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Data Reveals: Egypt's Rising Gold Export Value Driven by Global Prices, Not Industrial Growth

Waleed Farouk Despite recent discussions about a surge in Egypt's gold exports, available data paints a different picture, indicating that there hasn't been a substantial boom. Statistics show that roughly 90% of the gold exported is raw gold—a long-standing practice in the Egyptian market aimed at securing foreign currency and providing local cash liquidity. This trend became more apparent after the Central Bank intervened and lifted the valuation fees on raw gold exports, following an earlier decision by the Ministry of Supply and Internal Trade in 2021 to impose those fees in line with those applied to jewelry exports. Why Have Export Values Increased? The primary reason is the rise in global gold prices, not an actual increase in export volumes or an improvement in local industry. Therefore, much of the narrative from the Precious Metals Division seems more like an attempt to maintain media visibility. The most critical indicator in this context is the volume of jewelry exports, as it is the only metric that reflects real added value for the domestic industry. In contrast, collecting scrap gold, melting it, and reselling it abroad does not constitute genuine industrial growth. How Much Jewelry Does Egypt Export? This question can only be answered precisely through official data issued by the Assay and Weights Authority and Customs Authority. However, according to sector sources, following the December 2022 decision by Minister of Supply and Internal Trade Dr. Ali Al-Moselhy to remove valuation fees on jewelry exports, some companies attempted to enter the export market. Nevertheless, the numbers remain limited. Business owners confirm that Egypt's total jewelry exports since the beginning of the year have not exceeded 100 kilograms—a modest figure compared to regional markets. Moreover, the total value 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language