Al-Harbawi to SadaNews: "I believe that the precious metals sector is the most organized sector nationwide"

SadaNews - Muhammad Ghazi Al-Harbawi, president of the Precious Metals Union, said in a special interview with SadaNews that "he believes the precious metals sector is the most organized sector in the country."

He added: "It has been organized since 1999 when the Precious Metals Inspection and Marking Department was established with three branches in Ramallah, Nablus, and Hebron, and regulations and guidelines were put in place to monitor these metals, and since then this sector has been exceptionally regulated."

He emphasized that it is a highly organized sector in terms of visits and monitoring.

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He explained that high gold prices attract citizens to sell their gold, stressing that difficult economic conditions make citizens hesitant to sell their gold possessions as a safety net for the coming days, noting: "There is no significant demand for selling."

To read the full interview:

He indicated that there are no statistics on the amount of gold that has been stolen by the occupation in the Gaza Strip, nor in the West Bank, due to the ongoing aggression in Gaza and the camps in the northern West Bank where citizens are prevented from entering and checking their homes and belongings.

Al-Harbawi believes that the law governing the precious metals sector meets the needs of citizens and does not require substantial amendments.

He noted that from time to time, some provisions in this law are amended in cooperation with the Precious Metals Inspection and Marking Department to keep pace with developments related to this sector, and to close any loopholes.

According to statistics obtained by SadaNews correspondent from official sources, the Precious Metals Department at the Ministry of Industry stamped approximately 3.655 tons of gold jewelry with the Palestinian mark (Dome of the Rock) during the first half of 2025.

The semi-annual report of the department for this year showed a decrease in the quantities of stamped metals by 4.13% compared to last year, which amounted to approximately 3.813 tons.

Additionally, the department's revenues from the stamping operations decreased by 3.69%, valued at 4.241 million shekels, compared to the same period in 2024, which totaled 4.403 million shekels.

The control and inspection teams at the department conducted 76 inspection rounds during the first half of this year and issued 428 new and renewed licenses, with 46% of the licenses concentrated in Hebron governorate.

The amount of gold stamped in the year 2024 was approximately 8.8 tons compared to around 12 tons in 2023, representing a decrease of 27.9%. The revenues in 2024 reached approximately 9.1 million shekels, a decrease of 30.1% compared to 2023.

Gold bars are considered circulating cash and not a commodity in the Palestinian market, with a value-added tax rate of zero, and the Precious Metals Inspection and Marking Department collects service fees on gold jewelry with fair taxes and fees proportionate to the manufacturing costs and profits on the pieces.

The stamping operation at the Precious Metals Inspection and Marking Department recorded a record number in 2022, where the stamped amount reached approximately 17.75 tons of gold, an increase of 93% from the average compared to previous years.