Gold Division at the Chamber of Commerce in Cairo warned the citizens of purchasing used gold accessories online, especially via social media platforms.
The main reason for this warning is to protect them from buying gold-like and non-conforming accessories.
The market is facing currently a source of a chaotic gold trade mood that’s why several buyers were cheated as they have a poor gold trade experience, Ehab Wasef, the Deputy Head of Gold Division at the Chamber of Commerce in Cairo explained.
Next, he referred to the difference between pages that display gold products and trusted gold sellers who promote their products on social media as they execute all processes of gold trading in their headquarters in addition to following all official persuaders.
However, trading used gold pieces is officially prohibited in the Egyptian market unless the used piece is not recorded or stamped by the concerned authorities.
Regarding the rising number of people who purchase gold accessories online, Wasef highlighted that the low manufacturing taxes and added-value taxes are the main reasons for that, in addition to displaying gold like or below 18-karat, and 21-karat accessories.
Moreover, those pages are not observed by the concerned authorities which makes it a market for stolen or robbed gold products.
Wasef added that the sellers are obliged to report and retain any stolen gold piece, unlike the illegal gold trade process, the buyer and the seller are considered criminals.
Next, he urged the citizens to buy gold accessories from known trusted gold sellers as they present fine and recorded products as they are previously weighed, and examined.
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Contributed by: Rana Atef
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