Andrea Tadros, a Gold Division member, revealed that Upper Egypt provinces have a great purchasing power (pp) of the finest Gold jewelry, adding "despite the depression during this time caused by a supply shortage, Egyptian demand for gold is increasing."
In the same context, Tadros called for the State to implement control measures on gold trade and urged the authorities to consider regulating the activities of gold dealers.
He also affirmed that additional rules may be needed to ensure contestability to control the market and prevent or minimize non-conformance.
“But the local market needs a lot of work done," he pointed out.
In upper Egypt, gold purchasing operations are linked to the income of agriculture and the amount of gold in circulation depended on the harvest season, according to the Gold Division member.
"Today’s Egyptians are still strongly attracted to the yellow metal so the demand for it is and will always be present," he explained.
Ultimately, he indicated that the new rules, duties, and customs procedures for exporting gold to foreign countries support the national economy, adding that this approach is significant and also something the government relies on.
Contributed by Ahmed Emam
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