A group of gold jewellery traders plans to set up a joint stock company for gold jewellery manufacturing under the name "Gold Group" and enlist it in the Egyptian Exchange (EGX) in an attempt to compete against large companies that control the jewellery business in Egypt. Rafik Ibrahim, the former head of gold traders syndicate, said that the proposed company aims to collect 100 gm of gold from each trader of a total of 1,000 traders, adding that each trader is required to spend at least three years in the project before withdrawal, so that the company can achieve its goals. He told Daily News Egypt that the company is trying to gather more than 30,000 gold traders nationwide as shareholders in the suggested company and use their shops as outlets to sell the company's products. Ibrahim added that the aims behind launching this company are to limit the monopoly of some companies, control prices, provide suitable handy charge fees, and launch new products that meet the needs of consumers. "Our aim is to protect all parties and maintain the reputation of the market and rights of both consumers and traders," he mentioned. Ibrahim added that many gold traders face challenges due to some companies' change in their contractual policy, whether with shops or consumers. He pointed out that the company will open the door for all Egyptians to buy its shares, as they aim to establish a national company that offer various products that suit everyone. He added that the company aims to include and turn all small workshops and limit illegal workshops that cannot adhere to the legal standards, as well as improve the Egyptian gold sector and allocate part of its production for exportation, making it one of the most effective investments sectors like the Suez Canal. Ibrahim called upon President Al-Sisi to support the project and ease the challenges that the company may face.
