Global Courant 2023-05-18 13:52:08
Gold imported from abroad can be sold on the local market at the same price as local gold, said the head of the General Department of Gold at the Federation of Chambers of Commerce Hani Milad.
Milad explained during a phone call on the Sada al-Balad channel on Wednesday that most Gulf Arab states trade in 21 karat gold like Egypt, while Europe and the US use the 14 karat, and sometimes lesser karat, gold categories.
While the presence of a stamp on the gold imported from abroad makes it easier to know the type of carat, gold traders in Egypt do not depend on the gold seal received from abroad and can determine the carat in several ways, he added. up to it.
Milad suggested importing gold from abroad with a purchase invoice.
He advised Egyptian expatriates to bring in raw gold from abroad as there are no charges, adding that the world price of gold has reached $1,970 globally, which caused the drop in gold prices in the Egyptian market.
The Egyptian government approved a decision abolishing customs duties, with the exception of VAT, on gold imported by Egyptian expatriates for a period of six months.
The Ministry of Supply proposed an initiative to exempt Egyptians coming to Egypt from fees when they buy gold from abroad.
Under the initiative, any Egyptian coming from abroad is exempt from fees imposed for between 100 and 150 grams of gold, equivalent to three gold bars weighing 50 grams per bar.
The proposal, introduced by Supply and Internal Trade Minister Ali al-Moselhy, was due to a shortage of gold in the Egyptian market, the supply minister’s advisor for gold affairs Nagy Farag explained.
The proposal aims to find a mechanism to deliver gold supplies to the Egyptian market to stabilize prices, he added.
