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