The Ministry of Supply and Internal Trade is set to upgrade its gold stamping and regulatory systems by utilising the latest technologies to tighten market control and protect consumer rights, Minister Sherif Farouq stated.
The minister stressed the importance of developing the stamping and inspection system, raising the efficiency of services, and adopting modern methods for examining and regulating the circulation of jewellery and precious metals. Farouq stated these efforts aim to achieve a balance between supporting the gold industry and trade, ensuring market discipline, and protecting citizens’ rights.
The strategy was outlined during discussions with representatives from the Gold, Jewellery and Mining Industry Division of the Federation of Egyptian Industries (FEI) to review efforts to develop and regulate the gold markets.
Farouq noted that the ministry attaches great importance to the gold sector, describing it as an important sector of the national economy. He highlighted the necessity of continuous direct dialogue with industry and trade representatives to identify challenges and develop practical solutions collaboratively, thereby enhancing confidence among citizens and dealers.
The minister explained that efforts to discipline and regulate the gold markets are being carried out in continuous coordination with the Stamping and Weights Authority. This involves applying the rules and stipulations governing the circulation of precious metals and tightening market oversight to ensure products carry the official stamp and meet established standards.
Hamdy El-Hahammy, head of the Stamping and Weights Authority, reviewed the authority’s efforts to tighten control over the gold and precious metals markets. He discussed developing work mechanisms and cooperating with various sector parties to ensure adherence to regulatory controls and standards, contributing to the protection of dealers.
The discussions also covered proposals for developing work mechanisms within the gold market and confronting any undisciplined practices that could harm consumers or affect market regularity.
Ehab Wassef, head of the Gold, Jewellery and Mining Industry Division at the FEI, affirmed the division’s support for state efforts aimed at developing the gold sector and enhancing market discipline. Wassef stated that cooperation between the division, the ministry, and the Stamping and Weights Authority represents a fundamental pillar for developing and regulating the market. He highlighted the importance of continued coordination to confront challenges and remove obstacles facing the industry.
The talks were attended by industry division members including Shaker Fawzi, representing King Gold; Mohsen El-Saeed, representing Swiss Gold; and Mamdouh Abdallah, representing Kermina Gold. Ahmed Kamal, Assistant Minister for Technical Affairs and official spokesperson for the ministry, also attended alongside El-Hahammy.
