The General Division of Gold warns of non-conforming alloys

The General Division of Gold warns of non-conforming alloys
The General Division of Gold warns of non-conforming alloys
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The General Division for Gold and Gold Artifacts of the General Federation of Chambers of Commerce monitored some attempts to sell unstamped bullion (my alloy) on social media pages in violation of the law and constitutes a wide field for commercial fraud and manipulation of consumer rights.

Hani Milad Jaid, Head of the General Division of Gold and Gold Artifacts, says that the ingots that are sold to the consumer must meet a set of conditions, the most important of which is that they are stamped by the Department of Stamps and Scales to ensure the caliber and weight of the ingot, in addition to the seal of the factory producing the ingot, as it is properly packaged to preserve it. And the need for the client to receive an invoice for the purchased ingot.

Milad explained that the non-stamped ingots that are circulated do not conform to the specifications, and selling them to the consumer is considered illegal, while they are traded as raw materials between factories and workshops only after they are stamped and calibrated after being produced in the form of official ingots or gold artifacts.

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He pointed out that these ingots are not accurately defined in caliber or weight, and the numbers written on these ingots were stamped by the workshop that produces them, and they are not calibrated or officially guaranteed, which opens a wide scope for deceiving consumers by trading them in an unreal caliber or weight, and no tax or stamp duty was paid for their production. Calibration and considers those alloys unfit for end consumer use, advising consumers not to succumb to such advertising and purchase unsecured or legal products.

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He stressed that there are currently many companies producing alloys in the Egyptian market, and all of them enjoy the necessary quality specifications for stamping with the Egyptian stamp, high quality and monitoring by the Ministry of Supply and Internal Trade represented by the Department of Stamps and Weights.

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