Mostafa Saber, Master Gold company’s managing director and executive director, said that the demand for gold accessories currently fell, and the rate of his company’s production is only 10% of the corporation’s production capacity.
Saber added that gold prices see huge increases, and only customers are suffering from the market’s problems, in addition, it is hard to expect the range of gold prices in near future due to the unstable performance of the markets.
He pointed out that the World Gold Council’s latest report revealed that the majority of the central banks are working on strengthening their gold reserves, therefore, citizens started to buy more gold bars and gold pounds in the light of the increasing economic crises globally.
The executive director also highlighted that the state’s decision of increasing the amount of exhibited gold products in the markets will help in declining the prices in domestic markets.
Moreover, he shed light on the importance of the companies’ direction to new markets to not be fully impacted by the crises of domestic markets, especially for the Egyptian products.
Saber also asserted that the authorities should facilitate the regulations of exportation, and drop the valuing taxes which is estimated at 1% for the price of each gram. This stipulation increases the taxes on exportation.
Finally, he concluded that exportation will benefit the local markets by bringing foreign currencies, and will create more work opportunities, alongside increasing the Egyptian exportations, and supporting the rates of rising national companies.
Contributed by Rana Atef