Latest news with #AssayandWeightsAuthority
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
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
See - Sada Elbalad
14-04-2025
- Business
- See - Sada Elbalad
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. 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 Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
