“Al-Sagha” area, Al Gamaliah District, Cairo, is the marketplace where scrap gold is traded. People head to the place to sell what they have in their possession of scrap gold directly to the shops or by collecting gold from all governorates through delegates called “marketers” who collect gold items from gold retailers there.
The marketers resell the items to gold shops in the Al-Sagha area, as part of sales is is re-formed into new products, and the part is repaired and offered for sale as used crafts.
Ismail Nassar, a gold merchant in the Al- Sagha area, said that “scrap gold” is a word circulating by goldsmiths , and it means used gold ware collected from shops in various governorates of Egypt, to be re-melted and reshaped into new gold items that are presented in the markets.
He added that shops in the countryside are the main source of used scrap gold , some of these items need restoration “for repair”, and some of them only need polishing and finishing, and some of them are broken and reshaped into new ones.
He pointed out that the Al-Sagha area provides services of buying, selling and exchanging with citizens, according to the needs and desires of consumers, either citizens buy new or used items, sell what they have, or exchange gold for gold with paying the difference in the value of workmanship to the shops.
He affirmed that citizens accept used gold as a savings tool that those wishing to invest as an alternative to bullion and pounds, as a result of its low fees of manufacture compared to new items.
He added, that the shops conduct tests and check the used gold items that they buy from citizens or delegates to ensure the karat and integrity of the pieces that they are counterfeit through well-known counterfeiting methods such as stuffing hollow artifacts with copper wires.
Translated by Ahmed Moamar