Egyptian Gold Prices Remain Stable; jewelry Exports Soar
Gold prices in Egypt held steady on December 29, 2024, according to market reports. The price of 21-karat gold remained at 3740 Egyptian pounds, while 24-karat gold stayed at 4270 pounds. this stability comes amidst a period of important growth for Egypt’s jewelry and gemstone sector.
The cost of smaller gold bars also remained consistent.”The cheapest gold bullion in Egypt today is about 4,440 pounds after adding manufacturing fees,” one report stated. A 2.5-gram gold bar, for example, cost approximately 10,660 pounds, including workmanship charges. Workmanship fees varied depending on the weight of the bar, ranging from 100 pounds per gram for a 2.5-gram bar to 66 pounds per gram for a 10-gram bar.
This price stability is noteworthy given the global fluctuations frequently enough seen in precious metal markets. The consistent pricing suggests a degree of market confidence and possibly reflects strong domestic demand.
Egypt’s jewelry Sector Shines
Beyond the stable gold prices, Egypt’s jewelry and gemstone industry is experiencing a remarkable surge.The country’s exports in this sector reached a record high of $2.6 billion during the first ten months of 2024. This remarkable growth underscores the sector’s contribution to Egypt’s overall economic performance.
The Precious Metals Division within the Federation of Industries is actively working on a national strategy to further boost exports.This initiative aims to capitalize on the current momentum and solidify Egypt’s position as a key player in the global jewelry market. The success of this strategy could have significant implications for job creation and economic diversification within the country.
The continued growth in Egypt’s jewelry and gemstone sector offers a positive outlook for the nation’s economy. The stability in gold prices, coupled with the surge in exports, paints a picture of a thriving industry poised for further expansion. This success story could serve as a model for other developing nations seeking to diversify their economies and leverage their natural resources.
On december 29, 2024, the price of 21-karat gold in Egypt was 3740 Egyptian pounds, while 24-karat gold was 4270 Egyptian pounds.[[[[1]The price of smaller gold bars also remained stable, with the cheapest gold bullion costing about 4,440 pounds after manufacturing fees.[[[[1]
Egypt’s jewelry and gemstone exports reached a record high of $2.6 billion during the first ten months of 2024.[[[[1] The Precious Metals Division within the Federation of Industries is working on a national strategy to further boost exports. [[[[1]
