Egypt extends zero-custom gold import initiative by another 6 months

Ahram Online , Wednesday 8 Nov 2023

The Egyptian Cabinet approved on a Wednesday meeting extending the zero-custom initiative for gold imports by Egyptians abroad for six months ending on 10 May, according to a statement.

File photo: Egypt gold. Reuters
File photo: Egypt gold. Reuters


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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