Egypt’s gold, precious stones exports slump 27% in H1

Egypt’s exports of gold and gems dropped 27percent in the first half of 2019 recording $825 million, compared to $1.134  billion in January 2017, according to the General Organization for Export and Import Control report.

The  report showed that Egypt exported gold and precious stones to 45 countries, 12 of which was for the first time including (Greece, Sweden, Belgium, Taiwan, Georgia, Malaysia, Malaya, Brazil, Algeria, Cyprus, Bangladesh, Moldova and Niger.

The United Arab Emirates, Canada, Saudi Arabia, Jordan, Italy, Kuwait, Turkey, the United States, Germany, Britain and Northern Ireland accounted for 99% of exports of gold, ornaments and precious stones during the first half of 2019, worth $ 824.5 million.

However, The Egyptian gold and precious stones exports to UAE declined 45 percent registering $518 million during H1 of 2019 compared to $936 million  during the same period a year earlier.

On the other hand, exports of gold, ornaments and precious stones rose significantly to the Canadian market by 35 percent to registering $ 279.424 million compared to$ 7.588 million in the same period the previous year.

In addition, exports of ornaments  and precious stones to the Saudi market rose by 93% to reach 26.580 $million against $13.747 million.

The report added that Egypt’s exports ornaments and precious stones to the United States rose to $ 48,000, compared to $ 20,000, while to Britain and Northern Ireland  increased to $ 11 thousand compared to $ 2,000 during the same period last year.

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