Egypt’s Minister of Supply and Internal Trade, Ali Al-Moselhi, has issued Decision No. 149 for 2023. The decision requires all individuals and entities to register with the Jewelry Hallmarking and Weighing Authority before engaging in gold and precious metal trading, importing, or exporting.
The decision mandates the addressees to notify the Stamps and Scales Authority of any changes or modifications to their activity data. The addressees have six months to register with the Authority.
Hani Milad Gaid, head of the Gold and Jewelry General Division at the Federation of Egyptian Chambers of Commerce, believes that the decision will help maintain discipline in local markets and safeguard the rights of traders, consumers, and the state. He emphasized that regulating markets against any attempts to manipulate consumer rights and organizing domestic trade activities is one of the most critical issues the division addresses during its current term. He further highlighted that markets have recently suffered from unregulated and illegal practices that have harmed consumer rights.
Lotfi Moneeb, Deputy Head of the General Division, mentioned that the division has adopted various measures since the current board of directors was established. These include regulating domestic trade to protect traders, consumers, and the state’s rights, resolving tax disputes related to the business and production of gold items, supporting local small and medium-sized projects in producing gold objects, and exporting Egyptian gold items to international markets.
He noted that the decision issued today represents a step towards continued cooperation between government entities and the private sector to regulate the gold and jewelry trade. The decision also obliges the addressees to notify the Stamps and Scales Authority of any changes or modifications to their activity data.
The decision provides a six-month period for registration with the authority.
Hani Milad Gaid, head of the Gold and Jewelry General Division at the Federation of Egyptian Chambers of Commerce, stated that the decision will directly contribute to maintaining discipline in local markets and safeguarding the rights of traders, consumers, and the state.
He emphasized that regulating markets against any attempts to manipulate consumer rights and organizing domestic trade activities is one of the most important issues the division is addressing during its current term.
He further highlighted that markets have recently suffered from unregulated and illegal practices that harmed consumer rights.
On his part, Lotfi Moneeb, Deputy Head of the General Division, mentioned that the division has adopted a range of issues since the current board of directors was established.
These include regulating domestic trade to protect traders, consumers, and the state’s rights, resolving tax disputes related to the trade and production of gold items, supporting local small and medium-sized projects in producing gold items, and exporting Egyptian gold items to international markets.
He noted that the decision issued today represents a step towards continued cooperation between government entities and the private sector to regulate the gold and jewelry trade
