The meeting followed up on oversight of the gold and precious metals market and emphasize the importance of adhering to the approved official stamp.
Farouk emphasized that the Ministry attaches utmost
importance to gold oversight, as it is a strategic commodity of high value. He stressed
the need to combat all forms of commercial fraud and control violations to
protect the rights of citizens and consumers, and ensure they receive products
that meet specifications and are approved by the competent authorities.
He stressed the importance of developing the system of
stamping gold jewelry using the latest methods and modern technological
techniques, to keep pace with global developments in this field, enhance
performance efficiency, and limit human interference in the examination and
documentation stages, to ensure the utmost levels of accuracy and transparency.
He also directed the need to control the markets more
accurately and regulate the process of trading gold within the local market,
while strengthening control over buying and selling operations, and ensuring
that the artifacts conform to the official stamp, in a way that ensures the
protection of the national economy and the preservation of citizens’ savings.
He pointed out that consumer protection is a strategic
goal of the Ministry, and this falls within the framework of the state's vision
to protect markets and support citizens' confidence in commercial transactions,
especially in sectors that directly affect their savings, such as the gold
sector.
Farouk emphasized the need to continue modernization
and development efforts at the Stamping and Weights Authority, including the
use of modern technological means and facilitating services provided to
merchants and citizens alike, ensuring quality performance and speedy
completion.
At the conclusion of the meeting, it was agreed to develop a joint action plan between the regulatory authorities, including periodic and surprise campaigns on gold shops, updating databases, and expanding consumer awareness of the need to verify the official stamp on gold jewelry before purchasing.