Latest news with #GoldandPreciousMetalsDivision


Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Plan underway to revitalise Egypt's silver industry amid fierce import competition
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.


Al-Ahram Weekly
7 days ago
- Business
- Al-Ahram Weekly
Egypt gold exports surge by 194% to $3.93 bln in H1 2025
Egypt's gold and precious metals exports surged by 194 percent year-on-year in the first half (H1) of 2025 to a record $3.93 billion, compared to $1.34 billion in the same period of 2024, according to a statement by Ehab Wassef, head of the Gold and Precious Metals Division at the Federation of Egyptian Industries. Wassef, citing a report by the Gold and Precious Metals Division, stated that the UAE remained Egypt's top export destination, accounting for $3.2 billion in jewellery, gemstones, and gold imports during the first six months of 2025. Switzerland followed with $705 million, trailed by Canada ($6.3 million) and Turkey ($5.3 million), and then Lebanon, Italy, and Saudi Arabia. 'This historic jump reflects a major shift in the local gold industry and its fast adaptation to global dynamics,' Wassef added. He attributed the unprecedented growth to three key drivers. First, the soaring global demand for gold, amid rising geopolitical instability and trade tensions, has prompted global markets to view gold as a haven. Second, improved design and manufacturing standards helped Egyptian products compete with international luxury brands in key markets. Third, the division participates in proactive global marketing efforts, with a focus on major trade fairs and exhibitions worldwide. Egypt targets top 10 global gold exporters' list by 2027 Wassef also noted that Egypt's ranking in global gold jewellery exports jumped from 94th in 2022 to 54th in 2023, with ambitions to break into the top 10 by 2027. He credited strong government support, particularly from the Ministries of Supply, Industry, Investment, and the Central Bank of Egypt (CBE), for enabling the industry's breakout performance. The CBE's decision to extend the repatriation period for export proceeds to 75 days also helped exporters by easing liquidity pressures and allowing greater flexibility in fulfilling foreign orders, he explained. Global and regional geopolitical tensions and Trump's new tariffs have driven gold prices to significant surges, which caused a local increase of gold prices by about 24 percent since the beginning of the year until mid-May 2025. Experts suggest that the upward trajectory in gold prices is likely to persist throughout 2025, as the precious metal continues to solidify its status as a safe-haven asset. With ongoing geopolitical unrest, trade tensions, and mounting economic pressures, global investors are turning to gold as a reliable store of value. This trend continues to fuel Egypt's record-breaking export performance. Follow us on: Facebook Instagram Whatsapp Short link:


See - Sada Elbalad
19-06-2025
- Business
- See - Sada Elbalad
Hamahami Discusses Ways to Boost Egypt's Gold Jewelry Exports with Industry Manufacturers
Waleed Farouk Dr. Hamdy Hamahami, Head of the Egyptian Assay and Weights Authority, held an extensive meeting with representatives of the Gold and Precious Metals Division at the Federation of Egyptian Industries to explore mechanisms for enhancing Egypt's exports of gold jewelry and addressing the challenges facing manufacturers in this vital sector. The discussions focused on developing the legislative and regulatory framework to facilitate export procedures and open new international markets for Egyptian gold products, especially amid growing regional and global competition in the industry. Dr. Hamahami affirmed the Authority's commitment to supporting local industry and strengthening cooperation with manufacturers and artisans to increase exports and contribute greater value to the national economy. He also noted that the coming period will see a modernization of operational systems, particularly in hallmarking and pricing methods, to align with international standards. For their part, division representatives highlighted the key obstacles facing exporters, especially regarding customs procedures and certification processes for export-ready gold products. They emphasized that Egypt's gold market has the potential to achieve major breakthroughs if the right investment climate is provided and support mechanisms are activated. Both sides agreed to maintain ongoing coordination in the coming period and to work on developing a clear action plan to boost the global competitiveness of Egyptian gold jewelry, in line with the state's goals to increase foreign currency revenues and expand non-oil exports. 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 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 News 3 Killed in Shooting Attack in Thailand


See - Sada Elbalad
25-05-2025
- Business
- See - Sada Elbalad
Gold Division Head: Egypt's Rate Cut Won't Affect Local Gold Prices
H-Tayea Ehab Wassef, head of the Gold and Precious Metals Division at the Federation of Egyptian Industries, said the Central Bank of Egypt's decision to cut interest rates by 100 basis points will not have an immediate effect on gold prices in the local market. In the division's weekly report, Wassef explained that local gold prices remain tied to global trends, particularly the international price of gold per ounce. He noted that gold's recent increase in Egypt reflects a global rally, with international prices breaking past resistance levels and closing above $3,340 per ounce, nearing the $3,360 mark. He stated that the rise in global gold prices has fully offset the recent decline in the U.S. dollar exchange rate in Egypt. Locally, the price of 21-karat gold, the most traded type, rose by 3.85% over the past week—an increase of EGP 175 per gram—closing at EGP 4,715 compared to EGP 4,540 at the start of the week. Regarding investment behavior, Wassef noted that lower interest rates may reduce the appeal of bank savings certificates, potentially leading some investors to shift toward gold. However, he stressed that this kind of shift happens gradually and depends on sustained global momentum. He added that the rate cut reflects improving economic indicators in Egypt, including reduced inflation, and supports broader reform efforts. read more Japan Stun Spain 2-1 to Qualify for World Cup Last 16 World Cup 2022: Get to Know Confirmed Line-ups of Japan and Spain Group E Decider Saudi Arabia Bid Farewell to World Cup after 2-1 Loss to Mexico Tunisia Achieve Historic Win over France but Fail to Qualify Tunisia to Clash against France in World Cup Sports Get to Know Squad of Group D Teams in World Cup Sports Al Ahly Gift EGP 70,000 to Players After Claiming Egyptian Super Cup Title Sports Bencharki Hits First 2 Goals with Al Jazira Since Leaving Zamalek Sports Arsenal Possible Line-up for Nottingham Forest News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer 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 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


Daily News Egypt
12-05-2025
- Business
- Daily News Egypt
Egypt's gold exports hit $3.2bn in Q1 2025: Wasif
Egypt's gold exports reached a record $3.2bn during the first quarter (Q1) of 2025, reflecting a significant leap in the country's jewelry industry, according to Ihab Wasif, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries. Wasif attributed the exceptional performance to three key factors: rising global demand for gold amid heightened geopolitical tensions, substantial improvements in local jewelry design and manufacturing quality, and the Division's increased participation in international exhibitions and trade shows. Speaking on Sunday, Wasif explained that the surge in gold exports aligns with the global shift toward gold as a safe-haven asset in light of escalating trade conflicts and international instability. This environment has created new openings for Egyptian products, particularly in markets seeking both quality and reliability. He emphasized that Egypt's jewelry industry has undergone a notable transformation, with designs and craftsmanship now rivaling international standards. This competitive edge has enabled Egyptian exports to penetrate high-value markets such as Saudi Arabia and the UAE, in addition to new destinations in Europe and North America. Marketing efforts have also played a critical role. 'Our presence at international exhibitions has significantly increased brand visibility and built confidence in Egyptian gold among major foreign importers,' Wasif said. Breaking down the quarterly figures, he noted that exports totaled $929.5 million in January, rising to $1.804bn in February and maintaining strong momentum through March. The UAE, Saudi Arabia, and Turkey were the top importing countries, with noticeable growth in exports to Europe and the United States. Wasif highlighted these achievements as a fulfillment of the Division's pledge to President Abdel Fattah Al-Sisi to hit the highest export targets in the sector's history. He credited strong governmental support—particularly from the Ministries of Supply, Industry, and Investment, as well as the Central Bank and the Assay and Weights Authority—for enabling the industry's progress. Egypt aims to rank among the world's top 10 gold-exporting countries by 2027. Wasif noted that Egypt's global position in jewelry exports has already improved significantly, rising from 94th in 2022 to 54th in 2023, with plans to climb further in the next two years. He also pointed to the Central Bank of Egypt's decision to extend the export proceeds payment period to 75 days as a key facilitator for the recent export boom. 'This policy gave exporters much-needed flexibility in navigating foreign markets,' he said. The Division now plans to formally request a return to the original legal framework that allows for a 180-day payment period—a move Wasif believes would further enhance Egypt's export performance and global competitiveness.