Egypt Extends Zero-Custom Gold Import Initiative By Another 6 MonthsSource: www.export-egypt.com 11/8/2023, Location: Africa |
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The Egyptian Cabinet approved meeting extending the zero-custom initiative for gold imports by Egyptians abroad for six months ending on 10 May, according to a statement.
The Cabinet attributed the decision to the initiative’s success in stabilizing the market and containing prices. The zero-custom initiative for gold was launched in May 2023 after a disruption in the market due to a set of factors, including shrinkage in supply – due to a shortage in US dollars – and ballooned demand. The decision applies to semi-manufactured gold, gold prepared for currency trade, and jewelry parts made or coated with a layer of precious metals. However, natural or cultivated pearls, gemstones, and composite or inlaid semi-precious stones on jewelry are not included in this exemption. The initiative brought in around three tons of gold, according to Egypt Customs Authority. The purchase price of 24-carat gold reached EGP 3,000 per gram, EGP 44 higher compared to Tuesday, while the price of the gold pound coin rose by EGP 340, recording EGP 21,000 for purchase. |
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