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
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. The Customs Authority also reported that the majority of these quantities are gold jewelry, not bullion, and were imported from Gulf countries.
Under the extended zero-custom initiative, Egyptian citizens residing overseas will continue to benefit from relaxed regulations when importing various forms of gold. This includes semi-manufactured gold, gold intended for currency trade, and jewelry parts that are either made from or coated with a layer of precious metals.
Last May, Prime Minister Mostafa Madbouly issued a decision to exempt gold imports from customs taxes and other fees, ending next Saturday. The decision came at a time when the local market suffered from the rise in gold prices to record levels. It is also an attempt to limit customs smuggling of gold products through various customs ports.
Since its implementation, the zero-custom initiative has played a pivotal role in regulating the gold market, preventing hoarding, and promoting fair competition.
Earlier this week, Egypt’s Assay and Weights Administration (AWA) announced that it will hold its first-ever electronic auction for gold and silver next week. Head of the AWA, Ahmed Soliman, announced that the session will be held next Tuesday, and has set 66 gold bars and 41 silver bars aside for the auction.
