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Gold Division's gemstone-free jewelry sales remain a solo effort
The article focused on the movements of the gold market in Egypt, where Amr Al-Maghrabi, a member of the Gold Division at the Chamber of Commerce, confirmed that gold prices are affected by three main factors: the global price of an ounce, the exchange rate of the Egyptian pound against the dollar, and local supply and demand. The Egyptian gold market faces significant challenges, notably designs made from imported products that create the appearance of larger size with lower weight, as well as the higher manufacturing costs compared to regional markets. Additionally, the market has witnessed a unique initiative involving the exclusion of the weight of gemstones from the total weight of jewelry, aiming to protect consumer rights and strengthen the local industry. This unprecedented step is being monitored to see how widely it will spread within the Egyptian market.
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