Minister of Supply Stresses the Need to Combat Commercial Fraud in Gold Markets

See - Sada Elbalad

14-04-2025

Waleed Farouk
Dr. Sherif Farouk, Minister of Supply and Internal Trade, directed the need to combat commercial fraud, ensure gold manufacturers adhere to the official hallmark, and tighten oversight of the gold and precious metals markets. This is part of the effort to protect consumer rights, regulate markets, and establish the principles of transparency and quality.
This came during a meeting between Dr. Sherif Farouk, Minister of Supply and Internal Trade, and Dr. Hamdi El-Hamahmy, Head of the Assay and Weights Authority, to follow up on oversight activities in the gold and precious metals market and emphasize the importance of adhering to the approved official hallmark.
During the meeting, the Minister of Supply emphasized that the ministry attaches utmost importance to the issue of gold oversight, as it is a strategic commodity of high value. He emphasized the need to combat all forms of commercial fraud and control violations to preserve the rights of citizens and consumers, and to ensure they obtain products that meet specifications and are certified by the competent authorities. The Minister stressed the importance of developing the gold hallmarking system using the latest modern technological methods and techniques. This keeps pace with global developments in this field, enhances performance efficiency, and reduces human intervention during the inspection and documentation stages, ensuring the highest levels of accuracy and transparency.
Dr. Sherif Farouk also directed the need to more accurately control markets and regulate gold trading within the local market, while strengthening oversight of buying and selling operations and ensuring that jewelry conforms to the official hallmark. This ensures the protection of the national economy and the preservation of citizens' savings.
He pointed out that consumer protection is a strategic goal of the Ministry, and this falls within the framework of the state's vision to protect markets and bolster citizens' confidence in commercial transactions, especially in sectors that directly affect their savings, such as the gold sector.
The Minister emphasized the need to continue modernization and development efforts at the Stamping and Weights Authority, including the use of modern technological means and facilitating services provided to merchants and citizens alike, ensuring quality performance and speed of completion. At the conclusion of the meeting, it was agreed to develop a joint action plan among regulatory bodies, including periodic and surprise raids on gold shops, updating databases, and expanding consumer awareness of the need to verify the official hallmark on gold jewelry before purchasing.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
Egypt confirms denial of airspace access to US B-52 bombers
News
Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia
Lifestyle
Pistachio and Raspberry Cheesecake Domes Recipe
News
Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content
Arts & Culture
Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized
Videos & Features
Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO)
Sports
Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Arts & Culture
New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Arts & Culture
Arwa Gouda Gets Married (Photos)