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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Rise in Gold Prices Revives Diamond Market in Egypt


Gold Service

Sat 25 Feb 2023 | 11:00 PM
Walid Farouk

Rafik Abbasi, the former head of the Gold Division of the General Federation of Egyptian Industries, said that the rise in gold prices has revived the diamond market in Egypt, in light of the decline in the purchasing power of the middle class in the country, which could buy wedding artifacts at a value ranging between 10 and 15 thousand pounds.

Abbasi added that engagement rings are traded in the local market, with prices that currently range between 10,000 and 20,000 pounds.

He pointed out that diamonds are difficult to evaluate except through experts, and it is difficult to be evaluated through others, which raises embarrassment for relatives and family.

Abbasi affirmed that the gold and jewelry markets offered diamond rings with light weights, to suit the budget of those who are about to get married.

Dr. Magdy Abbas, Chairman of the Board of Directors of the Diamond Center Company, said that misinformation about buying diamonds that customers receive from their relatives who bought diamonds at a time when it was not widespread in the Egyptian market.

He warned that such misinformation led to a limitation of sales of diamond jewelry, in light of the availability of rings of diamonds at prices that correspond to the low purchasing power of citizens.

Abbas added that there is an increase in the demand for diamonds, whose sizes range between 30 and 60% of the carat. The local market also accepts diamonds of shades G and H, and of VVS1 purity.

Abbas pointed out that citizens' fears of buying diamonds result from the circulation of misinformation about the high rate of loss of diamonds when buying, to about 40% of their value, adding that the percentage of customers losing new–cut diamonds does not exceed 10% of their value, which is almost a percentage of the manufacture duty of grams of gold that the consumer loses when reselling.

He added that it is necessary for the customer to go to the same seller from whom he bought it, when

reselling it, to limit the loss

Translated by Ahmed Moamar