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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
Egypt's PM Inaugurates Jumia's Largest E-Commerce Logistics Hub
H-Tayea Prime Minister Mostafa Madbouly inaugurated Jumia Egypt's largest e-commerce logistics warehouse, designed with cutting-edge technologies, in a move that underscores the growing strength of Egypt's digital economy and investment climate. Following the launch of the BSH Group's first home appliance factory in Egypt earlier the same day, Madbouly visited the new Jumia facility, accompanied by Minister of Communications and Information Technology Amr Talaat, Cairo Governor Ibrahim Saber, and Jumia Egypt CEO Abdel Latif Olama. Expressing his satisfaction, Madbouly praised Jumia's successful expansion in Egypt and highlighted the company's growing confidence in the Egyptian market. He emphasized that this investment reflects the broader trust global companies place in Egypt's improving investment environment. The Prime Minister reaffirmed the government's commitment to supporting digital transformation, logistics infrastructure development, and job creation, particularly within the digital economy and e-commerce sectors. For his part, Jumia Egypt CEO Abdel Latif Olama stressed the company's belief in digital economy growth as a key driver of Egypt's future. He affirmed that cooperation with the government bolsters national efforts in digital transformation and enables small and medium-sized enterprises (SMEs) to scale both domestically and internationally. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid 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
Egypt Independent
2 hours ago
- Egypt Independent
Investment Minister urges petrochemical companies to bolster partnerships with Egypt
'Egypt is working on developing several major petrochemical projects that will contribute to securing the needs of the local market and exporting the surplus,' Minister of Investment and Foreign Trade Hassan Al-Khatib said. Khatib was speaking during a roundtable event focused on the mining and petrochemical industries, held in Shanghai with the participation of representatives of major companies and investors to discuss partnership opportunities and increase investment flows between Egypt and China. Highlighting the strategic importance of the petrochemical sector for Egyptian industry, given its pivotal role in supporting a series of supplementary industries, Khatib said, noting that Egypt is working on an ambitious program to expand this sector and increase local production, which would contribute to cutting the import bill and increasing exports. As for the mining sector, the minister shed light on the government's reforms to create an investment-friendly environment. According to Egypt's Vision 2030, this sector is one of the main pillars of economic diversification and long-term growth, the minister said, noting that the government seeks to create more jobs, promote technology transfer, and optimize the use of mineral resources. Khatib said that the Egyptian government is moving forward with structural reforms in the petrochemical and mining industries, in support of the state's efforts towards a more resilient, diversified and sustainable economy. He called on international companies to build stronger partnerships with Egypt and contribute to the implementation of major projects under-construction in Egypt, to achieve mutual interests and promote sustainable growth.
Al-Ahram Weekly
2 hours ago
- Al-Ahram Weekly
Egypt urges int'l action after Israeli settlers kill three Palestinians in West Bank attack - Foreign Affairs
Egypt has called on the international community to act after Israeli settlers shot and killed three Palestinians in the occupied West Bank. The killings took place on Wednesday during an attack on the village of Kafr Malik near Ramallah. The Egyptian Ministry of Foreign Affairs condemned the incident in a statement issued Saturday, describing it as part of a pattern of 'systematic attacks' against Palestinians. The ministry said such violence violates international law and the Fourth Geneva Convention and warned that continued attacks undermine efforts to achieve peace and stability in the region. Egypt also called for international accountability, urging action to protect Palestinians from what it described as settler crimes. The ministry said the international community has a responsibility to confront what it called the ongoing injustice faced by Palestinians under Israeli occupation. Cairo reiterated its position that all Israeli settlements in the occupied Arab territories are illegal and pose a serious obstacle to resolving the Palestinian issue. The statement also restated Egypt's support for the establishment of an independent Palestinian state along the pre-1967 borders, with East Jerusalem as its capital. Follow us on: Facebook Instagram Whatsapp Short link:
