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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt's Gold Market Braces for Cost Uplift in July


Gold Prices

Sat 01 Jun 2024 | 09:00 PM
Waleed Farouk

Egypt’s gold markets are preparing for an anticipated 10% increase in the manufacturing cost per gram of gold at the start of the next fiscal year. This adjustment is part of the protocol signed between the Gold Division of the General Union of Chambers of Commerce and the Egyptian Tax Authority to set the value-added tax (VAT).

For the fiscal year from July 1, 2024, to June 30, 2025, the average manufacturing cost for a gram of 21-karat gold will be 55.30 Egyptian pounds, with a VAT of 7.74 pounds and an additional 1.6 pounds for inspection and stamping fees. The manufacturing cost for a gram of 18-karat gold will be 80 pounds, with a VAT of 11.16 pounds and the same additional fees for inspection and stamping.

The protocol also outlines the method for collecting duties on imported gold jewelry and artifacts. The tax base includes the manufacturing value determined by customs, plus the customs duty. The total fees for imported gold items of 21 and 18 karats will amount to 44.6 pounds, including 35 pounds for VAT and 9.6 pounds for inspection and stamping fees.

Furthermore, the agreement between the General Union of Chambers of Commerce includes calculating 14% of the average manufacturing value for local jewelry, a figure that is set between the parties on July 1 each year.