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“Gold Manufacturing Division”: 6 recommendations to remove obstacles to the export of handicrafts

8 March، 2022
“gold-manufacturing-division”:-6-recommendations-to-remove-obstacles-to-the-export-of-handicrafts

Head of the Gold and Precious Metals Manufacturing Division – affiliated to the Chamber of Metallurgical Industries in the Federation of Egyptian Industries – Ehab Wassef confirmed that 6 recommendations were adopted to remove obstacles to the export of gold and silver works.)

Wassef said, during the first meeting of the division’s board of directors after the new formation, that the division’s business strategy during the coming period was also discussed, With the aim of supporting the gold industry in Egypt so that it can restore its regional position in the trade and marketing of gold.

Wassef indicated that the Board of Directors approved During the meeting, a number of recommendations and proposals were made to work on solving them directly with the government, including the completion of a project to develop mechanisms for stamping goldsmiths to suit the latest methods of stamping globally so as not to distort the final shape of the artifacts. The recommendations also included that the stamp should be in Latin and not Arabic, and that gold and silver works upon export should be permanently exempted from applying value-added tax upon export. To export instead of recovering it after the completion of the export process, which creates a shortage of cash for many gold manufacturers that they need to buy production requirements, pay workers’ wages, and push them to stop their exports.

Wassef said that the meeting worked on formulating goals to be achieved in the short term, foremost of which is doubling the volume of exports of the gold sector, with the state heading towards increasing the total value of its exports to

billion dollars annually, by relying on its export in the form of gold crafts instead of ore, which achieves an added value for the economy and manufacturers.

He added that the Chamber found that there are many obstacles that have prevented during the past years from increasing the volume of its exports of goldsmiths and exporting only the yellow metal ore, pointing out that among the proposals is also to reduce the appraisal fee imposed on exports of gold works. By the Stamps and Scales Department to 0% from 0.5% currently, and it is sufficient to impose it on imported goldsmiths at 1% in order to ensure that this does not affect the decrease in the financial revenues collected by the state’s general budget from this fee, As well as drafting the Stamp and Balances Law instead of the current law, whose articles have not been amended for years to keep pace with the changes that occurred in the gold manufacturing process. The proposals included working on developing and overburdening the skills of workers in the goldsmiths industry, by expanding the holding of training courses for students of the College of Art Education and Fine Arts, to train them on the latest means of designing goldsmiths to develop their designs to produce even competitive in global markets, in addition to Expand the organization in establishing local and regional exhibitions to promote the Egyptian gold industry.

Wassef explained that the board of directors reviewed the details revealed The government around the City of Gold, and they all praised the role it will play in developing the industry, proposing that the names of a number of manufacturers who contributed greatly to the development of the gold industry in Egypt and the Middle East should be named after the neighborhoods of the New City of Gold, in the interest of the Division to honor the pioneers of the gold industry in appreciation of their efforts.

He added that the meeting also dealt with the situation of workers in the silver sector, especially in the field of silver In light of the crises that occurred to them recently and caused the closure of more than 98% of the workshops that produced them as a result of dumping imported silver products without imposing dumping duties on them, This is what the division will work on during the coming period by reviving the silver industry and motivating its workers to return to open their workshops and move towards importing.

The members of the division’s board of directors agreed to form a number of specialized committees to distribute tasks among themselves to support the achievement of the division’s objectives and previous proposals that were quickly formulated according to competence, including the industry development committee and follow-up to the establishment of the city of gold, a committee for training and skills development of workers, a committee for exhibitions and conferences, and a committee for taxes Customs, and the Stamp and Balances Committee.

8 March، 2022