CAIRO: Egypt’s Cabinet has approved a draft decree exempting gold imports brought by travelers from abroad from customs duties for a period of six months.
The Egyptian Council of Ministers made the decision in its weekly meeting.
In a statement on Wednesday, the Cabinet said that the draft decree will provide exemptions for half-manufactured gold imports, gold prepared for currency trade, and jewelry parts made or coated with a layer of precious metals.
The exemption does not apply to natural or cultivated pearls, gemstones, or composite or inlaid semi-precious stones on jewelry.
The Cabinet approval follows efforts to stabilize gold prices and reduce smuggling attempts at customs checkpoints.
Egypt has recently witnessed a rise in gold prices.
The price of gold on the Egyptian market is determined by several factors, including the value of the dollar, supply and demand, and the policies of the Central Bank.
In a related development, three Egyptian passengers were recently detained while attempting to smuggle gold bars out via Cairo airport.
Airport customs stopped the passengers following their arrival from Saudi Arabia on two flights.
The gold was seized and legal measures were taken against the travelers.
In the first case, customs officers found four gold bars weighing 400 grams in possession of a passenger arriving from Jeddah.
Officers stopped a second passenger as he tried to leave the terminal carrying three gold bars weighing 330 grams.
In the third case, six gold bars weighing 690 grams were seized from a passenger arriving from Jeddah.
Source: Arab News