The United Arab Emirates (UAE) ranked first as the largest importer of gold, precious stones, and jewelry from Egypt
Egypt's exports of gold, jewelry, and precious stones declined by 4% 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.
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.
Customs ports at airports witnessed the entry of more than 3,000 kilograms of gold duty-free since May 11.
