Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Silver Manufacturers Express Anger over Transfering Silver Stampings to Obour

Gold Prices, gold

Tue 06 Dec 2022 | 05:56 PM
Walid Farouk

A state of anger prevails among the silver-making workshops in the goldsmiths' zone at the Stamps Duty and Scales in Obour City.

Zainab Khalifa, a jewelry designer, said Stamp Duty made a decision to transfer the silver stampings from the stamping branch of the goldsmiths, as the regulatory body announced that from tomorrow the stampings will be transferred to the Obour branch.

She added that there is a state of anger prevailing in the silver market, as a result of that decision, as it will lead to the impoverishment of the owners of the workshops, which are located in the goldsmiths’ zone, in light of the decline in the size of stamps, which represents an obstacle to the continuation of the workshops.

Khalifa noted that the decision will lead to close the market and the workshops of the Gamaleya area, as some have threatened to close amidst the stagnation in the silver market.

She indicated that the owners of the workshops intend to organize a pause to meet the head of the stamp duty, in addition to communicating with the office of the Minister of Supply and Internal Trade to reverse the decision and take into account hundreds of the owners of the workshops.

Khalifa mentioned that the market can no longer bear it, and manufacturers are defending their livelihoods, amid many burdens of high value-added tax fees, and the proliferation of imported silver products.

Contributed by Israa Farhan @⁨Walid Farouk⁩