A decision by the Ministry of Supply confuses the gold market and trade in Egypt

A decision by the Ministry of Supply and Internal Trade caused confusion in the gold market in Egypt. Where the ministry announced the implementation of the laser stamping system within a year, which caused a state of controversy and confusion, especially in light of the presence on the market of large quantities of non-laser printed gold.

Source of the controversy are the old jewels, but the Precious Metals Production Division of the Federation of Egyptian Industries intervened and announced that there was no truth about what was raised in the last period and circulated on the pages social in on the blocking of purchases and the sale of gold works that were stamped using traditional “pen” methods, with the Ministry of Procurement attempting to replace it with a laser tag.

In a statement, the head of the division, Ihab Wassef, said that with the Egyptian government’s effort to adopt a strategy to advance the gold industry and keep up with its latest technologies, it was to be included in the introduction. of development processes on the molding of works in gold.

He added: “Therefore, the Ministry of Supply has collaborated with the Stamping and Scales Department to develop laser stamps, which are the latest systems used in the stamping of goldsmith works, through which each goldsmith is assigned a code on which they are reported all the details of the written product, regardless of whether the designer’s company, its weight or the type of special gauge Ensures a process of consumer protection against gold fraud, ease of finding in case of theft and conservation of its value at the time of resale.

Wassef pointed out that the laser stamping process is a purely technical process and will have no impact on the movement of buying and selling gold works, as it is still in trial phase and has not been officially approved.

He denied that working with it would undermine the sale and non-recognition of old-fashioned stamped goldsmiths, noting that they will continue to be marketed normally and that laser stamping will be applied to newly produced works after they are officially approved.

He recalled that the Precious Metals Production Division of the Federation of Egyptian Industries is in constant contact with the Ministry of Procurement and the Molding and Scales Department, to implement the conversion process to laser molding in gradual way in so as not to affect consumers and producers.

Read More About: Business News