Sh
opping for Gold in Egypt
by Seif Kamel

Egypt has always been famous for gold.
The skin of the ancient gods was said to have been made of gold, and
so it was frequently used for making statues, but it was also used to
gild various items, sometimes including entire building elements and of
course, to make jewelry. Also, as a compound together with silver, it
produced electrum which was often used, for example, to cap obelisks.
Though Egypt had few of its own gold mines, gold was one of the reasons
that Egypt maintained such an interest in Nubia over many thousands of years. Nubia, it seems, had an abundance of gold

resources. Today, Egyptians continue to prize gold, as one might
suppose by the sheer number of jewelers showcasing vast quantities of
jewelry made from the precious metal. Tourists cannot help but notice
this, as they wander about the tourist markets such as the Khan el-Khalili,
as they will encounter many stores full of golden trinkets. Indeed,
while gold tends to maintain a somewhat steady price throughout the
world, there are sometimes even bargains to be found for gold jewelry
in Egypt. Specifically, the price of working the gold into jewelry by
Egyptian artisans
is usually less

expensive in Egypt than, for example, the US and many European
countries, even though Egyptian jewelers are very good at this. Also,
because raw gold has such a fixed price, items made from gold are
usually relatively expensive for Egyptians in comparison to other goods
that they buy. However, they are compelled to buy gold for special
occasions and as gifts for their loved ones, but because of its
relative cost, the markup for retail may sometimes be slimmer than in
other regions of the world. Hence, knowing where Egyptians buy their
gold jewelry can be a real advantage to tourists.

When tourists come to Egypt, they usually shop where their tour
guides lead them. These places include the different shops around the
area of the pyramids in Haram and the famous Khan el-Khalili
market in the area of Hussein. Though one might find good souvenirs,
they are not the best places to buy regular gold jewelry. Recently, we
explored two general locations where Egyptians frequently purchase
their gold jewelry. One is not far from the Khan el-Khalili market, called El Sagha, which can be translated as "gold shops" in Arabic, while the other is in Heliopolis at a place called Game' Square. We also explored a few shops in Zamalek, where very upscale gold jewelry is sold. One may also note that the way gold is sold in these locations varies.

Anyone who has purchased gold in the Khan el-Khalili
knows that merchants there typically price their items according to
its weight, specifically, the number of grams. Of course, these prices
vary according to the color, either gold or white, and the measure of
purity (carats). That is the same way that gold is sold at Game'
Square, but at El Sagha, the price is made up of a compound amount
consisting of the item's weight plus a fee which is added on for its
design. The price per gram can vary from store to store by a few
Egyptian pounds. Note also that the price of gold can vary over time, so
it is important that one understands that the referenced pricing was

obtained on January 7th, 2007. From time to time, we will try to
update this information. Also note that on this same date, one Egyptian
pound is equal to 0.175 USD and 0.1356 EUR. We visited some of the
better stores in the El Sagha district, and while those we explored do
not in themselves constitute all the reputable gold outlets there, they
make up a good representation of what one will find. Our first stop
was at a shop named Hedeya, which displays a grand selection of gold
items including earrings and necklaces, though it is perhaps best

known for its bracelets. Hedeya sells mostly Egyptian gold colored
either gold or white. A gram of 18 carat gold, on this date, costs 86
Egyptian Pounds (LE), while a gram of 21 carat gold, which is of course
more pure, sells for 100 LE. 18 carat white gold sells for 115 LE per
gram, while 21 carat white gold sells for 121 LE.
However, as
mentioned above, these prices do not include the actual design, or
manufacturing of the item; taking the raw gold and making it into
jewelry. According to the owner of Hedeya, it is much more difficult to
provide any solid rules on

such pricing, but in general, one of the factors that has made gold
jewelry in Egypt an attractive item for tourists is that this
workmanship, even though finely done, is much less than in most western
countries. However, this shop has a good collection of gold bracelets
within the price range of 2,000 to 3,000 LE, with very heavy necklaces
costing between 3,000 and 5,000 LE.
The next shop we visited
was Belal Nagaty, which on this particular date charged precisely one
pound less for both 18 and 21 carat yellow gold. This store seems to be
best known for its well designed rings, which typically range in price
from 1,500 to 2,500 LE.

Down the street, we found the Tazi shop, which actually has two
outlets in El Sagha. Their prices per gram of gold mirror those of the
Hedeya shop, but the owner offered a few interesting details.
Specifically, he said that it was important to obtain a stamped,
detailed receipt from any shop where gold jewelry is purchased,
providing information such as the weight, the price of the
manufacturing and the details of the time itself. In addition to
Egyptian pieces, this shop also sells Italian Lazordi gold jewelry,
sometimes

at rather surprising prices. He added that most tourists like the
more simple designs, especially the rings. He showed me a classic ring
with the flower shape in 21 carat white gold for 1950 pounds. We also
found a good collection of white gold bracelets that range from 2,000
to 3,000 LE. Here, we also found a colorful 18 carat yellow gold
bracelet for 1,500 LE, and a 21 carat white gold cross for 1,200 LE.
This shop

carries a wide variety of earrings ranging in price from 300 to 1,500 Egyptian pounds, according to the weight and design.
The Hussein Badr Shop in Sagha is famous for its especially large white
and yellow gold bracelets. There prices are mostly the same as the
other shops, with items ranging between 2,000 and 5,000 LE. Here, a
number of more expensive bracelets containing diamonds are also
available. Tourists will note that the weight of diamonds is stated in
Qirat, from which the western term carat is derived. However, the
weight of a one carat diamond should be the same as that of a one Qirat
diamond, which is equal to .2 grams. Qirat is actually an Arabic word
meaning "bean pod" or "small weight." and is

perhaps itself derived from the Greek word, "keration", which means
"carob bean". Such beans were used in scales, because of their
consistent weight, during ancient times. Here, a one carat diamond may
range from 30 to 34 thousand Egyptian pounds. . Other reputable
jewelers in the district include Farzan, Bolbol Hedaya, and Hamdy
Mursi. Many of these shops carry a large variety of gold and diamonds
rings, earrings, bracelets and necklaces. Perhaps most importantly, one
should realize when buying from these shops that, while the price per
gram of gold is usually fixed, one may usually negotiate the price of
the design work, which is

often required to obtain the best price. Which raises the obvious
question of how much the design work should cost. Perhaps this issue
can be answered, at least in some part, by our visit to another famous
jewelry district, Game' Square in Heliopolis.
Here, there are more than 20 shops which, in general, sell their gold
jewelry according to gram weight along. In other words, there is no
additional charge for the design work. At the same time, one must keep
in mind that this square, near Korba beside Beirut Street, caters more
to an upscale market, and their jewelry inventories frequently meet a
somewhat higher standard than those in El Sagha.

Of the variety of gold jewelry shops in this location such as the
Sameh Samy Gold Store and the Amira Gold Store, the largest is perhaps
Yasin Elish, which was our first stop. Here, one finds a grand
selection of all sorts of gold jewelry, much of which is adorned with
diamonds. All of the items meet a very high standard of design. Here,
Egyptian designed jewelry in 18 carat yellow gold sells for between 100
and 105 Egyptian pounds, depending on the complexity of the design,
and 21 carat yellow gold items normally sell for about 115 LE.
Interestingly, 21 carat white gold sells for the same price as yellow
gold.

From this information, we might surmise that the manufacturing price
added to the gram cost in the El Sagha district should probably be no
more than about 15 to 20 LE for 18 carat items, and no more than around
15 LE for 21 carat items. At Yasin Elish, the salesman showed us
several wonderful items, including an amazing yellow gold bracelet for
3,000 LE, and a much lighter, though more complex one for 1,000 LE.
Some of their gold jewelry is branded and may bring higher prices. We
viewed a white gold Bullegery brand ring, which the vendor told us was
popular with tourists, that cost about 2,000 LE, and there are
Bullegery bracelets that range from 2,500 to

3,000 LE. One may also find a good selection of gold bracelets with
Islamic design that range from about 2,000 to 3,000 LE, depending on
their weight and design. I also asked about the prices of diamonds. The
people at Yasin Elish explained that the purist diamonds they sell are
ratted as H VVS1, a very high standard coasting about 34 thousand
Egyptian pounds for one qirat (carat). A one qirat diamond rated as H
VVS2 will sell for about 25 thousand Egyptian pounds. Of course, they
inventory jewelry which contains both more and less than one qirat
stones.

This shop also carries a fantastic collection of white and yellow
earrings that are sometimes complex, and sometimes simple. They have
all sorts of necklaces with and without diamonds, rings, crosses, and
and various charms and pendants. It has one of the best variety of gold
items in Game’ square.
We also visited the Ehab Mounir store
in Game' Square, which has a similarly large collection of gold items.
They provided us with the the same prices for the Egyptian gold but I
wanted to know the prices for imported jewelry. They explained that the
line of Lazordi gold, often in 24 carat, is sold for 135 LE per gram.
There are also other brands of Italian gold that are sold in a range

from 130 to 140 Egyptian pounds per gram, but he also emphasized that
the Swiss gold is some of the purest and most valuable and that those
lines sell for about 150 Egyptian pounds per gram. Ehab Mounir is
famous for his collection of yellow gold bracelets that range from
2,000 to 4,000 LE. Nearby is a shop called Geneva, which displayed the
nicest rings we found in Game' Square. This vendor explained that some
of the white gold bands can be as high as 150 LE per gram because of
their intricate and unique designs. This shop also had a wide variety
of yellow gold bracelets that we felt were much simpler and yet more
beautiful than the ones found in the El Sagha district. One shop

I noticed in Game' Square had a completely different style, it
seems, than all the others, catering to buyers seeking very upscale and
unique pieces of jewelry. The shop was not unfamiliar to me because I
remembered Nancy Ajram, one of the most popular Arabic pop singers,
starred in their television commercials. This is the chain that
originated in the UAE in 1907 and that grew into an international
fashion jewelry network, known as Damas. Though rather expensive, they
display a marvelous collection of jewelry. However, much of it is
foreign made, which might defeat the purpose of buying gold jewelry in

Egypt for tourists. A brand name such as Laurentia sells for 175 LE
per gram, while Roberto Cento costs 160 LE per gram. We liked their
white gold rings with small diamonds that sell for between 5 and 20
thousand Egyptian pounds. They also carry a wide selection of chains,
bracelets and necklaces in vary unique designs. While the El Sagha
district and Game' Square are well known among Egyptians for their gold
jewelry, good stores are not limited to these areas, as most
neighborhoods have at least two or three jewelry shops. Notably, Zamalek, known for its upscale neighborhoods, has several well

known shops, particularly along Hassan Sabry Street. Here, a shop
called Refaat specializes in yellow gold jewelry, with prices similar
to those in the major gold centers. Along with a good selection of
necklaces and bracelets, like many neighborhood shops, they also cater
to local newlyweds with a good collection of engagement rings. On the
other side of the same street is Bon Gout Jewelry, which specializes
mainly in gold that contains diamonds. Opened in 1979, it is considered
one of the best places to buy gold with diamonds, ranging in price
from 22 thousand to 30 thousand Egyptian pounds for one

Qirat, according to the purity. The shop offers a vast collection of
beautiful earrings, rings and bracelets. Of course, there are many
other jewelry shops in this great city of Cairo,
with well known shops in such upscale neighborhoods of Mohandeseen and
Maadi. However, for tourists, a visit to one of the jewelry centers
such as El Sagha or Game' Square will probably be easiest. These shops
are very reliable, but in the final analysis, one should note that
Game' Square has, perhaps, a reputation for more upscale jewelry at a
good price, the El-Sagha district is known for some of the best
pricing. In any event, Egypt is a great place to pick up some good,
bargain gold jewelry while enjoying a tour of a lifetime. We'll do the
math

The easiest way to compare bargains in Egypt is to analyze the the
prices, which are fairly fixed, for gold jewelry in Game' Square.
There, a typical price for 18 carat gold jewelry costs, at the time of
this writing, between 100 and 105 LE per gram, while 21 carat gold
sells for around 115 LE per gram. Keeping it simple, this translates
into 17.50 to 18.38 USD per gram for 18 carat gold jewelry ( 13.59 to
14.27 EUR), or around 20.13 USD (15.63 EUR) for 21 carat yellow gold
jewelry. As of the date mentioned above, pure gold is selling on the
markets at 613.90

USD per troy ounce. One troy ounce is equal to 31.1034807 grams, or
19.7373 USD per gram. Now for example, 18 carat gold is actually
18/24 pure gold, meaning that it is three quarters pure. It is often
marked 750, meaning that it is 75% pure gold. Hence, the price for raw
18 carat gold on the market should theoretically sell for 14.80 USD per
gram. Of course, in retail jewelry stores, it does not. Keep in mind
that this is raw gold with no design factor included, and that 18 carat
gold jewelry, for whatever reason, is selling under this amount as of
this writing.

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