The Egyptian government endorsed a draft decree during its weekly meeting on Wednesday exempting travelers who bring gold from customs duties and other fees — except value-added tax (VAT) — for six months. The move targets stabilizing gold prices and reducing the smuggling of half-manufactured and manufactured gold.
According to the cabinet, this exemption applies to semi-manufactured gold, gold prepared for currency trade, and jewelry parts made or coated with a layer of precious metals.
However, natural or cultivated pearls, gemstones, and composite or inlaid semi-precious stones on jewelry won’t be duty-free.
On Sunday, Minister of Finance Mohamed Maait said that the Egyptian government will decide on Wednesday whether to allow those coming from abroad to bring up to 150 grams of gold duty-free.
The draft decree was suggested by the Gold Division at the Cairo Chamber of Commerce to ease pressure on local gold supply and reduce prices.
The gold market in Egypt has been affected by the shrinkage in supply – due to a shortage in foreign exchange liquidity and ballooned demand.
