Egypt's custom-free gold imports reach 3.8 tons in eight months: ETA head

Ahram Online , Monday 22 Jan 2024

Egypt’s imports of customs-free gold recorded approximately 3.8 tons over eight months, El-Shahat Ghatouri, head of the Egyptian Customs Authority (ETA), said on Monday.

Jewellery store in Cairo. Ahram Gate.
Jewellery store in Cairo. Ahram Gate.

 

In May, the government approved a draft decree granting exemption from custom duties and other associated fees (excluding value-added tax) to travellers bringing gold into the country for a duration of six months.

The cabinet extended in November the duration of the zero-custom initiative for gold imports for an additional six months, until 10 May 2024.

The exemption encompasses semi-manufactured gold, gold intended for currency-trade purposes, and jewellery components embellished or coated with precious metals, Ghatouri highlighted during an interview with Asharq Business.

The initiative is meant to curb the smuggling of semi-manufactured and manufactured gold items through various customs ports and to exercise control over the soaring prices of precious metals.

The recent surge in gold prices, attributed to a series of global crises and geopolitical tensions, has prompted investors to seek refuge in this safe haven to safeguard their savings.

The crises led to a spike in the purchase price of 21-carat gold, which escalated from EGP 2,560 per gram in 11 May 2023 to EGP 3,510 as of Monday, a 37 percent increase over a period of nine months.

Moreover, Egypt boasts an annual gold production of 15.8 tons, largely sourced from the Sukari mine located in the Eastern Desert, according to the World Gold Council.

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