Mostafa Nassar, Chairperson of Egypt Gold Group, said the company’s new 120,000sqm factory in Obour making gold necklaces has begun operations, but production has been cut due to the coronavirus (COVID-19) outbreak.
The company was aiming to produce 1,000 kg of jewellery per month, but production has been lowered due to falling demand. Production will be increased again once the Egyptian market recovers from the current difficult economic circumstances.
Nassar added that procedures for Egypt Gold’s debut on the Egyptian Exchange (EGX) remain underway, but is subject to postponement due to the ongoing impact of the coronavirus pandemic on global markets. The company had intended to go public with its listing in the second half (H2) of 2020.
Egypt Gold group includes six subsidiary companies for jewellery production.