Posted on: Saturday, May 13, 2023 – 5:26 PM | Last update: Saturday 13 May 2023 – 5:26 PM
Our share of the gold bullion market in Egypt reaches 50% and silver 90%.
We aim to launch 10 gold refineries around the world to link production areas with consumption, bringing the total to 13 refineries.
Allegations of stagnation in the handicrafts market due to bullion are “false.” There is no deficit in the local market
Revitalizing the handicraft market by reducing the value of workmanship by 50% and not imposing fees on bullion
The Emirati SAM Company for Precious Metals intends to pump new investments estimated at $100 million over the next 5 years in the Egyptian gold sector, according to Sameh Abdel Hakim, the company’s agent in Egypt.
The investments of the Emirati company, which began its work in Egypt since 2019, are estimated at hundreds of millions of dollars, according to Sam’s agent.
The Emirati Sam Company works in the manufacture of gold and silver bullion, as it started its investments in the market with an Egyptian-Emirati partnership through its authorized agent and distributor at the level of the Republic, “Jerusalem” for jewelry, by establishing a large factory in the “Al-Darasa” area that contains the second refinery for gold purification and bullion production in Egypt After Dubai and Sharjah Refinery; Depending on the gold ore extracted from Egyptian mines or neighboring countries to purify it from impurities and recalibrate it to produce alloys that bear the international code 999.9, which is the purest in the market.
“SAM is an Emirati-Egyptian investment that aims to help local mines sell their production to global markets, meet the needs of gold and silver ore craft factories, and achieve Egypt’s goals of becoming a regional center for gold and silver trade,” Abdul Hakim added.
Samih Abdel Hakim, agent of SAM, said: “We do not aim, through these investments, for any expansion operations to eliminate competitors, but rather to develop production in the market. To increase the competitiveness of Egyptian companies in the global gold markets, especially since the Egyptian market, if its production rates of crude are raised, will not be sufficient for 20 refineries like SAM.
SAM is the only company in the Middle East to obtain the “RJC” certificate, which is a certificate issued by the British-American RJC Corporation, which specializes in tracking the supply chains of jewelry, gold and silver around the world. To ensure that the factories adhere to the production of alloys that enjoy international standard specifications with a high degree of purity, and that they follow the international rules when calibrating them, so that the refineries that obtained this certificate can trade and sell the alloys in various global markets on the International Gold Exchange, and the factory that produced the production was also able to accept its shipments for export in Any of the global markets.
Sameh Abdel Hakim added that Sam’s market share of gold bullion in the local market amounted to 80%; Pointing out that they supply these ingots to most of the local goldsmiths’ factories that prefer to deal with Sam ingot, weighing a kilo, with a purity of 999.9, since it is the only company that has the “RJC” certificate, while the company’s market share in selling gold ingots directly to the consumer reaches about 50%, and we look forward to increasing it during The coming months in light of the increasing demand for it. As for our share in the silver bullion market, we acquire a share of no less than 90% for consumers and factories.
Regarding the volume of production of the SAM refinery in Egypt, Abdel Hakim explained that the factory has daily production capacities ranging from 1,200 to 1,500 tons of purified gold and silver per day, but currently we have not yet reached those levels, and we expect to reach them soon.
And Abdel Hakim continued, “As part of our investment plan in the future, we aspire to study investment in the gold city in the new administrative capital, especially since this city has all the capabilities to make Egypt the regional center for the gold and jewelry industry.”
At the global market level, the company’s agent revealed its intention to launch 10 gold refineries around the world to link production areas with consumption, bringing the total to 13 refineries.
With regard to the demand of some merchants to impose fees on the sale of bullion, he said that these proposals will negatively affect the gold market in Egypt, because bullion in the gold market, like money in the economy, may not impose fees on its issuance or circulation.
He pointed out that the decline in demand for artifacts due to bullion is false allegations and is not issued by people familiar with the gold market, because the citizen who buys bullion is different from gold artifacts, so you cannot convince a woman looking for adornment in gold to buy an alloy that does not have any aesthetic appearance or vice versa. .
Sam’s agent in Egypt stressed that there is no shortage of bullion in the local market.
Abdel-Hakim stated that reviving the movement of selling gold artifacts is not by imposing fees on bullion, but rather organizing a gold shopping festival with the participation of all stores, during which strong offers and discounts are presented during a specific period of time, such as discounts offered in clothing stores, and a value reduction of 20%. It reaches 50%, and introduces new artifacts with low weights, whose prices are in line with the purchasing power of citizens.
With regard to the Jerusalem Jewelry Company owned by Sameh Abdel Hakim, he said that he plans to expand by opening two branches in Sheikh Zayed and the Fifth Settlement, bringing the total number of branches to 4.
Abdul Hakim ruled out the occurrence of collapses in gold prices locally, because this requires a sharp drop in the price of an ounce globally, and this will not happen at the present time in light of the continuation of global political tensions, high levels of inflation, and fears that the global economy will enter a recession.
