Boulenouar Elhadjtahar: “Algerians Hoard 4 Tons Of Gold Away From Control, Taxes”

Algerians are hoarding 4 tonnes of gold away from the eyes of control and taxes, and these quantities are traded on the black market and outside official channels, while 12 tons of gold are traded in the local market.

The national needs are estimated at 15 tons with a deficit of 3 tons, experts and specialists confirm on the eve of the preparations for the launch of the Algiers Exhibition for Jewellery and Goldsmith Machinery, from November 30 to December 2, in the Palace of Exhibitions where 100 Algerian, Italian and Turkish companies will participate.

On the sidelines of a press conference that was organized by the Algerian Traders and Craftsmen Association, the chairman Boulenouar Elhadjtahar, announced on Tuesday, at the Exhibition Palace, the organization of the international exhibition for Jewelry and Goldsmith Machinery, and confirmed that 4 tons of Algerian gold were traded on the black market out of a total of 12 tonnes, at a time when the national demand for gold reaches 15 tons.

“30% of the gold that is traded in the Algerian market is adulterated, which leads to the conclusion of agreements with Turkish and Italian dealers, given the quality of gold that is produced there and the extensive experience of these people, and their adoption of the 18-carat formula, which is used in Algeria like the rest of the other countries”, Boulenouar added.

“The exhibition will be an opportunity to conclude agreements with Turkish and Italian companies to attract gold and jewelry production machines, with the opportunity to gain training in Turkey, especially in light of the difficult circumstances that are experienced by the owners of gold workshops in Algeria, where the number today is equivalent to 35.000 workshops after the bankruptcy of 10,000 workshops”.

“If reforms are adopted and investment conditions are improved and if they will benefit from facilities in the field of importing raw material, the number of workshops will increase three times and 100,000 jobs will be created, while containing the parallel market for gold will contribute to pumping 4000 billion centimes”.

“As for the gold prices in the Algerian market during the next phase, Boulenouar linked them to currency prices and the rising or declining dinar currency value, as any decline in the value of the dinar exchange will lead to a direct increase in the price of gold, and the rise in the exchange rate of the dinar will lead to a decline in the price of gold”.

Algiers Exhibition for Jewelry and Goldsmith Machinery will be hosted by Safex Exhibition Palace through Pavilion “B” and will be organized by the Meridian International Fair Org, a company which is based in Istanbul, Turkey, and that is active in the field of exhibitions and fairs for the past 20 years, as it already organized 30 exhibitions across 26 countries worldwide.