Minister of Supply and Internal Trade Sherif Farouk has directed to intensify oversight of the precious metals and gemstones market and tighten measures against fraud operations, according to a statement.

Led by Hamdi El-Hamahmi, the Assay and Weights Authority launched a large-scale inspection campaign targeting several locations involved in the trade and manufacture of jewelry.

The campaign resulted in the seizure of approximately two kilograms of fake gold jewelry and about four tons of substandard silver jewelry, in addition to six tools used to copy the authority’s official stamps.

El-Hamahmi emphasized that the seized items constitute a serious violation of the laws regulating the trade of precious metals, most notably Law No. 68 of 1976 and Law No. 48 of 1941.

He added that counterfeit pieces constitute an infringement on consumer rights and harm the national economy by presenting jewelry as imported or manufactured abroad without paying the required state duties.

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