Rise in gold prices revives Diamond market in Egypt

Rafik Abbasi, the former head of the Gold Division of the General Federation of Egyptian Industries, said that the rise in gold prices has revived the diamond market in Egypt, in light of the decline in the purchasing power of the middle class in the country, which could buy wedding artifacts at a value ranging between 10 and 15 thousand pounds.

Abbasi added that engagement rings are traded in the local market, with prices that currently range between 10,000 and 20,000 pounds.

He pointed out that diamonds are difficult to evaluate except through experts, and it is difficult to be evaluated through others, which raises embarrassment for relatives and family.

Abbasi affirmed that the gold and jewelry markets offered diamond rings with light weights, to suit the budget of those who are about to get married.

Dr. Magdy Abbas, Chairman of the Board of Directors of the Diamond Center Company, said that misinformation about buying diamonds that customers receive from their relatives who bought diamonds at a time when it was not widespread in the Egyptian market.