Gold Official Urges Changes for Increased Gold Exports

Egyptian gold exports in the last five years totaled eight tons annually, said Deputy Chief of the Cairo Commercial Chamber for Gold Ehab Wasef. “Gold bullion represents 99.8 percent of total exports,” he added, indicating that the very small percentage was due to gold ore exports.

Wasef urged that gold jewelry exports must increase to drive labor and combat unemployment in the gold workshop sector, particularly in light of the recent decline in the gold market that began this year. Gold exports continued to slide following Eid al-Fitr, the three-day feast following the Islamic holy month of Ramadan.

“Gold sales retreated 50 percent,” said Wasef. Wasef suggested that merchants begin trading 12- and 14-carat metals to increase gold sales, explaining that these carats are more popular in the U.S. and European markets. Gold reached new price highs this week in local and international markets: 21-carat gold costs 312 EGP (U.S. $52), 18-carat gold costs 267.5 EGP (U.S. $45) and 24-carat gold costs 356.5 EGP (U.S. $60), reported Wasef. Gold recorded a price of U.S. $1,923.70 per ounce in international trading this week.