Egypt approved a zero-customs policy for participants of the Nebu Expo for Gold and Jewelry, scheduled for the end of November.
Head of the Gold Division at the Cairo Chamber of Commerce, Hani Milad, announced that the Egyptian Customs Authority agreed with the Assay and Weights Authority to exempt international participants from gold customs and taxes, allowing them to bring their products in their luggage.
The third edition of Nebu will be held between Nov. 25 and 27 amid a rise in the price of gold.
Milad explained that exhibitors in the past two editions had to agree with a shipping company and pay customs and tax duties, which affected the percentage of participants.
However, he expects the number of international participants to double with the new facilities introduced, as long as the incoming shipments will be re-exported with the exhibitors.
Authorities aim to transform Egypt into an international and regional center for gold and jewelry.
According to a document seen by Asharq Al-Awsat, there are 13 steps in the new plan, beginning with the Gold Division notifying the Assay and Weights Authority with a list of names and data of the international exhibitors scheduled to participate in the expo.
It will also include a detailed statement of the types and specifications of the artifacts accompanying the exhibitor.
The document stated that the Assay and Weights Authority would inspect the jewelry and coordinate between customs, exhibitors, and organizers.
Egypt International Exhibitions Center Customs will deliver to the exhibitor a temporary release permit and a secured safe containing the artifacts imported with them. Before departure, they must provide the safe to the authorities for examination and verification.
Head of Assay and Weights Authority Ahmed Soliman approved the new procedures during a meeting with representatives from the Egyptian Customs Authority and the Gold Division.
Gold Division spokesman Wael Shahboun stated that these measures would double the number of international exhibitors at the expo, which supports Egypt’s efforts to transform into a global and regional hub for gold and jewelry.
Shahboun pointed out that most of the exhibitors in the upcoming Nebu exhibition are from Türkiye and Italy.
He told Asharq Al-Awsat that the government is expected to extend the customs and tax-free period for gold imports for another six months.
The Gold Division had submitted a request to the cabinet to exempt gold imports carried by passengers from customs and taxes for another six months.
Shahboun explained that there are indications that the government would agree to the extensions, backed by Minister of Trade and Supply Ali el-Moselhi and the shortage of raw gold and dollars in the country.