STORY: Egypt's gold export poised to grow amid economic challenges: industry insiders
SHOOTING TIME: Dec. 17 2024
DATELINE: Dec. 19, 2024
LENGTH: 00:01:53
LOCATION: Cairo
CATEGORY: ECONOMY

SHOTLIST:
1. various of gold jewelry at the 4th International Nebu Expo for Gold and Jewelry
2. SOUNDBITE (Arabic): MAMDOUH ABDULLAH, Board chairman of Kirmena Jewelry Company
3. various of gold jewelry and people visiting the expo

STORYLINE:

Industry insiders from Egypt's gold export sector said there is still considerable potential to further develop the country's gold industry and predicted continued growth in gold exports.

Mamdouh Abdullah, board chairman of Kirmena Jewelry Company, said on the sidelines of the 4th International Nebu Expo for Gold and Jewelry, which concluded on Tuesday in Cairo, that the Egyptian government's decision to cancel valuation fees on gold jewelry exports in 2023 has helped facilitate gold exports, noting that there is still significant potential to further develop the gold industry.

SOUNDBITE (Arabic): MAMDOUH ABDULLAH, Board chairman of Kirmena Jewelry Company
"We faced challenges in exporting gold products. However, with the support of the Egyptian government, we were able to achieve progress in this field. Currently, we export gold products to many countries and regions, including Saudi Arabia, Jordan, the United States, and Dubai. The manufacturing and export of gold products have significantly improved compared to previous years. This exhibition helps us showcase our products to a large audience. The gold trade will not stop regardless of the circumstances, as gold serves both as a jewelry and an investment."

Official statistics show that Egypt's gold exports reached 2.17 billion U.S. dollars in the first nine months of 2024, up from 1.11 billion dollars during the same period of the previous year. The United Arab Emirates and Switzerland accounted for about 95 percent of Egypt's total gold exports.

Hany Milad, head of the Jewelry and Gold Division of the Federation of Egyptian Chambers of Commerce, attributed the increase in revenues from Egyptian gold exports, particularly raw gold, to the rise in global gold prices. This increase coincides with a relative decline in domestic demand for bullion.

Milad revealed that a national strategy on the gold industry is nearing finalization, aimed at increasing gold and jewelry exports by at least 15 percent annually from 2025 to 2030.

Following a significant advancement in the sector over the past year, which saw Egypt rise 40 places in the global ranking, from 94th in 2022 to 54th in 2023, the country is now setting its sights on becoming one of the world's leading gold exporters.

Milad predicts that with continued government support and strategic initiatives, Egypt could rank among the top 10 global gold exporters by 2027.

Xinhua News Agency correspondents reporting from Cairo.
(XHTV)