Members of the Board of Directors of the Gold and Jewelry Division held an urgent meeting to discuss ways to deal with the recent events that affected global gold prices, which inturn affected the Egyptian market.
Hani Milad, Chairman of Gold Division said that the members agreed to submit a memorandum to the Minister of Supply and Internal Trade to present the Division’s plan during the next stage with proposals that would organize the sector and try to maintain as much a level of balance in the local market.
The chairman added that the meeting included a proposal to re-implement the decision to exempt gold accompanying Egyptians abroad from customs, as a measure that would create a balance between supply and demand.
Milad added that the exemption period witnessed the entry of 4 tons of gold with Egyptians returning from abroad.
He stressed that the implementation of such a decision will lead to a balance the local gold market.
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