Ehab Wassef, head of the Gold and Precious Metals Division at the Federation of Industries, said that the production of 14-karat gold jewelry cannot be suspended, as 14-karat is a legal carat and listed under the laws of the Stamp Authority.
He explained that what was reported on websites and media yesterday about suspending the production of 14-karat gold jewelry was “baselesss,” but what happened is reducing the production in local markets, as a result of the Egyptian society’s lack of acceptance of low-karat gold jewelry.
He pointed out that Egyptian society views gold as a means of saving and preserving value, and hence Egyptians prefer high-karat jewelry, 21-karat and 18-karat.
Wassef noted that 21-karat jewelry is the most widespread in local markets, especially with its connection to marriage customs and traditions in the regions and governorates.
Follow the latest news on Google News
