Khaberni - After news circulated about the spread of counterfeit gold bars and coins in the Egyptian markets via social media, the authorities intervened to clarify the situation.
The Cabinet Media Center said in an official statement last Thursday evening that after consulting with the Authority for the Stamping of Jewelry and Scales, it is confirmed that the authority performs its supervisory and technical role around the clock through inspection committees spread across all provinces, in full coordination with the supervisory bodies of the Ministry of Supply and Internal Trade.
Individual fraud attempts
The Cabinet Media Center pointed out that during its recent campaigns, the authority did not detect any cases of handling counterfeit coins or bars within the official gold stores, confirming that what is being circulated on social media pertains to individual fraud attempts occurring outside the legal system, and "mostly outside Egypt, and spread on the internet with the intention to create confusion."
The statement added, "It is not possible to handle any jewelry or gold bars in the Egyptian market without stamping them with the approved official seal of the authority in accordance with the provisions of Law No. 68 of 1976 and its executive regulations, where the seal is the only guarantee of the purity and quality of the bars or jewelry."
Fraud operations are impossible
The Center explained that "the authority possesses the latest internationally accredited devices to test the purities (devices - XRF - chemical laboratories), and they are used regularly to ensure the accuracy of the purities and prevent any tampering. Moreover, all gold stores are obligated to display a certified invoice that includes the bar or coin's number, purity, and weight, making any fraud operation impossible within the official channels subject to the ministry's supervision."
The Authority for Stamping Jewelry and Scales confirmed that "the Egyptian market is safe and regulated," and that supervision is rigorous and ongoing, and that "any violation is dealt with immediately and legal actions are taken against it."
