Gold Division: We detected attempts to sell illegal bullion on social media

Gold Division: We detected attempts to sell illegal bullion on social media
Gold Division: We detected attempts to sell illegal bullion on social media
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03:07 PM

Tuesday, January 24, 2023

I wrote – Sherine Salah:

The General Division for Gold and Gold Artifacts of the General Federation of Chambers of Commerce said, in a statement today, Tuesday, that it had detected some attempts to sell unstamped “baladi ingots” on social media, in violation of the law and constitutes a wide field for commercial fraud and manipulation of consumer rights.

Hani Milad Gayed, head of the General Division for Gold and Goldsmiths, said 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 Stamp and Scales Authority to ensure the caliber and weight of the ingot, in addition to the seal of the factory producing the ingot, and it is also appropriately packaged. To maintain it, and the customer must receive an invoice for the purchased ingot.

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Milad added 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, provided that they are stamped and calibrated after being produced in the form of an official ingot 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 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 those alloys are considered unsuitable for end consumer use.

Milad advised consumers not to succumb to this propaganda and to buy products that are not guaranteed or legal.

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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