Egypt’s gold, jewelry exports decrease 4% in first 9M of 2023

CAIRO – 22 November 2023: Egypt's exports of gold, jewelry, and precious stones decreased by 4 percent during the first 9 months of 2023, to record $1.113 billion compared to $1.158 billion during the same period in 2022, according to figures released by Export Council for Building Materials, Refractory & Metallurgy Industries (ECBM).

The United Arab Emirates (UAE) ranked first as the largest importer of gold, precious stones and jewelry from Egypt during the first 9 months of 2023, with average import purchases of $534 million.

Canada ranked as the second largest importer of Egyptian gold, jewelry, and precious stones, with average import purchases $372 million in the first 9 months of 2023.

In May 2023, the Prime Minister, Mostafa Madbouly issued a decision to exempt gold imports from customs taxes and other fees. The Egyptian Cabinet approved extending the zero-custom initiative for gold imports by Egyptians abroad for six months to end in May 2024.

More than 3,000 kilograms of gold duty-free entered Egypt since May 11.

The decision to extend the initiative comes in response to its positive impact on the market, ensuring a stable and balanced environment for gold trade.