Exports of gold, precious stones record $700M in Q1-2018

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Thu, 26 Apr 2018 - 09:53 GMT

Gold bars are pictured at the Ginza Tanaka store in Tokyo October 23, 2009 - REUTERS/Issei Kato

Gold bars are pictured at the Ginza Tanaka store in Tokyo October 23, 2009 - REUTERS/Issei Kato

CAIRO – 26 April 2018: Egypt’s exports of gold, ornaments and precious stones decreased 3 percent in the first quarter in 2018, recording $700 million, compared to $701 million during the same period of 2017, according to the General Organization for Export and Import Control (GOEIC).

The country's sole gold-exporting mine, Sukari Gold Mine recorded gold production of 124,296 ounces during the first quarter of 2018, with an increase of 14 percent compared to the same quarter in 2017.

In 2017, the exports of gold, ornaments and precious stones recorded $2.09 billion; UAE came at the top of the gold importers from Egypt for $1.6 billion, compared to $1.5 billion in 2016.

The exports to Turkey rose 40 percent to reach $110 million last year, compared to $79 million in the prior year.

The report added that the exports to Kuwait also increased to $74,000, with a 27-percent increase.

Exports of gold, ornaments and precious stones to Italy marked an increase by 519 percent to $181,000, from $29,000 in 2016.

On the other hand, the exports to Switzerland slipped 35 percent in 2017 to record $267 million, down from $410 million in the previous year.

Two companies are operating in Egypt right now to produce gold, which are Australian Pharaonic Company (Centamin) that operates in the Sukari mine and Cyprus-based Mats Holdings, which operates in the Hamsh mine.

For exploration and drilling of gold, other two gold companies are operating, which are Canadian Aton Mining and UAE’s Thani Dubai.

Sukari Gold Mine, the country's sole gold-exporting mine, produced around 100 tons of gold since it started operations in January 2010, with an average monthly production of 1.2-1.5 tons of gold.

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