Egypt’s exports of gold, jewelry, and precious stones experienced a significant decline, dropping by 45 percent to $425 million during the first five months of 2023, according to a recent report released on Wednesday. This figure marks a considerable decrease from the $766 million recorded during the same period in 2022.
The Export Council for Building Materials, Refractory, and Metallurgy Industries (ECBM) highlighted in the report that Egypt exported gold, jewelry, and precious stones to 37 countries during the mentioned five-month period. The decrease in export value reflects challenges faced by the industry during this timeframe.
Among the countries importing these products, Canada stood out as a significant market, importing gold, jewelry, and precious stones worth $309 million from Egypt. The United Arab Emirates (UAE) followed closely, with imports from Egypt’s gold and precious stones valued at $110 million.
Notably, Egypt’s exports of gold and other precious stones and jewelry to the United States reached $1.604 billion, indicating the enduring significance of the American market.
The decline in exports of gold, jewelry, and precious stones highlights the challenges faced by Egypt’s industry in this sector. The global market dynamics, including changes in consumer preferences and economic conditions, have likely impacted the demand for these products. Egypt’s efforts to revitalize the sector and explore new market opportunities may be crucial in recovering and sustaining growth in the future.
