Al-Ahram Weekly 3 - 9 August 2000 Issue No. 493
Published in Cairo by AL-AHRAM established in 1875

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Lost lustre

By Sherine Nasr

Although the Tourism and Shopping Festival started two weeks ago, few seem to know about the gold. There has been a woeful lack of publicity. "It is almost too late now," said Sherif El-Sergani, member of the Cairo goldsmiths and jewellers guild and one of the organisers. In a move that left El-Sergani dumbfounded, Egyptian Television refused to air festival publicity. "I still wonder why we were denied," he said.

However, in a press conference held last week to mark the inauguration of the festival, El-Sergani declined to give any specific figures regarding the actual publicity budget. He said, "Goldsmiths and jewellers have collected much, but I do not know the exact figure."

The inadequate publicity is not the only point of controversy related to goldsmith participation in the festival this year. "Preparations started only a few weeks prior to the festival. The goldsmiths refused to commission any authority to organise their participation. They simply claimed that they learnt the "rules of the game," said Samah Nabil, representative of the World Gold Council and the organiser of the gold festival last year. This frustration is also shared by Sherif Saadeddin of Medico Egypt, the advertising company engaged by the festival last year. "We have full authority to televise any publicity material, but nobody approached us," he commented regarding the goldsmiths.

A particular disappointment was the failure of the "biggest ring in the world" to make its premiere appearance in Egypt. This was to have made the gold festival a major centre of attention. "It is gigantic. The Saudi-made ring is 57kg of pure gold. It is currently on a world tour and we wanted it for the festival," said Samah Nabil. Unfortunately, Egyptian customs insisted upon a $350,000 letter of guarantee before it would allow the ring into the country. Despite the value of the gold ring, cost of admission was too dear for the bearers of the ring.

However, gold shop participation has not been a complete disaster. In total, 500 shops are participating, compared to 350 last year. There are even prizes to be won. "Buyers of LE300 of gold or more are entitled to a coupon. These coupons are collected every day for a daily draw," said El-Sergani. Winners collect one of 30 gold pound pieces. Furthermore, during the course of the festival, five winners will receive major prizes of five gold-pound pieces.

Yet, behind the facade of the festivities discontent runs deep. According to a goldsmith who wished to remain anonymous, participation in the festival is often forced upon gold merchants. "Regardless of our will, we are made to pay LE1,400 in fees. It is useless to express objections. We have to pay," he said. The anonymous source pointed out that even workshops succumb to this pressure. It is "ridiculous for them to participate. A workshop does not deal directly with shoppers. So why should a gold factory participate?" he wondered.

Yet according to Abdallah Abdel-Qadir, one of the festival participants such cynicism is unfounded. The true impact of the gold festival on the market will show itself over time. "First, we have a big problem with the timing of the festival," he said. The summer, Abdel-Qadir noted, is a normally high season for the gold market due to the seasonal influx of Arab tourists and Egyptian expatriates. However, Abdel-Qadir believes the festival could have promoted itself better if it had been held in September and October. Thus, the prizes offered during the event would have attracted greater interest in the gold market during the normally low season. Despite all the criticism, El-Sergani remains optimistic. "Last year's festival was a success. We believe this year we will achieve more success," he concluded.

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