Numerous rises in gold prices occurred in the last period of this year, which sparked widespread debate about the devaluation of workmanship by traders in the Egyptian goldsmiths market.
The General Division of Jewelry and Gold Artifacts of the General Federation of Chambers of Commerce announced the launch of the “Decoration and Treasury” initiative to reduce workmanship prices on gold artifacts for consumers during the month of May, in cooperation between producing factories and retail stores.
Hani Milad, head of the General Division of Gold Jewelry, said during the press conference held yesterday, Sunday, that the initiative contributes to lifting the burden on the buyer.
Will manufacturing prices go down?
Goldsmiths market experts said that lowering the prices of goldsmiths may have an effect in stimulating the demand for gold artifacts, but they stressed at the same time that it is difficult to happen after the high cost.
As reducing the value of the gold factory, at the present time, would be unfair to the gold factory manufacturers, whose expenses have already increased.
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Also, the expenditures on handicrafts, so the workmanship covers these expenses and the value of wages, explaining that decreasing the value of workmanship is an ill-conceived proposal.
How did prices affect the movement of buying and selling?
As the price of gold rose significantly, which affected the demand for gold artifacts, and consumers resorted to buying bars and pounds due to the somewhat lower value of their workmanship compared to artifacts.
How is the workmanship value calculated?
As the current gold prices have reduced the sales of factories, and thus reduced their profits, which means that reducing workmanship will not be the best solution to stimulate demand for gold artifacts.
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It is worth noting that gold factories have a certain cost in manufacturing gold artifacts that are added to the workmanship, for example (the value of labor, the cost of other consumer bills, and the cost of designing gold artifacts).
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The price of the gold pound today:
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