Latest news with #EhabWassef
Zawya
04-08-2025
- Business
- Zawya
Gold sales slide 20% amid easing inflation, currency recovery
Egypt - Gold purchases in Egypt declined by 20% year-on-year in the second quarter of 2025, according to Ehab Wassef, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries. Wassef attributed this drop to improved economic conditions and the relative stability of the exchange rate, which have reduced gold's appeal as a hedge. Total gold purchases during Q2 2025 reached 11.5 tonnes, compared to 14.4 tonnes in the same period of 2024. The decline reflects a natural cooling of speculative activity that had previously dominated the market, Wassef explained, following the Egyptian pound's recovery against the dollar and easing pressure on commodity prices. Breaking down the divs, gold jewellery purchases reached 5.7 tonnes, down 17% from a year earlier, while bullion and gold coin purchases fell by 23% to 5.9 tonnes. 'This shows a reduced appetite for using gold as a protective asset, thanks to greater monetary stability and declining inflation,' Wassef noted. He also highlighted that the strengthening of the Egyptian pound and higher foreign currency inflows—supported by robust tourism revenues and foreign investments in local debt instruments—have helped calm the market. 'Citizens now feel more confident in the economy's stability and no longer rush to gold to preserve their savings as they did previously,' he added. Regarding price trends, Wassef pointed out that local gold prices recorded a noticeable decrease in July. The price of 21-karat gold fell by around 2.7%, ending the month at approximately EGP 4,520 per gram, down from EGP 4,645 at the beginning of July. This drop came despite continued volatility in global gold prices, which closed last week above $3,350 per ounce. Wassef concluded that Egypt's gold market is gradually shifting from speculation-driven demand to a more balanced environment based on real consumer needs, whether for adornment or investment. He emphasised that preserving monetary and economic stability remains essential to maintain this healthier market dynamic. © 2025 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
27-07-2025
- Business
- Daily News Egypt
Plan underway to revitalise Egypt's silver industry amid fierce import competition
The Gold and Precious Metals Division at the Federation of Egyptian Industries (FEI) prepares a comprehensive strategy to revitalise Egypt's struggling silver industry. The plan will propose a series of measures to be submitted to the relevant authorities, as the sector grapples with growing reliance on imported silver products. In a statement issued on Friday, Ehab Wassef, head of the division, said many silver workshops across Egypt face significant obstacles that undermine their competitiveness. Chief among these is a shortage of skilled craftsmen, which he described as the backbone of an industry that depends heavily on manual dexterity and precision. Wassef highlighted another major challenge: intense competition from imported products, particularly those from China, Thailand and Turkey, which are sold at prices below local production costs, placing Egyptian workshops at a disadvantage. He explained that silver manufacturing is more labour-intensive than gold, as producing a single piece of silver requires roughly twice the effort, despite a gram of silver being about 65% the weight of a gram of gold. This makes the availability of skilled technicians critical to sustaining and growing the industry. According to Wassef, there is a determined push to expand domestic production and reduce reliance on imports. However, achieving this would require exempting imported production inputs from customs duties to lower operational costs and create fair competition. He also noted that Egypt currently lacks large-scale factories dedicated to silver production, with the sector largely comprising small and medium-sized workshops. To address this, the division is focusing on launching training programmes to produce new skilled technicians, alongside efforts to secure low-interest loans at a 5% rate. Wassef emphasised that Egypt's silver industry has considerable growth potential but needs tangible government support in the form of financing, easing regulatory burdens and fostering an environment conducive to training and production.
Al-Ahram Weekly
22-07-2025
- Business
- Al-Ahram Weekly
Egypt gold exports surge by 194% to $3.93 bln in H1 2025
Egypt's gold and precious metals exports surged by 194 percent year-on-year in the first half (H1) of 2025 to a record $3.93 billion, compared to $1.34 billion in the same period of 2024, according to a statement by Ehab Wassef, head of the Gold and Precious Metals Division at the Federation of Egyptian Industries. Wassef, citing a report by the Gold and Precious Metals Division, stated that the UAE remained Egypt's top export destination, accounting for $3.2 billion in jewellery, gemstones, and gold imports during the first six months of 2025. Switzerland followed with $705 million, trailed by Canada ($6.3 million) and Turkey ($5.3 million), and then Lebanon, Italy, and Saudi Arabia. 'This historic jump reflects a major shift in the local gold industry and its fast adaptation to global dynamics,' Wassef added. He attributed the unprecedented growth to three key drivers. First, the soaring global demand for gold, amid rising geopolitical instability and trade tensions, has prompted global markets to view gold as a haven. Second, improved design and manufacturing standards helped Egyptian products compete with international luxury brands in key markets. Third, the division participates in proactive global marketing efforts, with a focus on major trade fairs and exhibitions worldwide. Egypt targets top 10 global gold exporters' list by 2027 Wassef also noted that Egypt's ranking in global gold jewellery exports jumped from 94th in 2022 to 54th in 2023, with ambitions to break into the top 10 by 2027. He credited strong government support, particularly from the Ministries of Supply, Industry, Investment, and the Central Bank of Egypt (CBE), for enabling the industry's breakout performance. The CBE's decision to extend the repatriation period for export proceeds to 75 days also helped exporters by easing liquidity pressures and allowing greater flexibility in fulfilling foreign orders, he explained. Global and regional geopolitical tensions and Trump's new tariffs have driven gold prices to significant surges, which caused a local increase of gold prices by about 24 percent since the beginning of the year until mid-May 2025. Experts suggest that the upward trajectory in gold prices is likely to persist throughout 2025, as the precious metal continues to solidify its status as a safe-haven asset. With ongoing geopolitical unrest, trade tensions, and mounting economic pressures, global investors are turning to gold as a reliable store of value. This trend continues to fuel Egypt's record-breaking export performance. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
07-04-2025
- Business
- Zawya
Gold demand drops during Eid al-Fitr, defying holiday trends: Egypt's FEI official
Ehab Wassef, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries (FEI), reported an unexpected decline in gold demand during the Eid al-Fitr holiday—contrasting with previous years, when demand typically spikes due to increased purchases of gifts and gold jewellery. 'This year's slowdown in gold buying and selling reflects a noticeable shift in consumer behavior,' Wassef said, attributing the trend to ongoing economic pressures and rapid shifts in both global and local markets. He also noted that the relative stability of the local currency has helped curb speculative activity. Gold prices in the local market have dropped by approximately EGP 95 since mid-last week. After reaching a peak of EGP 4,445 per gram for 21-karat gold, prices have now fallen to around EGP 4,350 per gram—a 2.1% decrease. Wassef explained that the decline in prices is largely driven by a fall in global gold prices. Internationally, gold dropped from a record high of $3,167 per ounce to $3,037. He emphasized that the recent stability of the US dollar exchange rate against the Egyptian pound has shifted the focus toward global market dynamics. 'With the dollar holding steady, international gold prices have become the dominant factor influencing local pricing,' he added. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Daily News Egypt
Daily News Egypt
07-04-2025
- Business
- Daily News Egypt
Gold demand drops during Eid al-Fitr, defying holiday trends: FEI official
Ehab Wassef, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries (FEI), reported an unexpected decline in gold demand during the Eid al-Fitr holiday—contrasting with previous years, when demand typically spikes due to increased purchases of gifts and gold jewellery. 'This year's slowdown in gold buying and selling reflects a noticeable shift in consumer behavior,' Wassef said, attributing the trend to ongoing economic pressures and rapid shifts in both global and local markets. He also noted that the relative stability of the local currency has helped curb speculative activity. Gold prices in the local market have dropped by approximately EGP 95 since mid-last week. After reaching a peak of EGP 4,445 per gram for 21-karat gold, prices have now fallen to around EGP 4,350 per gram—a 2.1% decrease. Wassef explained that the decline in prices is largely driven by a fall in global gold prices. Internationally, gold dropped from a record high of $3,167 per ounce to $3,037. He emphasized that the recent stability of the US dollar exchange rate against the Egyptian pound has shifted the focus toward global market dynamics. 'With the dollar holding steady, international gold prices have become the dominant factor influencing local pricing,' he added.
