Monday, 25 May 2026
Egypt denies rumors of fake gold pounds and bars in markets
The Media Center of the Egyptian Council of Ministers issued an official statement today refuting widespread social-media rumors claiming that counterfeit gold pounds (geniehat zahab) and gold bars are being sold in Egyptian markets due to lack of oversight.
Following coordination with the Assay and Weights Department (Maslahat al-Damgha wal-Mawazin) under the Ministry of Supply and Internal Trade, the Center confirmed that the department maintains round-the-clock technical and supervisory control through inspection committees deployed across all governorates.
Key points from the official clarification:
- Recent inspection campaigns have detected no cases of counterfeit gold pounds or bars inside licensed and official gold shops.
- All circulating videos and claims on social media refer either to isolated individual fraud attempts that occur outside the legal system – often abroad – or are deliberately published to create public confusion.
- By law (Law No. 68 of 1976 and its executive regulations), no gold jewelry, coins, or bars may be sold in Egypt without bearing the official assay mark (damgha) of the department. This hallmark is the only legal guarantee of the gold’s purity and quality.
- The Assay Department uses internationally accredited state-of-the-art equipment (XRF devices and chemical laboratories) for regular testing to prevent any tampering with purity standards.
- All licensed gold dealers are required to issue certified invoices showing the item’s serial number (if applicable), carat, and exact weight, making fraud within the official channel virtually impossible.
The Assay and Weights Department emphasized that the Egyptian gold market remains safe and tightly regulated, with strict and ongoing oversight. Any violation is met with immediate legal action.
Authorities urged citizens not to believe or share unsubstantiated rumors on social media and to purchase gold exclusively from licensed shops, always verifying the presence of the official assay hallmark and a proper certified invoice.