Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt Targets a $250 Million Jump in Gold Exports by 2024

Gold Service

Wed 29 Nov 2023 | 09:09 AM
Waleed Farouk

The Gold and Precious Ores Division of the Federation of Egyptian Industries has set an ambitious goal to boost Egypt's gold exports to approximately $250 million by the year 2024.

Ihab Wassef, the head of the Gold and Precious Ores Division, announced this target at the Nubia International Gold and Jewelry Exhibition. The Division is exploring the organization of an international gold and jewelry exhibition dedicated exclusively to exports in the near future. This initiative aims to showcase high-quality Egyptian products to major global companies, highlighting the competitive pricing of Egyptian gold in comparison to other markets.

The third edition of the Nubia International Gold and Jewelry Exhibition, held from November 26 to 28, features participation from 50 local and international companies. These include firms from Germany, the UAE, China, Turkey, Italy, and Saudi Arabia. Additionally, 120 visitors from Arab markets were invited by the Gold and Jewelry Division of the General Federation of Chambers of Commerce, as part of efforts to market the exhibition and attract new exhibitors, as well as to bolster the export of gold artifacts.

Exhibits at the fair showcased significant advancements in modern manufacturing technology used in goldsmithing, coupled with diverse marketing strategies. A notable innovation presented at the exhibition was the first ATM machine for depositing and withdrawing gold bars, a collaboration between Master Gold companies and the Bank of Egypt.

This push to increase gold exports signifies a major step in enhancing Egypt's position in the global precious metals market. The adoption of modern technologies and innovative marketing approaches is expected to play a pivotal role in achieving this ambitious export target.