Egypt. Major fraud by selling gold that does not meet specifications
The Directorate General of Gold and Gold Artifacts of the General Union of Chambers of Commerce has issued an urgent warning against some attempts to sell unmarked bars.
Honey Milad, head of the general department of gold and gold artifacts, said that bars that are sold to the consumer must meet a number of conditions, the most important of which is that they must be stamped by the Die and Weights Authority to ensure that the caliber and weight of the bar , in addition to the seal of the manufacturer of the ingot, as well as its proper packaging for safety. And the need for the client to receive an invoice for the purchased ingot.
He explained that the traded non-forged ingot does not meet the specification, and its sale to the consumer is considered illegal, and as a raw material it is traded only between factories and workshops, and is stamped and calibrated after production. in the form of an official bullion or gold artifacts.
Milad pointed out that these bars do not have a precise definition of caliber or weight, and the numbers written on these bars are stamped by the workshop that produces them and are not officially calibrated or guaranteed, which opens up wide scope for deceiving consumers by trading them in an unrealistic caliber or weight.
Also, no tax or stamp duty was paid during its production, and these alloys are considered unsuitable for use by the final consumer.
Milad advised consumers not to fall for these ads and buy unprotected or counterfeit products, as they are sold on social media pages in violation of the law and represent a wide field for commercial fraud and manipulation of consumer rights.
He stressed that there are many alloy companies in the Egyptian market at present, and all of them have the necessary quality characteristics, including Egyptian stamping, high quality, and supervision by the Ministry of Supply and Internal Trade, represented by the Department of Stamps and Weights.