Eased tariffs and geopolitical risks fuel Egypt’s gold export boom

According to a statement by Ihab Wassef, head of the Gold and Jewellery Division at the Metallurgical Industries Chamber of the Federation of Industries, gold exports hit $3.2 billion during the first quarter (1Q) of 2025. Egypt’s ranking as a global jewellery exporter rose from 94th in 2022 to 54th by the end of 2023. Within two years, Egypt aspires to be ranked among the top ten jewellery exporters globally. Egypt hopes to achieve the target, given the ongoing challenges and the reasons behind the country’s advancement in the gold exports rank.

In a previous statement, Wassef attributed the exceptional performance to the significant rise in global demand for gold amid escalating geopolitical tensions and international trade wars. He added that these circumstances enhanced foreign markets’ inclination towards gold as a haven, opening new opportunities for Egyptian producers to enter these markets. Furthermore, Wassef noted that the Central Bank of Egypt (CBE) ‘s decision to extend the export proceeds payment period to 75 days helped increase export rates during the past period. He highlighted that the UAE, Saudi Arabia, and Turkey are the top importers of Egyptian gold. 

Egyptian gold has also entered new markets in Europe and the United States. Wassef said that the government substantially supports the sector in overcoming various obstacles facing production and export activities.