The Egyptian Cabinet has extended on Sunday the zero-customs programme for gold imports by Egyptian nationals abroad for six more months, to be effective until May 10th, 2024.
The extension comes as a response to the initiative’s success in even out the market and managing prices. The initiative has resulted in approximately three tons of gold imports, as reported by Egypt Customs Authority.
The zero-custom initiative was first introduced in May 2023, in response to market disruptions brought on by several variables. Including a lack of U.S. dollars and rising demand.
The expansion includes gold that is semi-manufactured, gold used for currency exchange, and jewelry components that have a layer of precious metal on them. Gemstones, semi-precious stones, and pearls—whether natural or artificial—that are set in jewelry are not exempt from this rule.