The General Division for Gold and Gold Artifacts of the General Federation of Chambers of Commerce in Cairo monitored some attempts to sell unstamped bullion on social media pages in violation of the law.
Such transactions constitute a wide field for commercial fraud and manipulation of consumer rights.
Hani Milad Gayyed, head of the General Division for Gold and Gold Artifacts, said that the ingots that are sold to the consumer must meet a set of standards, the most important of which is that they are stamped by the Department of Stamps and Scales to ensure the karat gold and weight of the ingot, in addition to the seal of the factory producing the ingot as it is properly packaged to preserve it.
And he added the customer must receive an invoice for the purchased ingot.
Milad explained that the non-stamped ingots that are traded in the local market do not conform to the specifications so selling them to the consumer is considered illegal.
Those ingots must be traded as raw gold among factories and workshops only after they are stamped and calibrated after being produced in the form of an official ingot or gold artifact.
He pointed out that these ingots are not accurately defined in karat or weight, and the numbers engraved in them are stamped by the workshop that produces them and is not hallmarked nor officially guaranteed.
Millad warned that trading unauthorized ingots open a wide scope for deceiving consumers by trading them with an unreal karat or weight, and no tax or stamp duty was paid for their production.
These alloys are considered unfit for the end consumer's use.
He advised consumers not to submit to such advertising and purchase unsecured or legal products.
He stressed that there are currently many companies producing alloys in the Egyptian market, and all of them enjoy the necessary quality specifications of stamping with the Egyptian stamp.
He pointed out that high quality is monitored by the Ministry of Supply and Internal Trade represented by the Department of Stamp and Scales.
Translated by Ahmed Moamar
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