The media center of the Egyptian Cabinet announced yesterday, Thursday, that the Goldsmiths and Scales Authority has not detected any cases of counterfeit gold bars or coins being traded in official gold shops, denying what was circulated on social media. The center clarified that after consulting the Goldsmiths and Scales Authority, it was found that inspection committees continue their regulatory work in all governorates in coordination with the Ministry of Supply. The statement confirmed that the fraud cases discussed online are linked to individual attempts outside the legal system and often outside Egypt, emphasizing that no gold bars or jewelry can be offered in the market without being officially stamped according to the law.
It added that the authority uses internationally accredited inspection devices to ensure the authenticity of gold karats (devices – “XRF” – chemical laboratories), and gold shops are required to issue an accredited invoice detailing the data of the bar or coin, making fraud impossible within official channels.
The statement from the Egyptian Cabinet concluded by assuring that the Egyptian markets are “safe and regulated,” and any violations are immediately addressed with legal actions.
