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Counterfeit Imported Gold Bars Seized in Egyptian Markets

Waleed Farouk In a striking incident that highlights the risks of trading in unverified precious metals, Egyptian security authorities—working in coordination with several local gold traders—have apprehended an individual in possession of counterfeit imported gold bars that he attempted to pass off as genuine within the local market. The incident took place when the suspect approached a gold jewelry shop in Nasr City, Cairo, offering a batch of gold bars that appeared, at first glance, to meet standard specifications in both weight and appearance. The man claimed the bars had been imported from abroad. However, during a routine technical examination using precision measurement and calibration tools, the dealer discovered that the bars were in fact made of copper, coated with a thin layer of gold to mimic the look of solid gold. Upon confirming the fraud, the dealer immediately alerted the authorities, who arrived at the scene promptly. A formal police report was filed, and the suspect was taken to the police station for questioning and legal proceedings. Commenting on the matter, Abdel Aal Salima, Deputy Head of the Gold Division at the Kafr El-Sheikh Chamber of Commerce, told "Eyar 24" that buyers and traders must exercise extreme caution when dealing with unverified sources, especially amid a rise in fraud cases driven by soaring gold prices both globally and locally. He further called for stricter customs and technical oversight on imported precious metals—particularly gold bars—to ensure compliance with standards set by Egypt's Assay and Weights Authority. A security source confirmed that investigations are ongoing, with efforts underway to identify other members of a potential network behind the smuggling of these fake bars into the market. Preliminary findings suggest a coordinated attempt to flood the Egyptian gold market with substandard products, aiming to exploit the growing demand for gold as a safe investment haven. 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 China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer 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 Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean