Egypt to step up oversight of gold market, vows crackdown on fraud – minister

Egypt’s Ministry of Supply and Internal Trade is tightening oversight of the domestic gold market and boosting regulatory enforcement to combat fraud and protect consumer rights, Minister Sherif Farouk said during a high-level meeting on Monday.

The meeting, held with officials from the Assay and Weights Authority, the Internal Trade Police, and senior ministry advisers, focused on improving hallmarking standards and ensuring compliance across the gold and precious metals sectors.

“The Ministry places the highest importance on gold market oversight, given its strategic and financial significance,” Minister Farouk said. “We must combat all forms of commercial fraud and ensure that consumers receive products that meet official standards and are properly certified.”

Minister Farouk called for the modernisation of Egypt’s gold hallmarking system through the use of advanced technologies, aimed at reducing human intervention and increasing the transparency and accuracy of testing and certification processes.

He also emphasised the need to tighten control over gold trading practices, urging enhanced monitoring of sales channels and verification of hallmarks on gold jewelry. “This is essential to protecting the national economy and safeguarding citizens’ savings,” he added.

The Ministry is working to digitise services at the Assay and Weights Authority and streamline procedures for both traders and consumers, as part of broader reforms to improve performance and service delivery.

Officials agreed to roll out a joint action plan that includes regular and surprise inspections of gold retailers, updating regulatory databases, and launching public awareness campaigns to educate consumers on verifying hallmark authenticity before making purchases.

Attribution: Amwal Al Ghad English