gold
Demand for jewelry and bullion in Egypt experienced a significant decline of 17 percent during the first quarter of 2024, falling to 13.2 tons from the 15.8 tons recorded in Q1 2023
This announcement came after the government's decision in May 2023 to exempt customs taxes and other fees on imports of gold in semi-finished forms, specifically those intended for monetary circulation, jewelry, and precious metal components.
Highlighting the exceptional quality and esteemed reputation of Egyptian gold artifacts, Naylor stressed on increasing collaborative efforts aimed at bolstering the Egyptian market and exchanging expertise to enhance its standing
Egypt is actively seeking to boost investments in its mining sector, with a specific focus on gold. The country aims to invest one billion dollars in the mining sector by 2030.
The project will utilize one of the working models in the company's AS350 aircraft fleet, employing "HELICOPTER-BORNE MAGNETICS (STINGER) and RADIOMETRIC" technology.
The company announced that it will deliver a ton of gold with a purity of 99.9 percent by the end of this year
This came in line with Cabinet decisions, which exempted travelers from paying customs duties and other associated charges, excluding the value-added tax (VAT). The cabinet gave its approval in May to a proposal that introduced an exemption for individuals who bring gold into the country
The price of gold increased by almost 13.1 percent during 2023 and recorded its highest historical level last December 3 for $2,146.79 for an ounce, according to American Bullion
Egyptian businessman, Naguib Sawiris announced, through a tweet on X, that the initial drilling aims to cover 10,000 meters within two months, with the potential for expansion based on anticipated results.
Al Moselhi revealed that the government is actively working towards positioning Egypt as a prominent exporter of gold to Gulf countries, Italy, and Africa.
Lotus Gold Corporation won two rounds of a gold exploration tender conducted by EMRA in 2020 and 2021 for exploration concessions
The United Arab Emirates (UAE) ranked first as the largest importer of gold, precious stones and jewelry from Egypt with imports worth $534M
The auction is within the government’s overall goal to diversify the ways gold is available to the public, Farag explained
Egypt’s current gold production is placed at around 15.8 tons annually
The company's gold production from Sukari Gold Mine during the first half of 2023 reached 220.6 thousand ounces, compared to 203.9 thousand ounces during the same period of 2022.
Most of the quantity was brought in by expats residing abroad, mainly in Gulf countries.
Egypt’s net international reserves continue to recover after hitting its lowest recording in August 2022 at $33.14 billion, falling from $40.9 billion in February 2022
The FRA issued all regulatory and legislative decisions and controls to regulate the dealings of investment funds in minerals.
The report revealed that demand for buying bars and gold pounds in Egypt doubled to 7 tons in the first quarter of this year.
The Cabinet approved on Wednesday a draft decision to exempt semi-wrought gold carried by Egyptians coming from abroad from custom duties and other applicable fees, except Value Added Tax (VAT), for six months.
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