The Hallmark Authority Explains Fate of Seized Gold

The Hallmark Authority has mulls over auctioning gold and precious metal seized throughout 2021.

Abdullah Mon5tseer, Head of the Hallmark Authority, said that counting of all notifications on seizing gold in all forms crafts, alloys and pounds to put them under the hammer before the end of the current year after auctions were have been stopped since 2016.

It is worth mentioning that the authority got about EGP 285.870 million over the auction held in October 2016 after selling 300 kg gold and 600 kg silver.

Those quantities were seized by inspectors of the Hallmark Authority and detectives of the Ministry of Supply and Internal Trade over campaigns on markets and Customs in addition to confiscated quantities after final verdicts.

Montseer made clear that the Hallmark Authority is the only party take the responsibility of censoring the precious metal in the local markets, exported of imported more over examining and pricing the seized precious metal related to lawsuits in law courts, come from police stations, Public Prosecution or over implementing a verdict.

Montseer added that selling of the seized gold or silver occurs only after confiscation based on a verdict.

The legal status of the seized gold crafts differ from cases of thieving, murder and custom evasion.

Montseer indicated that the seized gold items in cases of killing and thieving referred from the Public Prosecution to the Hallmark Authority for examining and preparing a technical report which should include the weight, carat of gold and sign of the Hallmark Authority.

After issuing the verdict the seized gold may be delivered to owners, inheritors or be confiscated by the Ministry of Justice to be sold over the annual auction mounted by the Hallmark Authority.

Revenues of the auctions go to the Public Treasury.

Montseer pointed out that the legal status of the seized gold smuggled through the customs outlets differ from other cases as the Customs Authority allows passing of 320 gram for personal use, otherwise, it is subject to customs collection.

And recently, Customs Authority inspectors caught an attempt by a passenger at Cairo Airport to smuggle 51 pieces of gold pounds hidden on his body.

He added, and in the event that quantities of gold are seized exceeding the permissible limit, it is reserved for examination and preparation of the technical report, and either release it or deliver it to its owner with an obligation to pay the value of reconciliation within 6 months, or confiscation in the event that payment is not possible, to be included in the public auction component.

He added that the inspectors of the Hallmark Authority have the authority of judicial control, and they have the right to seize the gold items that do not conform to the specifications, which are in circulation in the markets, and to write minutes for violating merchants, to examine the seizures and to prepare a technical report for the Public Prosecution, according to which judgments are issued to evaluate gold if it is of sound carat or breaking it and handing it over to its owner if it has fake Hallmark sign, with the implementation of the penalties stipulated by the law with imprisonment and a fine.

He added that the authority carries out about 50 inspection campaigns monthly tour on the gold markets, and the inspection process results in the seizure of approximately 70 violations every month.

He assured that the Hallmark Authority receives the confiscated quantities of gold from government agencies, such as the Customs Authority and the Ministry of Justice, after the issuance of judicial decisions.

The Hallmark Authority holds a public auction for the sale of seized gold items, and it sets a detailed statement on the amount of the carats, while inviting all gold manufacturers and traders for auction and the revenues of the auction is transferred to the state's Public Treasury, after deducting 25% of it.

The subtracted amount is deposited in a special account and disbursed to those who have seized and their assistants, in accordance with the rules issued by a decision made by the competent minister, in accordance with the law.

Translated by Ahmed Moamar