Chinese ‘gold’ rush in Egypt
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In Egypt, “Chinese gold”– an affordable imitation of the precious metal– has swamped the jewelry market, granting the poor a little taste of luxury.
The current price of one gram of 24 carat gold in Egypt stands at 218 Egyptian pounds (38 dollars), while the Chinese version — a mixture of aluminium, iron and other metals — only costs around 20 to 30 Egyptian pounds (four to five dollars) per gram.
For young couples struggling to start a new life together, the arrival of Chinese gold has removed at least one obstacle to the costly traditions that surround marriage, including the dowry or “shabka”.
A groom is required to offer his bride a shabka of gold — or diamond for those who can afford it — in order to seal the marriage deal. This is in addition to him providing housing and furnishing a new apartment ahead of the wedding.
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