Plan underway to revitalise Egypt's silver industry amid fierce import competition

Daily News Egypt

2 days ago

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.