Moroccan Jewelers to Launch Gold Import Company to Combat Informal Market

Rabat – Moroccan jewelers are set to launch a gold import company under the auspices of the Moroccan Federation of Jewelers. This initiative aims to address the sector’s long-standing dependence on informal supply channels and ensure a more stable and regulated gold market.

Driss El Hazzaz, president of the Federation, emphasized the necessity of this move in an interview with MEDIAS24. “The gold sector has been waiting for this moment for years,” he said

The Moroccan gold market is currently significantly dominated by the informal sector. Many jewelers rely on intermediaries who access gold through unregulated channels, leading to inflated prices and supply inconsistencies.

The new company aims to streamline the import process, reduce costs, and bring prices closer to international standards.

One of the primary challenges faced by jewelers is the discrepancy between the advance payments required by foreign suppliers and those permitted by Moroccan regulations.

“Foreign gold suppliers require 80% to 90% advance before delivery, whereas the Moroccan framework traditionally allows only 20% advance. And this is how the informal sector imposes itself,” El Hazzaz explained.

He said the Federation said it has been in discussions with Moroccan authorities to facilitate the establishment of the import company. Notably, he added, the Customs Department has agreed to expedite the issuance of the necessary referencing certificate, which is typically granted after two years of formal activity.

This adjustment will enable the new company to proceed with international transactions more swiftly.

In terms of the import company economic benefits, the Federation expects increased supply, reduced informality, and more transparent pricing.

“The sector has been waiting for this moment for years. Today, the conditions are in place to move towards formalization,” said El Hazzaz.

This development represents a significant step towards modernizing Morocco’s gold market, enhancing its competitiveness, and ensuring the sustainability of the jewelry industry.

Gold trade in Morocco

In 2023, Morocco’s gold trade highlighted both its modest global footprint and the structural challenges faced by local jewelers.

The country imported $65.8 million worth of gold, making it the 69th largest importer of gold worldwide. The vast majority of these imports came from Turkey ($58.7 million), followed by Switzerland ($3.11 million), Singapore ($2.45 million), Italy ($956,000), and the United States ($336,000).

Between 2022 and 2023, Turkey was the fastest-growing source of gold imports for Morocco, increasing by $32.6 million. Gold imports in Morocco ranked 192nd among all imported products in the country, reflecting its relatively small but significant role in the domestic market.

On the export front, Morocco shipped $27.7 million in gold, making it the 120th largest gold exporter globally. The main destinations were Turkey ($16.8 million), Switzerland ($6.56 million), Italy ($3.38 million), the United Arab Emirates ($1.04 million), and Germany ($13,600).

Turkey also represented the fastest-growing market for Moroccan gold exports, increasing by $646,000 between 2022 and 2023. Within Morocco, gold was the 133rd most exported product out of 1,114.

By centralizing imports and improving access to reliable suppliers, the new company is expected to reduce the dominance of informal channels, enhance market transparency, and provide Moroccan jewelers with a more stable and competitive environment.