Why do Egyptians prefer 21-karat gold despite attempts to popularize 14-karat?
A recent report issued by the "Gold Observatory" confirmed that attempts to promote 14-karat gold jewelry in the Egyptian market have not achieved the desired success and have failed to change the preferences of Egyptian consumers, who remain attached to traditional karats.
Despite the legal recognition of 14-karat gold in Egypt for some time, demand for it remains very weak compared to other karats. Experts point out that the Egyptian citizen views gold not only as an ornament but as a safe investment and a store of value, which makes 21-karat the preferred and most sought-after choice in local markets.
Analysts attribute this adherence to 21-karat to inherited customs and traditions in Egyptian society, where gold is considered an essential part of the dowry (shabka) and social occasions. Consumers also believe that 21-karat gold has a higher ability to retain its value upon resale compared to less pure karats.
At the same time, 14-karat gold faces significant challenges in convincing buyers of its economic viability, despite its lower price compared to 21-karat. It appears that the Egyptian consumer's culture of treating gold as "savings" remains the decisive factor in shaping buying and selling activity within jewelry shops across various governorates.
In conclusion, the map of the gold market in Egypt remains stable despite regulatory changes, reflecting a strong bond between the Egyptian citizen and the traditional karats that provide the financial and social security they seek.