Tuesday February 27th, 2024
Download the app
Copied

Egypt's Custom-Free Gold Imports Reach 3.8 Tonnes in Eight Months

In an effort to curb the rise of gold smuggling, the government extended its zero-customs gold import initiative until May 2024.

Cairo Scene

Egypt's customs-free gold imports totalled around 3.8 tonnes over eight months, as disclosed by El-Shahat Ghatouri, the head of the Egyptian Customs Authority (ETA).

In May 2023, the government ratified a draft decree approving an exemption from customs duties and other related fees (excluding value-added tax) for travellers bringing gold into the country, with the exemption valid for a period of six months.

In November 2023, the cabinet extended the duration of the zero-customs initiative for gold imports for an additional six months until May 10th, 2024. The exemption covers semi-manufactured gold, gold designated for currency-trade purposes, and jewellery components adorned or coated with precious metals.

The initiative is designed to address the smuggling of semi-manufactured and manufactured gold items across different customs ports and to regulate the escalating prices of precious metals. The recent increase in gold prices, linked to a series of global crises and geopolitical tensions, has led investors to turn to this safe haven as a means to protect their savings.

The crises resulted in a significant surge in the purchase price of 21-carat gold, rising from EGP 2,560 per gram on May 11th, 2023, to EGP 3,510 in January 2024. This represents a 37% increase over a period of nine months.

Additionally, as reported by the World Gold Council, Egypt has an annual gold production of 15.8 tonnes, primarily extracted from the Sukari mine in the Eastern Desert.

×

Be the first to know

Download

The SceneNow App