairman revealed that gold local markets currently experience recession after seeing record-breaker performance.
The main reason for that is the citizens’ direction to invest their money in the newly-released certificates of deposit with 18% as interest rates by the government.
Michelle concluded that traders will have to raise the prices due to the increase in the manufacturing and material expanses, in addition, he suggested that companies should release cheaper and lighter gold accessories to be suitable with the citizens’ purchasing power.
Contributed by: Rana Atef
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