In the Governorate of Kafr El-Sheikh, the purchasing power of the finest Gold jewelry for weddings has decreased by 2.9% during the recent five years, as Gold edged up 193% from 2016 to 2021.
In this regard, the majority of Kafr El-Sheikh’s residents have some concerns about the gold jewelry they are planning to buy.
As a result of this, the purchasing process of lightweight gold items at that time was more active, according to Abdel Aal Selema, deputy of the head of Gold Branch at the Trade Commerce in Kafr El-Sheikh.
“The average rate of the quantities Purchases of Gold has been deficit compared to last year and declined from 185 to 63 %, as many families tightened their budget and allocated only 50000 L.E to purchase and to accumulate the precious gold for their wedding and engagement parties,“ Selema revealed.
"In the same context, the majority of clients want to accumulate (40 grams) of gold bracelets for their marriage."
“Rising price of gold was the biggest deterrent for demand," the gold expert added.
"The rising price of gold was the biggest deterrent for demand, especially for Gold dealers," he noted.
"In a step intended to overcome this issue, Gold dealers, companies and factories have decided to reduce the weight of gold jewelry to make it more accessible to a wider range of potential customers, '' he added.
"Over the 1990s, people needed less money (at least 10000 L.E) to buy the required quantity of gold. In this way, the purchasing of gold was easy at that time with volatility in the prices of gold."
"There are various investment avenues to invest in gold in the Egyptian market, as the country has been receiving more remittances from migrant and overseas workers," Selema said.
Contributed by Ahmed Emam
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