The head of the General Division for Gold and Jewelry at the Federation of Egyptian Chambers of Commerce, Hani Milad, revealed that the Kingdom of Saudi Arabia received the first shipment of gold jewelry from Egypt.
The shipment was exempted from value charges in accordance with the Minister of Supply and Internal Trade Minister Ali Moselhi's directions to carve out exceptions for gold jewelry, Milad noted.
Milad explained that the shipment of gold jewelry was made of 21k gold, and the deal was struck and signed during the 2022 Nebu Expo for Gold Production, held by the Federation of the Egyptian Chambers of Commerce.
He also indicated that the latest decision to exempt gold jewelry from value charges would allow Egypt to become a regional hub for the gold industry and compete in global markets in one of the global trade’s key sectors.
Contributed by Ahmed Emam
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