Egypt's General Division for Gold and Jewelry denied on Thursday that a tax is levied on the resale of gold jewelry, after reports that some traders were charging consumers with fees ranging from 1-3 per cent. In a statement, the division, headed by Hani Milad, said there is "no such thing as a resale tax" on gold, stressing that no official decision or law exists to support the practice. The division said the only deductions applied when traders buy back used jewelry are the price difference between selling and buying, along with a hedge margin to offset volatility in global and local markets. That margin, it added, is not fixed and varies by trader, liquidity and price movements. The division compared gold pricing to currency exchange, where banks set different rates for buying and selling. It urged consumers to shop around and compare prices before selling their jewelry, saying awareness was key to protecting their rights. It also called on retailers to avoid misleading practices, train their staff properly, and protect consumer trust, warning that no deductions beyond official pricing differences are legally recognised. Attribution: Amwal Al Ghad English
