Eid Youssef, Head of the Gold Division in the Menoufia Chamber of Commerce said that the most prominent problems of the gold and jewelry sectors are the absence of data and statistics, which overshadows the real market size, sales volume, and the size of hallmarked gold of different karats, as well as the volume of imported jewelry.
Youssef added that the spread of smuggling operations and the increase of hallmarking outside the assay office led to the emergence of an informal market whose production volume could not be counted.
"There is no real data about the volume of gold circulation in the markets, the volume of shop sales, the number of manufacturing companies and workshops, or the size of shops. All that is said is on;y but estimated numbers that do not represent the true reality of market power," Head of the Gold Division pointed out.
"The informal market is at least 75% of the real volume of the gold and jewelry market."
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